- Noricum Gold has announced the start of drilling on copper target within its 861 square kilometre Bolnisi Project in Georgia.
- The copper target is located adjacent to the quartzite gold deposit which the company is currently developing and the copper mineralisation extends beneath it.
- There is a large body of historic geological and drilling information on this target and Noricum’s initial objective is to validate this data and then move towards the development of an initial resource estimate.
- Among the historic drill results reported by the company are intersections of 40m at an average grade of 2.11% copper from a depth of 69m, an 83m wide intersection averaging 0.71 copper from 23m and drill sample data located near “two anomalous adits” (tunnels) showing 11.6m at an average grade of 1.9% copper from a depth of 31m and 11.4m at 2.47% copper – both of these reportedly ended in mineralisation.
- A deeper, historic drill hole reported 43m at an average of 0.95% copper from a depth of 83m.
- The company reports that infill drilling on the Bolnisi gold target is continuing with a further 14 shallow holes planned “before an upgrade and expansion of the existing soviet style resource is prepared.”
- Agreement on gold ore processing with the company’s local partner is expected to be concluded “in the coming weeks.”
- Noricum Gold is also strengthening its management team with the appointment of an experienced Chief Geologist, Jim Royall, to be based in Georgia.
SP Angel Conclusion: Noricum Gold is making considerable exploration progress in Georgia and the appointment of a full time Chief Geologist, based in-country, should maintain this momentum. We look forward to results from the drilling programmes and news of the processing agreement before long.
*SP Angel acts as Nomad and Broker to Noricum
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