Significant Gold Mineralisation at Austrian Lic...

Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources          

5 September 2011

            Noricum Gold Limited (`Noricum Gold' or `the Company')             

     Significant Gold Mineralisation at Kliening, Altenberg & Schurfspitze     

Noricum Gold Limited, the Austrian focussed gold exploration and development
company, is pleased to announce significant gold (`Au') results from the first
phase of drilling at its 49 sq km Kliening gold project, as well as new high
grade samples from the Altenberg Valley and Schurfspitze areas within the 51 sq
km Rotgülden gold project licence area. Furthermore, high grade silver (`Ag')
and copper (`Cu') results were present with the high grade gold results
demonstrating the multi element potential of these projects.

Highlights

  * Highly encouraging shallow high grade Au results at Kliening
   
  * BB-07-01 included 12.52 g/t Au over 0.5 metres and 4.71 g/t over 0.5
    metres. Infill samples currently being processed
   
  * Eight grab samples taken from the Altenberg Valley returned values up to
    2.53 g/t Au, 428.4 g/t Ag, 1.47% Cu - all samples were mineralised
   
  * Samples taken from the mineralised lode at Schurfspitze included 5.60g/t Au
    with 41.5 g/t Ag, and 4.45 g/t Au with 5.6 g/t Ag
   
  * Results indicate a total strike length of approximately 8 kilometres from
    the previously producing Rotgülden mine through the Altenberg Valley to
    Schurfspitze and underpin potential for these exciting gold projects
   
  * Drilling has now commenced at Rotgülden
   
Noricum Gold Managing Director Greg Kuenzel said, "The initial positive results
from Kliening indicate that high grade gold, silver and copper mineralisation
is present close to surface, which provides further confidence in our
geological model and assumptions regarding the expanding potential of the
project area.

"Most exciting were the four samples taken from the lode at Schurfspitze, which
appears to have similarities to the mineralised system at the Rotgülden mine.
Both Altenberg and Schurfspitze are relatively unexplored areas of the
Rotgülden project area and we believe they represent a continuation of the
mineralisation from the Rotgülden mine through the Altenberg Valley to
Schurfspitze along a total strike length of approximately 8 kilometres.

"With the initial results from our brief reconnaissance trip to Altenberg all
indicating high grades, we are waiting with anticipation for the results from a
more comprehensive sampling and reconnaissance programme which was recently
completed. Samples were taken from existing underground exposures, rock
outcrops and some small historical dumps. The samples have been sent for
analysis and we look forward to receiving the results over the coming weeks."

Kliening

 

The first two drill holes from the Buchbauer-Bischofeck target at Kliening,
BB-01-01 and BB-01-02, were located near the western side of the lode system
and intersected thin zones of sulphides. The third drill hole BB-07-01 was
located on the eastern end of the lode system and intersected anomalous gold,
silver and copper mineralisation in sulphidic quartz lodes very near surface.

 

Table 1. Key drill intersections from drill hole BB-07-01

   From          To        Width        Au        Ag    
                                                        
    (m)         (m)         (m)        g/t        g/t   
                                                        
    4.5         5.0         0.5       12.52      26.1   
                                                        
    6.0         6.5         0.5        1.61       3.5   
                                                        
   11.0         11.5        0.5        4.71      22.0   
                                                        
   28.0         29.0        1.0        0.04      14.0   

 Samples from the metres around the above intersections are awaiting analysis
in the third assay shipment with results expected later this month. The
remainder of BB-07-01, BB-07-02 and BB-03-01 samples are in the second shipment
comprising 231 samples expected within the coming weeks.

 

Altenberg

 

Field mapping and sampling from the Altenberg valley was completed during a
reconnaissance field trip tracing the strike of mineralisation southeast from
Rotgülden. Eight samples were taken from the Altenberg area, seven were outcrop
or grab samples, the remaining sample being taken from an existing underground
exposure. The four most anomalous results were from the surface.

Although along strike from the historically producing Rotgülden mine, Altenberg
has slightly different mineralisation characteristics. Notably, there is more
than one mineralised system with both massive, vein and breccia mineralisation.
This area provides an attractive exploration target both with respect to size
and tenor of mineralisation likely to be encountered.

A further 92 samples were taken from the Altenberg valley and were submitted
with shipment 2 to OMAC Laboratories in Ireland. Results from these assays are
expected within the coming weeks.

