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UPDATE - Noricum Gold receives approval for drilling at Altenberg

UPDATE - Noricum Gold receives approval for drilling at Altenberg

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Noricum Gold (LON:NMG) said approval has been granted by the Austrian Mining Authority for the company’s drilling plans for its Altenberg asset.

This is the last stage in the approval process and will remain valid for two through to November 2018.

The relatively under-explored Altenberg Valley is located 2.7 kilometres to the south-west of the previously operating Rotgüldenmine.

Sampling and mapping conducted to date at Altenberg has yielded promising results, with rock chip samples presenting values of up to 86.4 grams per tonne (g/t) gold, 1,011g/t silver and 4.49% copper.

Broker SP Angel said this and other surface samples “show tantalising results which could show something more meaningful on drilling and we hope that drilling at Altenberg might show a more meaningful ore body of higher grade gold, silver and copper ore”.

The approved drill programme includes 2,500 metres of diamond drilling from three locations and is aimed at testing the mineralisation at depth.

The timing of the proposed works is still to be determined, Noricum said, but because of the logistical considerations, weather conditions and the requirement for a helicopter supported drill programme, it is unlikely that the work will commence until 2015.

SP Angel believes the drilling could, in time, “support the development of a small plant at Rotgulden for the processing of ore from both Rotgulden and Altenberg”.

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