Noricum Gold encouraged by Austria drilling results

Noricum Gold assets in South-Central Austria

Noricum Gold assets in South-Central Austria | Image from noricumgold.com

Noricum Gold (LON:NMG), the company digging in Austria's south-west, announced drill results on Tuesday that appear to have disappointed investors.

The company lost 7.9% on the London exchange by the afternoon – a small dip against year-to-date gains of more than 66%.

Some of the best drilling results showed 2.71 grams of gold per tonne at depths of 16.7 meters and 13.4 grams of silver at 6 meters.

“The latest drill holes from location RZ show continuing high grade mineralisation within the target area at Rotgulden and, due to the positive nature of these results, we believe there is scope for further drilling from this location to further extend mineralisation both across and up strike," Nocirum Gold Managing Director Greg Kuenzel noted in a press release.

"We continue to believe that Rotgulden has the potential to host an exciting new gold province in south-west Austria, and with much newsflow expected in the coming months, I look forward to providing further updates on our progress.”

Rotgulden is a historic mining area in Austria. The 51-square kilometre site consists of 15 underground mines, including a previously-operating gold, copper and silver mine. Only the Friedrich adit is fully accessible.

See the full results here.