Table 2. Assay results from grab samples in the Altenberg Valley

  Sample     Au g/t      Ag g/t       Cu %   
                                             
    A2        0.05        346.3       0.13   
                                             
    A3        1.68        81.8        1.47   
                                             
    A5        2.53        18.8        0.75   
                                             
    A6        1.78        18.0        0.28   
                                             
    A7        2.25        119.4       0.48   
                                             
    A8        0.30        428.4       0.13   

 

Schurfspitze

 

Most exciting were the four samples taken from the lode at Schurfspitze which
appears to have similarities to the mineralised system at Rotgülden. This was
the Company's first visit to this site and a more comprehensive mapping,
sampling and geophysical programme is currently being undertaken to further
understand the extent of the high grade mineralisation.

At Schurfspitze there are two adits on a hill side located close to the marble
contact with a metagranitite. This geological setting and the mineralisation
encountered is similar to Rotgülden.

The results below are from the mineralisation encountered in the lower adit.
This appears to be around 2m wide with a southeast strike, and its orientation
is again similar to Rotgülden.

 

Table 3. Assay results from grab samples at Schurfspitze

  Sample     Au g/t      Ag g/t  
                                 
    S1        5.60        41.5   
                                 
    S2        2.23        56.7   
                                 
    S3        2.45        6.5    
                                 
    S4        4.54        5.6    

Rotgülden

The electromagnetic (`EM') work completed in previous months has now been
analysed by Southern Geoscience Consultants (`SGC') and the encountered
anomalies have been modelled. Models were produced from two sets of data, the
first being the logging of existing drill holes with a down hole tool, the
second being a survey of the drives of the existing underground mine.

Underground transient EM (`UGTEM') surveys were conducted in the five
accessible drives in the Rotgülden underground workings. In drives 2, 3, 4 and
5 the responses came from known mineralisation further refining the Company's
knowledge of its orientation. In drive 1, two unknown conductors were
encountered. Both are strong moderate size conductors, one below and east of
the drive, the other below and west and represent excellent exploration
targets. At least one drill hole is planned to test these.

Down-hole transient EM (`DHTEM') was completed on drill holes B1, B2, B3, C1,
C3, C4, D1 and D3. The responses indicate that mineralised intersections are to
some degree connected although a complex geoelectric structure did not
facilitate a single conductor being modelled. In total eight conductors were
modelled and these were produced from between one to three drill holes. In
places the modelled plates overlap these areas represent higher confidence for
mineralisation. The down and up dip extension of these models indicate areas
which may be targeted to produce extensions to the mineralisation. The majority
of planned drilling will be expended testing these targets.

Drilling has commenced at Rotgülden with the DHTM and UGTEM models providing
the basis for drill targets. Currently 330m have been completed on the first
two drill holes planned to intersect the known mineralisation both up and down
dip from the current known location of encountered mineralisation.

The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Jeremy Whybrow,
who is a Member of The Australasian Institute of Mining and Metallurgy.

Jeremy Whybrow is a director of the company.

Jeremy Whybrow has sufficient experience, relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking, to qualify as a Competent Person as defined in the
2004 Edition of the `Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Jeremy Whybrow consents to the inclusion
in the report of the matters based on his information in the form and context
in which it appears.

Glossary

Adit A type of entrance to an underground mine which is horizontal or nearly
horizontal

Arsenopyrite An iron arsenic sulphide, FeAsS, often associated with gold
mineralisation

Mineralised Containing ore minerals

Mineralisation The process by which minerals are introduced into a rock. More
generally, a term applied to accumulations of economic or related minerals in
quantities ranging from weakly anomalous to economically recoverable.

Geophysical

Survey A prospecting technique which measures the physical properties
(magnetism, conductivity, density) of rocks and defines anomalies for further
testing

Pyrite An iron sulphide mineral, FeS2

Pyrrhotite An unusual iron sulphide mineral with a variable iron content

Quartz A very common mineral in sedimentary, magmatic, metamorphic, and
hydrothermal environments : SiO2

Sulphide a compound of sulphur and some other element that is more
electropositive

Strike A geological term which describes a horizontal line on the surface of a
dipping stratum. The strike is 90° to the dip of the stratum.

Vein/veinlet A fracture which has been filled by minerals which have
crystallised from mineralised fluids.

                                   **ENDS**                                    

For further information please visit www.noricumgold.com or contact:

Greg Kuenzel      Noricum Gold Limited           Company    Tel: [phone] 
                                                                               
Roland Cornish    Beaumont Cornish Limited       Nomad      Tel: [phone] 
                                                                               
James Biddle      Beaumont Cornish Limited       Nomad      Tel: [phone] 
                                                                               
Michael Parnes    Old Park Lane Capital plc      Broker     Tel: [phone] 
                                                                               
Luca Tenuta       Old Park Lane Capital plc      Broker     Tel: [phone] 
                                                                               
Hugo de Salis     St Brides Media & Finance Ltd  PR         Tel: [phone] 
                                                                               
Elisabeth Cowell  St Brides Media & Finance Ltd  PR         Tel: [phone]