In particular, the Company is pleased to announce the discovery of a large limonitic outcrop likely to represent an ore zone within the Project area, highlighting the potential of the area.
Noricum Gold managing director Greg Kuenzel said: "As demonstrated by historical evaluations and the discovery of a large limonitic ore zone within our licence area, Walchen has surprised us with its potential. The advantage to this project area is we can explore at speed and for a relatively low cost with a continuous stream of results from on-going exploration.
"It appears mineralisation is consistent and is outcropping along a significant strike length and with easy access we plan to map and sample the entire length of the outcrop. This work will be conducted in parallel with the expected initial work programmes at the newly acquired and more advanced Georgian VMS acreage.
"Our expanded portfolio now provides shareholders with exposure to multiple projects at various levels of development, from initial grass roots "discovery potential" through fast track resource calculations and development. The Company expects to update the market in the coming weeks as the results from these various work streams come to fruition."
The Company acquired the Walchen VMS Project in March 2015 and rapidly commenced a verification mapping and sampling programme. This was completed over a three week period ending in early July 2015. A total of 48 samples were taken during the programme comprising of dump, outcrop and channel samples.
This announcement details the samples collected during the field work period, WAL6 – WAL53. Of particular interest are WAL29-41 which represent a previously unmapped and unsampled limonitic outcrop to the west of the main mining area that have returned good anomalism for copper, gold and silver. These samples are two metre interval, channel samples across the whole outcrop, with around 26 metres of apparent width.
Samples WAL35-40 show the best anomalism and represent a 12 metre intercept across the outcrop: 12m @ 0.6% Cu, 0.33 g/t Au and 7.25g/t Ag. The highest grade was returned by WAL40 – 2m @ 1.14% Cu, 1.08g/t Au, 30.8g/t Ag.
Other sampling from dumps and rock chips returned results up to 1.03% Cu, 5.63% Pb, 12.65% Zn.
The eastern (hangingwall) part of the outcrop shows several metres of disseminated sulphides (mainly pyrite), followed by massive limonite (thickness of several metres; sometimes with malachite staining) and dark phyllite with limonite in the footwall section. This is obviously an outcrop of the ore horizon and the massive sulphides (usually rich in pyrrhotite) are completely decomposed, resulting in the formation of limonite.
