Kvemo Bolnisi has an existing Soviet C1/C2 drill defined resource of 532,700 ounces of gold at 1.02 g/t and 160,158 tonnes of copper at 1.41%.
Noricum Gold (LON:NMG) has moved to the mine planning stage at its Kvemo Bolnisi project after completing a drill programme on the outcropping gold mineralisation.
The explorer wants first production from the deposit in the Republic of Georgia by the third quarter this year and said it remained on track to achieve that.
Noricum drilled 34 holes in the latest programme to test the boundaries of Kvemo Bolnisi and possible extensions to the north east and west.
Greg Kuenzel, Noricum‘s managing director, said: “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 partner’s infrastructure and processing equipment.
He added this initial programme would also act as proof of concept of the conversion of Soviet style resources to JORC and confirm the position of Georgia as a modern and reputable mining jurisdiction with a well structured regulatory environment for mining approvals.
Kvemo Bolnisi has an existing Soviet C1/C2 drill defined resource of 532,700 ounces of gold at 1.02 g/t and 160,158 tonnes of copper at 1.41%.
Soviet C1/C2 standards are seen as the equivalent of proved or probable /indicated and inferred resources under current JORC and 43-101 measures.
Source: Proactive investors
