Noricum eyes maiden resource
2nd Apr 2012
LONDON, Apr 2 – Gold explorer/developer Noricum Gold is aiming to produce a maiden resource at its 51sq.km Rotgülden gold and precious metal licence in Austria in the 2012 field season beginning in May.
The company says drilling and sampling during 2011 confirms the high grade potential at the mine’s previously producing centre and along 8km of prospective strike through the Rotgülden licence area, which comprises 15 underground mines.
The Altenberg target area, 2.7km southwest of the Rotgulden mine, has been prioritised for follow-up after returning bonanza grades up to 86.4g/t gold, 1011g/t silver and 4.45% copper.
CEO Greg Kuenzel said the maiden resource will focus on the mine while drilling of the impressive gold, silver and multi-element grades from sampling at the southern extension of the 8km strike will underpin confidence in the exploration upside potential of the project.
Group loss for the 12 months to December 2011 was GBP596,672 (2010: GBP1,891,550). Total cash of GBP809,587 (GBP1,556,072.) will be used to implement the 2012 exploration program.
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