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Exploration Update – Soil Sampling Programme at Schonberg Project and Rotgulden Update
Noricum Gold Limited, the Austrian focused gold exploration and development company, has issued an update for its wholly owned Schonberg and Rotgulden Gold and Precious Metals Projects located in south-central Austria.
Overview:
· Exploration at Schonberg fast tracked following results of 400 soil samples taken from the Weissenbachgraben area in the central part of the licence
· High order gold (‘Au’) and copper (‘Cu’) anomalies identified with results up to 0.567 g/t gold
· Approximately 800 additional soil samples taken from Adlitzgraben target and infill sampling from Brunngraben target sent to ALS Laboratories (Ireland) for analysis – results expected within a few weeks
· Infill sampling currently underway at Brunngraben and Weissenbachgraben targets
· Planning underway for a first phase drilling campaign at Schonberg in 2014 summer field season to test the continuity of the mineralised structure as well as an RC programme to test anomalies identified by soil sampling
· Draft geological model received for the previously producing underground mine at the Rotgulden Gold and Precious Metals Project
o Model being evaluated and reviewed in relation to recent drilling and proposed geological models derived from earlier explorers
o Initial indication is that further drilling will be required underground to complete the model
Schonberg Precious Metals Project: Soil Sampling Results:
Results received to date from sampling undertaken at the 37 sq km Schonberg leases, which are centered on the towns of Knittelfeld and Flatschach and located in an historic copper mining district, indicate that a pattern of mineralisation is occurring in the soil fraction being sampled. Anomalism has been detected in gold and copper in soils, with also some anomalism in other associated elements. The Company believes that this anomalism is related to the mapped veins which are the subject of historical mining, and that it is also possible that further veins exist as evidenced by mineralisation being encountered away from the mapped veins.
Soil sampling is a technique used in exploration to define geochemical signatures, generally in residual terrains, that vector towards a deeper buried target that is not visible at surface. Certain elements or elemental associations can be used to better pinpoint exploration in the early stages. In the case of Schonberg gold, silver, copper and possibly bismuth could be used as indicator elements.
The results seen to date have contained some very high grade results for gold in traditional soil samples, where anomalism is often measured in the PPB range (parts per billion). In the first round of sampling last year Schonberg results returned up to 2.84ppm gold and 8,640ppm copper (0.86%). The high grades have been further reinforced by the sampled soil fraction in this programme with gold up to 0.567 g/t.
The Company is now planning to commence drilling at Schonberg with a two stage programme anticipated. First phase diamond drilling will test known underground mineralisation and the continuity of the structures.
Previous exploration by the Company has confirmed the presence of up to eight veins along a 3km strike and across the main mining districts within the licence area: Brunngraben, Weissenbachgraben and Adlitzgraben (from west to east). The former mining district of Tremmelberg is situated further east and it is thought to be the continuation of the ore bearing structures.
Three of the known veins were the main focus of historical mining and are considered the main ore veins. The veins are sub-parallel, generally trending northeast and steeply dipping to the northwest. A reverse circulation (‘RC’) drill programme is also being designed to more specifically test the anomalies identified by the ongoing soil sampling programme during 2014. Planning is underway which will include the submission of a work programme to the Austrian Mining Authorities. Updates on the progress of these approvals will be made to market when appropriate.
