Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Noricum Gold PLC hurries to get Bolnisi production

A second drill rig has been brought on site with the current programme now expected to be completed by the end of the month
Noricum Gold PLC hurries to get Bolnisi production
Noricum has also bought an Induced Polarisation (IP) unit to carry out a survey over the licence

Noricum Gold (LON:NMG) has stepped up the pace to get its Kvemo Bolnisi deposit in Georgia into production this year.

A second drill rig has been brought on site with the current programme now expected to be completed by the end of the month.

Once that programme is finished, trenching and sampling will start at a second target, Tsitel Sopeli, to follow a recently completed magnetic survey of the known mineralisation.

Noricum has also bought an Induced Polarisation (IP) unit to carry out a survey over the entire 861 sq km Bolnisi licence area, which includes the two targets. 

Greg Kuenzel, managing director,  said, "This update demonstrates the breadth and speed of both the activities underway at our two priority gold ore production targets, and also our ongoing work to continually assess the prospectivity of the full licence area. 

“Having recently raised £1mln, which is sufficient to see us through to production in Q3 2016, we intend to firstly produce gold ore from Kvemo Bolnisi where drilling is currently underway, and then at Tsitel Sopeli. 

“In tandem, we will conduct an IP survey which will allow us to detect mineralisation at far greater depth than has previously been possible.”

PhilW.jpg


Register here to be notified of future NMG Company articles
View full NMG profile

Noricum Gold Timeline

Related Articles

Gold and dollars
August 12 2016
"Mandalay generated strong revenue and adjusted EBITDA in the second quarter of 2016,” said chief executive Mark Sander.
Making it all add up: Chaarat chief mulls options for Kyrgyz mine.
April 21 2016
The new feasibility report suggests that the cost of gold at the project would make it the cheapest producer in the world.
shutterstock_176428352_57c587220e905.jpg
August 30 2016
The idea is to switch output to Cap Oeste from the current Lomada mine, where recent gold output has bettered expectations.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.