LONDON (ShareCast) - (ShareCast News) - Noricum Gold has issued shares to acquire 50% interest and operational control of the Republic of Georgia-based Bolnisi copper and gold project.
The project holds approximately 1m tonnes of contained copper, 6.6m ounces of gold and 22m ounces of silver, representing a "major transformation" of Noricum's assets.

The 861km squared Bolnisi district, widely considered under-explored, is part of the wider Tethyan Belt, where a series of prolific mines are based.

The £2.6m payment was funded by issuing 1.29bn new shares at 0.2p per share to GMC Investments.

"Acquiring Bolnisi via an all-share transaction ensures the interests of our joint venture partner and those of our shareholders are aligned. At the same time, it exposes our shareholders to an immediate and significant value event," a Noricum spokesperson said.

However, short-term production opportunities will be paid for with existing cash.

Noricum also plans to convert its resource status from non-JORC, to JORC, which is used as a professional standard for reporting mineral and ore reserve results.

As of 1045 BST, Noricum was trading 6.1% higher at 0.19p.

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