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Drilling Update at Schonberg Project
Noricum Gold Limited, the Austrian focused gold exploration and development company, has provided an update on drilling being undertaken at the 100% owned Schonberg Gold and Precious Metals Project, located in an historic copper mining zone in south-central Austria.
Previous exploration has already identified up to eight veins along a 3 km strike, three of which were the focus of historical mining and are the focus of the current drilling campaign.
Overview:
· One diamond and six reverse circulation drill holes completed to date
· First Weissenbachgraben diamond hole testing deeper high grade copper/gold/silver massive sulphide targets, reached target depth of 328 metres – samples are currently undergoing analysis
· Initial RC drilling returned encouraging minor gold and tungsten anomalism, while one hole intersected a large void, likely to have been caused by old mine workings
· Brandegger-Stollen adit reopened with access available to approximately 150 metres with at least two parallel zones encountered for mapping and sampling
Noricum Gold Managing Director Greg Kuenzel said, “Assay results from the initial six RC drill holes testing soil anomalism have been received with some minor gold and tungsten anomalism noted. One of these drill holes intersected a large void likely to have been an old mining stope. While no economic intersection has been located in these first six holes, the intersection of old workings, and the potential of tungsten mineralisation, often associated with gold in these environments, is encouraging. The potential for tungsten in all drill holes will be investigated by utilising a simple inspection of the core in UV light followed by multi-element analysis.
“The first diamond drill hole (WE1) at Weissenbachgraben reached target depth of 328 metres. The core has been logged and several zones of alteration, brecciation and sulphide impregnation were noted and sampled, as were zones of structural complexity, these samples have been delivered to the lab for analysis and we await results. Unfortunately, very difficult ground conditions and drilling equipment issues have meant that drill advance has been slower than originally anticipated.
“The azimuth of the drill hole deviated by around 16 degrees which is more than anticipated and we are working with our drill contractor to determine the best way to approach our next holes in an attempt to avoid some of the problems experienced so far. We also plan to sequence the drill holes by elevation to ensure access can be maintained as we move into the winter months. Accordingly, the drill rig will now be moved north of WE1 to drill the second diamond drill hole at Weissenbachgraben, which is likely to give a better angle at expected mineralisation. We look forward to providing updates in due course.”
