LONDON (Alliance News) - Orogen Gold PLC shares rose on Thursday after it said it has decided to restart drilling at the Mutsk gold project in Armenia before the current drilling season ends as it believes the project has "enormous potential".
Orogen shares were up 18% to 0.0324 pence per share on Thursday morning.
"During my initial review of the Orogen portfolio, Mutsk stood out as a project with enormous potential. With the limited time left for drilling this season, we have elected to test drill a number of locations in order to confirm and firm up our thoughts for next year," said Chief Executive Colin Bird.
The aim of the programme is to establish continuity and presence of gold in adjacent discovery areas to Mutsk.
Orogen found epithermal gold mineralisation at the project when it last drilled the project back in 2013, which comprised of 27 diamond-drilling holes totalling 4,120 metres. The company struggled to restart operations at the project due to funding issues, but it then secured US-based partner Georaid CJSC, which allowed operations to recommence.
"The Mutsk project to me represents an attractive gold environment with the possibilities of much value add for shareholder benefit," added Bird.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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