Big picture - Why invest in Noricum Gold
Noricum Gold Snapshot
Noricum Gold has a defined strategy focussed on the advancement of its primary gold and precious metals assets in south-west Austria.
The Company looks to acquire and develop a portfolio of projects in known areas of mineralisation located in mining friendly jurisdictions such as Austria. Holding a portfolio of licences reduces risk and ensures a pipeline of projects can be maintained at various stages of development.
Once secured each project is subjected to a systematic resource definition and de-risking programme. All historical data is collated and re-evaluated utilising the latest technologies and techniques to build an initial geological model. Based on this model, EM surveys and sampling programmes are planned and undertaken to define the extent of mineralisation and identify drill targets. Resource drilling is then employed to further define the areas of mineralisation identified by electromagnetic, geological mapping, and sampling surveys as well as any historic assay results. Subject to the results the Company then looks to establish a Mineral Resource Estimate with which it can advance the project towards production either by itself or with a partner.
The longer term objective of the Company is to become a significant producer of precious metals.
Management believes that the Project has the potential to host an exciting new gold province. Four main targets were delineated and advanced by a highly successful aerial electromagnetic campaign in 2012 and the Company has a defined development plan focused on advancing two of these, the Rotgülden Gold Mine and Altenberg, through drilling. In tandem with this the Company is continuing with its reconnaissance programme at Schurfspitze and Wandstollen to progress these targets further.
The Company completed a drilling campaign comprised of 1,335m over 25 holes at the previously producing Rotgülden mine in Q4 2013. This was focused on delineating a maiden JORC resource for the target area, and the Company has seen a good range of results from very high grade intersections of 3.9 metres at 51.54 g/t Au in hole XB01 to greater widths like those seen in hole RZ04 of 6 metres at 17.41 g/t Au.
In 2011, the Company conducted a surface drilling programme at the Rotgulden mine and then in early 2013, core from two locations drilled in the 1990s was re-assayed. The highlight was Hole 2F with results of 4.6 m at 14.42 g/t gold (‘Au’), 96.04 g/t silver (‘Ag’). Based on these and recent drilling results, the Company commissioned resource consultant, H&S Consultants Pty Ltd to generate resource and exploration target models. A draft geological model for the previously producing Rotgulden Mine has been received and the initial findings of the report are currently being evaluated and reviewed alongside recent drilling results and earlier models derived from previous explorers in order to produce a JORC resource. Due to the high level of grade variability, as demonstrated by results from the Company’s 1,300 metre drill programme undertaken in H2 2013, the mineralised structure at the previously producing mine is highly complex. As a result, calculating consistent grades with which to update the geological model has proved challenging. The Company is reviewing all relevant data to determine what further work is required to complete the modelling which is likely to include additional drilling on top of the 25 holes drilled from underground in 2013.
Altenberg, one of three additional highly prospective target areas located along 8km of strike running through the Rotgulden Project, returned bonanza grades of up to 86.4 g/t gold, 1,011 g/t silver and 9.87 per cent copper from extensive sampling. This demonstrates the project’s expansive, polymetallic potential and reinforcing the directors’ belief that they have a new gold province on their hands. Noricum intends to move forward with planning procedures for drilling at Altenberg.
2013 drill programme highlights
These licences cover 37 sq km and are centred on the towns of Kittelfeld and Flatschach.
The latter is part of the Flatschachgraben mining district which, along with the Brunngraben and Adlitz districts, form a historic copper mining zone.
The Company has confirmed the presence of an attractive exploration target with up to eight veins 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.
Noricum field staff completed an initial soil sampling survey consisting of 500 samples over the majority of the Brunngraben target, one of four targets included in a project wide soil sampling programme.
Results received to date 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.
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. A reverse circulation (â€˜RCâ€™) drill programme is also being designed to more specifically test the anomalies identified by the ongoing soil sampling programme during 2014.
The results to date from this work highlight the regional nature of the mineralisation.
The prospective Kliening gold project is located circa 100km east of Rotgülden in south-central Austria, in an area that has a history of gold/arsenic mining. The project has clearly defined geological mineralised structures and offers good access and moderate terrain, ideal for exploration.
Exploration is ongoing at this target, focused on lode style mineralisation at Buchbauer-Bischofeck where historical work, including trenching, mapping and sampling, has confirmed the existence of several groups of parallel vein swarms. The veins in these swarms are up to 2.5m wide with high gold grades present, of up to 23.6 g/t Au. The veins appear 25m apart within the swarms, with a number up to 100m apart.
In 2011 the Company completed a 1,147m drilling campaign at Buchbauer-Bischofeck. Encouraging shallow high grade gold results were returned including 2m at 4.47 g/t Au and 0.5m at 12.52 g/t Au at a depth of 4.5 metres. Additional sampling work undertaken at the Mischlinggraben target, the proposed northern continuation of the Kliening mineralised system, returned grades of up to 25.6 g/t Au.
Goldeck consists of 63 licences located 35km south of Rotgülden. These licences cover approximately 29 sq km over a mountainous area one kilometre south of the town of Baldramsdorf, reaching a peak elevation of 1,765m above sea level.
This is also an area of historic gold mining albeit on a small scale. A preliminary sampling programme has delineated a wide mineralised structure carrying potentially economic gold grades.
The gold mineralisation is thought to be stratabound and forms a quartz stockwork zone along a schist-marble contact.
Reported assay values from channel samples range from 4.8g/t Au to 18.2 g/t Au. This occurrence can be traced for 30m along an exploration drive which had never been drilled or otherwise tested as a gold target.
