6th Apr 2016 07:50
LONDON (Alliance News) - Noricum Gold Ltd on Wednesday said it has completed drilling for gold at the Kvemo Bolnisi target within the Bolnisi copper-gold project in Georgia.
A total of 34 drill holes were completed ahead of plan to define the initial resource and complete the mine planning and pit design for maiden gold production from the project in the third quarter.
Noricum said it remains on track to meet that maiden production target and drilling will start in the second quarter on the second gold starter pit, Tsitel Sopeli.
"Mine planning is now at the top of our agenda following completion of this drill programme, which will provide us with an initial resource for Kvemo Bolnisi," said Greg Kuenzel, Noricum's managing director.
"The costs associated with the mining are expected to be low, with no capital expenditure requirements, as a result of the lack of stripping required and access to our local partner's infrastructure and processing equipment," Kuenzel added.
Noricum shares were up 11% to 0.144 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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