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Noricum Gold (LSE:NMG), an Austrian focused gold exploration and development company, has appointed a resource consultant to prepare a Mineral Resource Estimate for the Rotgülden underground mine for gold, silver and copper and assess the exploration potential of the Company’s 100% owned Rotgülden Gold and Precious Metals Project (‘Rotgülden’) as a whole.
In addition, an update on the Company’s ongoing 2013 drilling programme at Rotgülden is provided.
Highlights:
· Appointment of H&S Consultants Pty Ltd as resource consultant to the Company
· Drilling at position C at Rotgülden completed with all mineralised core now sent to the laboratory for assays
· Further underground drilling completed at position RZ with significant massive sulphide intercepts noted from visual observations including:
o RZ6 –17 metres of massive sulphide and stock work type mineralisation
o RZ7 –18 metres of massive sulphide and stock work type mineralisation
o RZ7a – 14 metres of massive sulphide and stock work type mineralisation
· Drilling ongoing at locations RY and B
Noricum Gold’s Managing Director, Greg Kuenzel said, “We are pleased to announce the appointment of H&SC as resource consultants to the Company. H&SC has extensive experience in resource estimation and we are looking forward to working with its team as we work towards the preparation of a Mineral Resource for the Rotgülden underground mine. We will also be looking to prepare an exploration potential assessment in accordance with the JORC guidelines and code 2012 for the Rotgülden project as a whole. H&SC staff will be undertaking an initial site visit to Austria later this week.
“Having recently completed drilling at position RZ, where significant mineralised intercepts including massive sulphide and stock work type mineralisation were observed on all three additional holes drilled, our drilling programme has moved onto locations RY and B. Meanwhile all eight holes drilled at location C have now been submitted to the Lab for assay. Location C is positioned at the farthest point of development in the current underground workings. The holes drilled here will be used to assess the structure and assist in designing future development work as part of our proposed 2014 work programme.”
Drilling Update:
Drilling at location C has now been completed. A total of eight holes were drilled from location C and all drill core has now been sent to the Laboratory for assay with results expected in the coming weeks.
The drill rig was relocated to RZ with the first new hole, RZ6, being drilled, intersecting approximately 17.8 metres of mineralisation including stockwork type and 7.3 metres of massive sulphides (see core photos using attached link). Hole RZ7 was terminated at 18.7 metres and visual observation reports massive and stockwork mineralisation for almost the entire length including 6.7 metres of massive sulphides. Hole RZ7a included 14 metres of massive and stockwork type mineralisation including 3.5 metres of massive sulphides.
Following drilling at RZ the rig was moved to RY and then will be moved to position B.
Chalcopyrite Cavern Exposure:
The Company will be undertaking further processing and metallurgical analysis work following the completion of the current drill programme. In preparation for this, samples have been collected from the mine including at the Chalcopyrite and Pyrrhotite Cavern. This process has resulted in approximately 200kg of ore being removed from the mine. Chalcopyrite mineralisation has been exposed as can be seen in Figure 3 (please click on link to view images).
Appointment of Resource Consultant:
The Company has appointed H&S Consultants Pty Ltd (‘HS&C’) to prepare a Mineral Resource Estimate for the Rotgülden underground mine for gold, silver and copper. H&SC will also prepare an exploration potential assessment in accordance with the JORC guidelines and code 2012 for the Rotgülden Project as a whole.
This task will be under the control of Robert Spiers, a director and consulting geologist employed with H&SC in its Melbourne office. He has a BSc with a double major (Hons) and has worked for various mining companies throughout the world on a variety of commodities including gold, silver, copper and base metals over a period of in-excess of 23 years. Prominent projects in which he has been involved in include, Kingsgate Consolidate – Chatree Gold Mine, PanAus – Phu Bia / Phu Kham Copper / Gold Mines, Oxianna – Sepon Copper / Gold Mine, Seirra Mines – Nalesbitan Gold project, Sorikmas Mining – Sihayo Gold Project, Plutonic Resources – Darlot Gold Mine, Melita Mining – Orientwell Gold Mine, Mt Edon Mines – Tarmoola Gold Mine, Aurora – Mt Muro Gold / Silver Mine, Placer Pacific – Granny Smith Gold Mine and SMD – Lero Gold Mine. Mr. Spiers is a Competent Person for resource estimation as defined in the JORC 2012 Code & Guidelines and the NI 43-101 instrument for the reporting of Mineral Resource Estimates.
Competent Person Statement:
The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Jeremy Whybrow, who is a Member of The Australasian Institute of Mining and Metallurgy and is a director of the Company.
Mr. Whybrow has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Whybrow has reviewed this announcement and consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