The 25 Goldzeche licences are located approximately 40km due west of Rotgülden. They lie outside of the Tauern window and within the paragneiss and mica schist of the Austroalpine crystalline complexes.
A number of old mine workings are thought to occur within the licence area and are located between 2,600m and 2,900m above sea level. The area is known for historical gold mining centred on the village of Heiligenblurt. Mining activity has been dated back to Roman times although no data is available.
Coarse grained (0.5 - 2mm) gold occurs in quartz veins accompanied by copper dominated sulphide mineralisation (chalcopyrite, sphalerite and galena). Silver minerals are also thought to be abundant as well as fluorite and magnetite.
Michael Hutchinson - Non-Executive Chairman
Michael has enjoyed a prominent career in resources and commodity trading, having previously served as a Director of the London Metal Exchange, the world's largest market in options and futures contracts for base and other metals.
In 1971 he joined the Metallgesellschaft group, one of Germany's largest industrial conglomerates. In 1982 he joined the board of Metallgesellschaft Ltd and became Managing Director of the company in 1985. In 1999 he became CEO of MG Plc (a group subsidiary) and was also appointed Chairman and Chief Executive of Metallgesellschaft Ltd. In 2000 Metallgesellschaft Ltd was acquired by Enron and then in 2002 the company was acquired by Sempra Energy and renamed Sempra Metals Ltd, with Michael being appointed president and CEO of the company.
Michael is currently the non-executive chairman of Armajaro Holdings Ltd and Greenland Minerals and Energy Limited and senior independent director of Mecom Group Plc. He was formerly the non-executive chairman of RBS Sempra Metals Limited and chairman of Wogen Plc.
Gregory Kuenzel - Managing Director
Greg Kuenzel holds a Bachelor of Business Degree and is an associate of the Institute of Chartered Accountants in England and Wales. Mr Kuenzel has over 18 years' experience in providing accounting and corporate advice in a diverse range of industry sectors including mining and resource development, venture capital and property. He started his career in the audit and corporate services division of Howarth Chartered Accountants in Perth, Australia where he specialised in the resource and venture capital sectors. For the past nine years he has worked with mostly AIM listed resource companies, operating in multiple jurisdictions, providing corporate and financial consulting services.
Jeremy Whybrow - Exploration Director
Jeremy Whybrow (B.Sc. (Mineral Exploration and Mining Geology), G.Dip (Mineral Economics), MAusIMM) has over 14 years' experience in the mining industry both domestically and internationally. Mr. Whybrow has worked for companies such as Sons of Gwalia Ltd, PacMin Mining Corporation Ltd, Teck Australia Pty Ltd, Mount Edon Gold Mines (Aust) Pty Ltd and Croesus Mining NL. His experience has been mainly in the operational environment and includes significant exposure to exploration and mining operations, project evaluation and feasibility studies. Previously, Mr. Whybrow has worked internationally in China, Africa and the Philippines as well as numerous localities in Australia
Marcus Edwards-Jones - Senior Non-Executive Director
Marcus Edwards-Jones is managing director (and co-founder) of Lloyd Edwards-Jones S.A.S, a Paris and Dubai-based finance boutique specialising in selling European equities to institutional clients and introducing resources companies to an extensive institutional client base in the UK, Europe, Asia and the Middle East. Prior to founding Lloyd Edwards-Jones S.A.S, Mr. Edwards-Jones held senior positions with Julius Baer, and was head of UK/Continental European equity sales at Credit Lyonnais Securities in London. Mr. Edwards-Jones has significant experience in worldwide institutional capital raisings for UK, Australian & Canadian listed and unlisted companies predominately in the mining and resources sectors. In addition to his duties at Lloyd Edwards-Jones S.A.S, he is a non-executive director of ASX & AIM listed Range Resources Ltd. Mr. Edwards-Jones graduated from Oxford University with an BA in Ancient & Modern History.
Roderick McIllree - Non-Executive Director
Mr. McIllree graduated from Curtin University of Technology in 1996 with a Bachelor of Science degree (Mineral Exploration and Mining Geology) and commenced a career in the mining industry where he worked for major mining companies both domestically and internationally, gaining experience in all facets of mining. In 2000, Mr. McIllree moved into the finance sector and worked as a mining analyst and adviser for broking houses active in capital markets. He has experience in international capital markets and was a key member of the teams responsible for several successful mining companies with assets in a variety of jurisdictions including but not limited to Medusa Mining Limited, Anvil Mining Limited, and Kingsrose Mining Limited. Roderick is currently the Managing Director of ASX listed Greenland Minerals and Energy Ltd, a company he founded in 2007.
Professor Werner Paar - Technical Advisor
Professor Paar (M.Sc., PhD.) was previously the Professor of Mineralogy at the University of Salzburg for over 25 years and provides extensive experience and knowledge of gold deposits throughout Austria. While at the University of Salzburg he specialised in gold deposits and their distribution in Austria and world-wide. Professor Paar has consulted on numerous commercial projects predominantly in the field of gold and other precious metals and has almost 160 publications to his name. He was responsible for the initial application for the Rotgülden Tenements and will play a key role in identifying additional projects.
As of 04 February 2015 the Company is aware of the following who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are set out below.
Shares not in public hands: 294,643,888 30.41%
Information taken from website 24.02.2015
NORICUM GOLD Ltd
47 Charles Street
London W1J 5EL
T: +44 (0)203 326 1726
F: +44 (0)203 006 0269
Nominated Adviser and Corporate Broker
S. P. Angel Corporate Finance LLP
Prince Frederick House
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Solicitors to the Company as to English Law
Kerman & Co LLP
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Harney Westwood & Riegels LLP
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Solicitors to the Company as to Austrian Law
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