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High Grade Potential of Bolnisi Project Continues to be Reiterated through Development Work
Noricum Gold Limited, the European focused base and precious metals exploration and development company, has provided a positive update on resource development work currently underway at the 861 km2 Bolnisi Project which is located in the Republic of Georgia.
Highlights
· The presence of significant gold mineralisation at Bolnisi re-emphasised through high grade historic results returned from the Kvemo Bolnisi target from trenching and short hole diamond drilling:
o EKBDDH003 – 5.5m @ 5.80g/t Au from 0m
o EKBDDH005 – 4m @ 6.26g/t Au from 0m
o KBTR25 12m @ 7.79g/t Au from 0m
o KBTR_010-1 12.11m @ 3.46g/t Au from 0m
· Builds on the positive results returned through similar initiatives undertaken at the Tsitel Sopeli target, announced on 29 September 2015
· Both drilling campaigns have focused on outcropping mineralisation, which have the potential to be mined in the next 12-18 months as ‘Starter Pits’
· Near term production potential is strengthened significantly through the presence of a 30 year mining licence , the current excess capacity at the Joint Venture partner’s mine processing operation and the excellent existing infrastructure in the area
· The two priority targets are part of a larger project area that has a combined non-JORC C1, C2 & P1 Soviet Resources of 980,000 tonnes of contained copper; 6.6 million ounces of gold; and 22 million ounces of silver
· Data compilation is continuing at Tsitel Sopeli and Kvemo Bolnisi to convert historic approved Soviet Resources to JORC compliance
Noricum CEO Greg Kuenzel said, “We are rapidly making progress at our two core target areas. These have been prioritised due to already having drill defined resources that are well advanced following a significant amount of historical exploration work, and the existence of high grade mineralisation at surface. As these results show, Noricum has real short term, low cost opportunities to generate significant cash flow through production. Our 12 month strategy will primarily be focused on these ‘Starter Pits’ due to their close proximity to existing mining operations owned by our joint venture partner which have spare capacity, and also the presence of an existing mining licence covering these targets, minimising the potential start up time to production.
“We are aiming to deliver an initial JORC resource of 200,000 tonnes of copper and 1.5 million ounces of gold via desktop work, re-assaying of existing core and pulps, and a limited amount of confirmation drilling, which can be conducted at low cost. Once this milestone has been met, we will look to build on this further at both targets before moving on to confirm the resources at the numerous other targets that have already been identified, in tandem with delineating new areas of mineralisation, which exist across the 861 sq km tenure. With this in mind we expect to deliver regular news flow and look forward to rapidly adding value to this exciting development project.”
