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New Copper Discovery at Kvemo Bolnisi, Georgia
Noricum Gold Limited, the European focused base and precious metals development company, has announced that a new high grade copper target has been identified at the Kvemo Bolnisi target, one of two priority targets located on the Company’s 861 sq km Gold and Copper Project in the Republic of Georgia.
Highlights
· New copper discovery identified through re-assaying work being undertaken as part of ongoing resource conversion activities
· High grade results include:
o 40m at 2.11% copper from 69m (including 5m at 9.95% Cu)
o 83m at 0.71% Cu from 23m (including 15m at 1.17% Cu)
o 7m at 4.02% Cu from 39m
o 13m at 1.52% Cu from 2m
o Located adjacent to two anomalous adits:
§ 11.6m at 1.90% Cu from 31m ending in mineralisation
§ 11.4m at 2.47% Cu from 32m ending in mineralisation
o And a deeper soviet era drill hole
§ 43m at 0.95% Cu from 83m
· Discovery sits adjacent to existing high grade gold surficial target previously identified as a potential starter pit due to the near to surface nature of the mineralisation and its location approximately 2km from Madneuli Mine and processing plant owned and operated by Noricum’s local partner.
· Re-assaying work has also re-iterated the gold potential of this area with drill results including 4m at 3.51 g/t of gold (‘Au’), 5.5m at 5.8 g/t Au and 4m at 6.26 g/t Au, all from surface.
· Significant potential for further copper and gold targets to be delineated – in many cases, historic drilling was only assayed for gold or copper rather than both and sampling was only conducted when mineralisation was visible.
Noricum CEO Greg Kuenzel said, “This new copper discovery represents a fantastic opportunity for the Company in an area already highlighted for its high grade gold surficial mineralisation. We have now identified that in many cases, historic drilling was only assayed for gold and these new copper results have been returned by re-assaying reverse circulation drill pulps for copper as well. Our continued review of historic drilling has identified many similar situations presenting us with significant potential for additional low-cost discoveries. These results represent a significant near surface copper target that will now be followed up with further geophysical (IP) surveys to better define orientation for further drilling and effectively linking up what was considered previously to be separate, spurious results that had come to surface.”
