12th Jun 2014 10:20
LONDON (Alliance News) - Noricum Gold Ltd Thursday said an initial draft of the geological model for its Rotgulden mine had highlighted the need for further work to unlock its complex mineralisation, but soil sampling results from its Schonberg precious metals project showed it is ready to be drilled and improved the project's standing within its portfolio.
In a mixed exploration update, the company said exploration at Schonberg has been fast tracked after it got the results of 400 soil samples taken from the Weissenbachgraben area in the central part of the licence. High order gold and copper anomalies were identified, with results up to 0.567 grammes per tonne of gold, it said.
About 800 additional soil samples have been taken from the Adlitzgraben target and infill sampling from the Brunngraben target, and sent for analysis. It expects the results within a few weeks. Infill sampling is now underway at the Brunngraben and Weissenbachgraben targets, it said.
Noricum Gold said it is now planning for a first phase drilling campaign at Schonberg in the 2014 summer field season to test the continuity of the mineralised structure as well as a reverse circulation drilling programme to test anomalies identified by soil sampling.
The company said it is evaluating a draft geological model report for the previously producing Rotgulden Mine, which has complex mineralisation structure.
"Generating a resource for the underground mine will take longer than was anticipated and additional drilling on top of the 25 holes drilled from underground in 2013 will likely be required to fill in some of the gaps. The planning for this additional work is underway and further announcements will follow," it said in a statement.
Noricum Gold Managing Director Greg Kuenzel said the mixed results from its properties demonstrated the benefits of conducting parallel exploration campaigns across more than one asset in a project portfolio.
"Further sampling results are due in the next few weeks and are expected to reiterate the exciting potential of Schonberg, and the potential to build value here in the near term. We believe that by prioritizing drilling at Schonberg in the summer months we will best strengthen the status of our portfolio in its entirety and build shareholder value during 2014," he said.
Noricum Gold shares were down 5.2% at 0.687 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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