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Bolnisi Project Exploration Update
Noricum Gold Limited, the European focused base and precious metals exploration and development company, has provided an update on exploration works currently underway at the 861 km2 Bolnisi Project which is located in the Republic of Georgia.
Highlights
· Fieldwork in Georgia is well underway with the focus on Tsitel Sopeli and Kvemo Bolnisi targets, with a combined existing resource (non-JORC, C1 & C2 Soviet Reserves) of:
o 450,000 tonnes of copper (average grade 1.31%)
o 900,000 oz of gold (average grade 1.11 g/t)
o 20 million ounces of silver (average grade 23.71 g/t)
o 22,000 tonnes of lead (average grade 1.23%)
o 52,000 tonnes of zinc (average grade 2.9%)
o 1.5 million tonnes of Barite (average grade 27%)
· Data compilation is continuing with historic drilling (over 200,000 metres), trenching and assay results being re-modelled in anticipation of converting the historic approved Soviet reserves and resources to JORC compliant resources
· Significant gold and copper mineralisation returned from short diamond drilling recently completed including:
o TSPDH007 – 8.1m @ 5.67g/t Au, 1.73% Cu from surface
o TSPDH003 – 8.0m @ 6.23% Cu from surface
o TSDDH005 – 15m @ 2.07g/t Au, 2.39 % Cu and 2.97% Zn all from surface
· Extensive geophysics programme currently being planned for later this year including induced polarization and magnetic surveys
· Detailed exploration work programmes currently being developed for both Tsitel Sopeli and Kvemo Bolnisi
· The two priority targets are part of a larger project area that has a combined total mineral resource (non-JORC, C1, C2 & P1 Soviet Reserves & Resources) of 980,000 tonnes of contained copper; 6.6 million ounces of gold; and 22 million ounces of silver
Noricum CEO Greg Kuenzel said, “Bolnisi provides multiple opportunities to deliver value, the most immediate being the conversion of its extensive and high grade Soviet reserves and resources to JORC standards. With that in mind we have appointed a new senior adviser with resource conversion experience gained from leading consultancy Wardell Armstrong International to oversee this campaign. Work is now well underway at our two priority targets, Tsitel Sopeli and Kvemo Bolnisi. The strength of work undertaken at both deposits in the past means that they represent the quickest and least costly opportunity to add significant JORC compliant resources to our inventory, which ultimately has the potential to lead to production and early stage cash flows.
“To achieve our near term goal, our work will involve opening and re-assaying historic trenches, reviewing the extensive historic drill results (including locating the drill collars in the field) assaying historic drill core and re-sampling drilling pulps and duplicates. Historic work has suggested that the resources at each are scalable and we are currently planning a detailed programme to fully understand the targets’ expansive potential. We look forward to updating the market as this work progresses and we begin to capitalise on the extensive opportunities this project presents.”
