16th Sep 2013 08:49
LONDON (Alliance News) - Noricum Gold Limited Monday said it has uncovered significant high grade gold and silver mineralisation from the first drill hole of its Rotgulden Gold project.
The Austrian-focused gold exploration and development company said its RZ 4 drill hole went to 57 metres and found six metres of ore with 17.4 grams per tonne of gold and 27.8 grams per tonne of silver and another two metres of ore with 41.4 grams per tonne of gold and 198 grams per tonne of silver.
On August 27, Noricum commenced drilling a 15-hole programme to about 1,300 metres underground at its Rotgulden Gold and Precious Metals Project in Austria.
Noricum shares were up 14% to 1.22 pence, placing it among the top-10 AIM movers in early trading Monday.
The company said it expects similar mineralisation in four other holes dug near the position and also uncovered some copper mineralisation at the site.
"With the subsequent drill holes including similar types of mineralisation, we look forward to providing further updates over the coming weeks," Managing Director Greg Kuenzel said in a statement.
By Tom McIvor; [email protected]; @TomMcIvor1
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