News Column

Noricum Preparing For Schonberg Drilling As Loss Widens

August 26, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Noricum Gold Ltd said Tuesday that it is fully funded for its 2014 drilling programmes as it prepares to begin drilling at its Schonberg site in Austria, and posted a widened loss in the half-year to the end of June.

Noricum Gold posted a pretax loss of GBP315,467, widened from GBP218,156, due to higher administrative expenses.

It continued to work on two of its previous metal projects in Austria, seeing high grade gold and copper results from soil sampling at Schonberg, and on-going analysis of the drill core at its Rotgulden project. As a result of this work, it will begin a drill programme at Schonberg in the second-half, which is due to commence imminently, it said.

It has not been able to deliver a Joint Ore Reserves Committee resource for Rotgulden, due to the "complex nature of the mineralised structure" at the resource. It said that the evaluation of data from the site is on-going, and it expects that it will need to undertake additional drilling.

"While Rotgulden has been a difficult asset to model, we benefit from having multiple very high grade targets throughout the licence area, and considering the grades received from rock chip sampling, their prospectivity remains high," the company said in a statement.

The company said that, as drilling commences at Schonberg, it believes that it will see "substantial" activity throughout the remainder of 2014.

Shares in Noricum were trading up 2.2% at 0.490 pence Tuesday morning.

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Source: Alliance News

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