Noricum Gold’s Greg Kuenzel highlights enormous potential of Kliening project

Noricum Gold’s (LON:NMG) Kliening project in Austria has “enormous potential”, according to managing director Greg Kuenzel.

The picture is quickly emerging of the Kliening as a shallow, high-grade gold and silver deposit. Supporting this thesis is infill sampling on hole BB-07-01 from its recent 1,200 metre drill programme released today.

“The key thing about Kliening is it’s so close to surface. If we can expand on that it has enormous potential just in terms of prospectivity and the potential to mine,” Kuenzel said. “If the seams are running 10 metres underground it changes everything.

“Kliening is not the flagship for us. Even so we are getting some good results.”

The jewel in the crown is the 51-square kilometre Rotgulden project, in south-western Austria, based around the historic mine workings there.

The belief is it contains an 8 kilometre strike, which is supported by recent samples from the Altenberg Valley area of the project that returned bonanza gold grades.

If follow-up drilling proves its existence, then all of a sudden Noricum is looking at a regional gold play. 

A 1,800 metre surface drilling campaign is being completed, while further sampling work is being carried out.

So there will be plenty of news flow in the next few weeks.  “The main work has been our 1,800 metre drill programme at the Rotgulden underground mine site,” says Kuenzel. 

“The fifth hole is currently in progress and should be finished in the next week or so. 

“Apart from that, all the core samples have now been sent off to Ireland for assay and we should start getting those results back in the next week or so.

“We will get the gold results first and it takes a bit more time to get the multi-element assays back. We are pretty excited about this.

“We have been seeing some massive sulphides and indications of the type of mineralisation where we expect to get good gold, silver, copper grades. That is just from a viewing of the cores.”

The company has carried out a more extensive programme of sampling in the Altenberg valley, a more comprehensive sampling programme at Schurfspitze, as previously announced, and an old adit called Aloisi.

 “I would be surprised if they weren’t the same sort of high grade results that we have been seeing and should continue to reinforce the prospectivity of the area and this 8 kilometre strike line we are now focusing on,” Kuenzel said.

Noricum caught investors’ attention last month when its shares shot up quite spectacularly.

The spike came after it published the results of samples taken from the Altenberg Valley in Austria.

The real head turner was the single sample of over 86 grams per tonne of gold. 

However there were eight others over 10 grams, while 41 of the 92 samples taken returned a grade above one gram of the precious metal per tonne. Also included in these results were silver grades as high at 1,011 grams per tonne as well as 4.49 per cent copper.

Rotgulden is one of five Austrian licence areas held by AIM listed Noricum, which bought them from a private company called Kibe Investments in late 2010. The others are Kliening, Schonberg, Goldeck and Goldzeche.