Business
Completion of Drilling at Kvemo Bolnisi
Completion of Drilling at Kvemo Bolnisi.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \nRNS Number : 2810U Noricum Gold Limited 06 April 2016 \n\nNoricum Gold Limited / EPIC: NMG / Sector: Natural Resources\n06 April 2016\nNoricum Gold Limited ('Noricum Gold' or 'the Company')\nCompletion of Drilling at Kvemo Bolnisi\n \nNoricum Gold Limited, the European focused base and precious metals resource development company, is pleased to announce that it has completed its drill programme focused on outcropping gold mineralisation at the Kvemo Bolnisi target, which is located within the 851 sq km Bolnisi Copper-Gold Project in Georgia. \n \nThis is in line with the Company's strategy to commence low cost gold mining from the outcropping gold mineralisation present at both the Kvemo Bolnisi and the Tsitel Sopeli target areas in 2016. It is intended that cash flow received from the sale of gold ore will then be used to assess the broader mineral potential of both these targets as well as the entire licence area, where 17 initial target areas have been identified.\n \nHighlights\n \n· A total of 34 drill holes completed as part of a programme designed to define the initial resource, complete mine planning and pit design for maiden gold ore production from Kvemo Bolnisi in Q3 2016 \n \n· Programme extended from an original 19 to 34 holes to test the boundaries of the mineralisation and to better understand a possible extension to the mineralisation to the north east and west of the initial target\n \n· Results expected over the coming weeks and the Company remains on track for initial gold ore production in Q3 2016\n \n· Drilling to commence at the second gold starter pit, Tsitel Sopeli, in the near term - updates to be provided\n \nNoricum Gold Managing Director Greg Kuenzel said, \"Mine planning is now at the top of our agenda following completion of this drill programme, which will provide us with an initial resource for Kvemo Bolnisi. We look forward to providing the results of this, and using them to rapidly deliver on our plans to commence first gold ore production in Q3 2016. The costs associated with the mining are expected to be low, with no capital expenditure requirements, as a result of the lack of stripping required and access to our local p...