Noricum Gold* (NMG LN) 0.115p, Mkt Cap £3.1m – New high-grade copper target indicates potential for a third mining area
- Noricum have identified a new high-grade copper target at Kvemo Bolnisi through the assaying of drill core.
- These results are particularly significant as they are found adjacent to one of the new planned starter pits
- Drill cores had been previously assayed for gold or copper but rarely for both and was only assayed where mineralisation was visible.
- In this case the previous team were looking for gold and were not assaying for copper meaning that they missed the high-grade potential of what looks like a promising copper deposit.
- Noricum’s new results include:
- 40m at 2.11% copper from 69m (including 5m at 9.95%)
- 83m at 0.71% copper from 23m (including 15m at 1.17%)
- 7m at 4.02% copper from 39m
- 13m at 1.52% copper from 2m
- Located adjacent to two anomalous adits:
- 11.6m at 1.90% Cu from 31m ending in mineralisation
- 11.4m at 2.47% Cu from 32m ending in mineralisation
- There is also a deeper soviet era drill hole with 43m grading 0.95% copper from 83m.
- The target also shows significant gold grades in drilling with:
- 4m at 3.5g/t
- 5.5m at 5.8g/t
- 4m at 6.26
SP Conclusion: This is another great result for Noricum with the implication that the company could be looking at mining three rather than two potential pits in the next few years in Georgia.
*SP Angel acts as Nomad and Broker to Noricum.
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