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Noricum Gold rises as bit starts turning at Schonberg

Published: 23:49 16 Sep 2014 AEST

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Noricum Gold (LON:NMG) shares shot up as it revealed the drill bit has started turning on the first target at its Schonberg gold and precious metals project in Austria.

Eight holes of reverse circulation (RC) drilling and three holes of diamond-core drilling is planned at the Weissenbachgraben target - one of the property's three main target areas.

This is the first stage of a 3,000 metre drill programme to test deeper massive sulphide mineralisation as well as anomalies identified so far.

A recently completed soil sampling at Schonberg produced highly encouraging results of up to 3.82 ppm gold and 8,640 ppm copper (0.80%) and consistently delivered positive high grade results across the currently identified 3 km strike.

Noricum's managing director Greg Kuenzel told investors: "Following an in-depth mapping, sampling and geochemical programme at Schonberg over the past 12 months, we are pleased to announce that the next phase in our exploration programme at this very exciting prospect has begun."

He added: "We have approximately 1,400 metres of drilling planned at this location however the actual metres and specific holes drilled may be refined as our knowledge of this historical mining district improves as the assay results are received.

"This drill programme is intended to demonstrate the resource potential of this project, where we have already confirmed the presence of up to eight veins.  I look forward to reporting further on this maiden drill campaign in due course."

Shares rose 8.42% to 0.515p.

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