John Meyer of SP Angel this morning comments on Kefi Minerals and Noricum Gold as as well as a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Austria-focused AIM dog Noricum Gold (NMG) is seeking for a partner for its flagship Rotgulden gold and copper project, after clinching a deal to buy another prospect in the country, the Walchen polymetallic VMS (volcanogenic massive sulphide) project, for £360,000. The company, whose shares have dropped 95% to 0.21p since floating at 4p five years ago, has raised £478,000 at 0.2p to cover the purchase and meet other expenses, and will spend the coming months mapping, sampling and drilling Walchen.
Noricum Gold (NMG), the AIM-quoted Austrian gold hopeful, had accompanied news of a £315,000 loss for the six months to June with confirmation that it has decided to ‘prioritise’ its ‘near-term operational and financial resources’ on drilling at its Schonberg project in the country’s south-central region. This represents a significant change in direction for the company, which had previously indicated it hoped to produce a formal JORC (Joint Ore Review Committee)-standard resource estimate during the first half of this year for its flagship Rotgulden precious metals project some 100 km. away.
Establishing ‘an exciting new gold province’ in the Austrian provinces of Salzburg and Carinthia is the declared goal of AIM-quoted Noricum Gold (NMG). The company has won approval from the authorities for a 3,000-metre drilling campaign at Schonberg, one of its key projects in the south and west of the country. Based in the British Virgin Islands and currently out of favour with investors, the company has also applied for permission to drill an additional 2,000 metres at Schonberg, where recent rock chip sampling showed gold mineralisation of up to 3.82 parts per million, with 0.8 per cent copper.
Direct from the Queen Elizabeth Conference Centre a video featuring a UK Investor Show 2014 presentation by Greg Kuenzel of Noricum Gold (NMG)
For Austrian gold explorer Noricum Gold (NMG), 2014 ‘promises to be a year of transformation’, according to Michael Hutchison, the former London Metal Exchanged director who chairs the British Virgin Islands-based concern. Noricum hopes to use results from latest drilling at its flagship Rotgulden project in the Salzburg region of southern Austria to produce a formal underground resource estimate in the first half of this year. It also waits for drilling to start at its nearby Altenberg prospect once snow has melted in this alpine district in June or July.
The shares of Noricum Gold (NMG) have been on a typical journey for a gold junior in recent years. That is to say heading the way of West Ham…down. But.
I met up the other day with Greg Kuenzel, CEO of AIM listed Noricum Gold (NMG) for a catch up on a summer drilling campaign which seems to have thrown up some interesting grades. A number of questions spring to mind about this company which, at 1.1p, is capitalised at just £10 million.
I have to confess that one of my best calls of the year-to-date in Noricum Gold was not actually a situation that I found myself on a charting basis but actually flagged to me on a fundamental basis from the newsflow when the shares were below 0.5p.
