18th Aug 2014 11:46
LONDON (Alliance News) - Noricum Gold Ltd Monday said approval has been granted to conduct 3,000 metres of drilling at its Schonberg Precious Metals Project in south-central Austria.
In a statement, the Austria-focused gold explorer said the approval follows a site visit and hearing convened by the Austrian mining authority earlier Monday.
Noricum Gold said it plans to undertake up to 5,000 metres of drilling at Schonberg. A second programme for an additional 2,000 metres is currently being submitted to the mining authority in Leoben for approval.
The drill programme has been designed to test multiple high grade gold, silver and copper targets, Noricum Gold said, adding that mobilisation will begin when it receives a written decree from the Mining Authority. It expects to receive the decree in the coming week.
"Schonberg has consistently delivered positive high grade results across the currently identified 3 kilometre strike since soil sampling commenced 10 months ago, and we are very excited to test the area at depth in the near term," Managing Director Greg Kuenzel said in a statement.
"The project's location has many benefits, including easy access via forestry roads and its lower altitude compared to other precious metals assets in the region, which means that we can conduct drilling throughout most of the year. This drill programme is intended to demonstrate the resource potential of this project and thus increase its tangible value, and I look forward to reporting on this maiden drill campaign in due course," Kuenzel added.
Noricum shares were Monday quoted down 2.1% at 0.465 pence.
By Samuel Agini; [email protected]; @samuelagini
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