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2013 Exploration Programme

27 Feb 2013 07:00

RNS Number : 7309Y
Orogen Gold PLC
27 February 2013
 



 

27 February 2013

 

Orogen Gold Plc

("Orogen Gold", "Orogen" or "the Company")

 

2013 Exploration Programme

 

Orogen Gold, the AIM quoted mineral exploration company (ticker: ORE) focused on the historic gold mining district of Deli Jovan in Serbia, is pleased to outline the next phase of its trenching and drilling programmes for 2013.

 

Highlights

 

Deli Jovan Gold Project ("Deli Jovan") Serbia, planned work includes:

 

New Discovery - Gindusa West:

·; Follow-up detailed trench and diamond drill testing of an exceptional eight metre wide high-grade gold zone, which included three metres @ 29.6g/t Au (almost 1 oz per tonne) discovered by exploratory trenching on a soil anomaly late last year

·; Further drill testing of potential new hidden gold veins, one of which assayed 6.75g/t Au over 0.95m and was discovered by drilling in 2012

·; Initial trenching on several untested gold-in soil anomalies at Gindusa West covering a 1,500m by 750m area

 

Gindusa Main Zone:

·; Infill and step-out drill testing of the high grade gold vein systems at the Gindusa Mine area aimed at demonstrating the potential for resource delineation

 

·; Completion of 75% earn-in to Deli Jovan expected in H2 2013

 

Mutsk Gold Project ("Mutsk") Armenia planned work includes:

 

·; A due diligence evaluation programme is planned on the JV property over a potentially large epithermal gold target with drill intercepts of up to 14.4m @ 1.09g/t Au, comparable to resource grades reported by Lydian International Ltd. at its nearby Amulsar gold deposit (2.3 million ounces of gold reserves at 0.8 g/t).

 

 

Orogen is sufficiently funded to cover the planned work programmes for 2013 at both Deli Jovan and Mutsk from its existing cash resources.

 

In light of the encouraging gold discoveries at the Gindusa West target announced late last year and the potential for shallow, high grade resources, follow-up at this prospect is a priority for 2013. The Company will also conduct further work on the Gindusa Mine area where infill and step-out drilling is planned in order to better define the geometry and extent of the steeply-dipping gold-bearing structures, with the objective of building an initial JORC-compliant mineral resource. Work at Deli Jovan will commence following the Spring thaw which is anticipated in late Q1 2013.

 

Please click on the following link to view a location map of the Deli Jovan project area:

http://www.orogengold.com/projects/deli-jovan-serbi/maps/

 

The recent addition of the exciting Mutsk gold project in Armenia is consistent with Orogen's stated strategy of pursuing gold projects in the region with substantial growth potential at low entry-cost. The target at Mutsk, located in southern Armenia is 30 kilometres from the 2.6 million ounce Amulsar gold project, which is a large, low-grade, open-pittable epithermal deposit. Management is looking forward to reporting on the initial evaluation of the Mutsk gold prospect during the coming field season.

 

 

Orogen CEO, Ed Slowey, commented: "The 2013 work programme represents the next exciting development phase at Deli Jovan. Follow-up of the outstanding recent high grade gold discoveries at Gindusa West will be prioritised. A highly-focused drill programme is also planned across the Gindusa Mine area during 2013 to demonstrate continuity of the vein system, with the aim of outlining a mineral resource in the medium term.

 

"In Armenia, our new Mutsk joint venture property has the potential to be a large epithermal gold system. The initial work programme in the coming season, including a drilling component, will be geared towards confirming that potential.

 

"2013 promises to be an important year for Orogen and we look forward to updating shareholders on the company's progress throughout the period."

 

 

Enquiries:

 

Orogen Gold Plc

+353 1662 8395

Ed Slowey, CEO

Alan Mooney, FD

WH Ireland Limited

+44 (0) 20 7220 1666

Tim Feather

James Bavister

Newgate Threadneedle

+44 (0) 20 7653 9840

Richard Gotla

Beth Harris

 

 

Further Detail

 

Deli Jovan, Serbia

At Deli Jovan, Orogen will conduct follow-up work at the new gold discoveries made towards the end of the last year at Gindusa West as well as infill and extension drilling on the Gindusa Mine zone.

 

At Gindusa West, a programme of up to 1,000m of further trenching is planned to follow-up the high grade gold zone located in late 2012 (announced on 5 December 2012) in a trench across a soil anomaly which cut eight metres averaging 12.3g/t gold. This included a three metre zone averaging 29.6g/t gold. A number of other nearby anomalous soil targets within an area of 1,000m by 750m will also be trench tested. These occur in an area where the gold mineralising system appears to be vectoring westwards towards the major regional Porec boundary fault. Confirmed soil targets will be drilled during the summer, in addition to follow-up drill testing of new 'blind' gold veins assaying up to 6.75g/t Au over 0.95m discovered during last year's drill campaign.

 

At the Gindusa Mine area 1.5km to the southeast, further drilling is planned to infill more widely-spaced drilling completed in 2012, to test the potential for delineation of a mineral resource in this sector of the Deli Jovan shear belt. In addition, it is planned to test the area to the west-northwest of the old mine workings, where a structural study has suggested possible extensions of the Gindusa Mine vein systems. The mineralised structures remain open and untested below 280m depth. A total of approximately 4,000 metres of diamond drilling is anticipated at both Gindusa targets, with additional follow-up drilling later in the season contingent on receipt of further positive results.

 

Initial detailed investigations of the historic Latovo gold workings towards the east of the permit area will also be undertaken, commencing with a programme of detailed soil sampling. Trenching and/or diamond drilling will be considered to follow-up significant gold anomalies outlined.

 

Soil sampling and trenching are expected to commence after snow melt in late Q1 2013, with diamond drilling due to commence during Q2 2013.

 

Based on the planned programme, Orogen anticipates achieving its 75% earn-in target on the Deli Jovan property on schedule during 2013.

 

Mutsk, Armenia

As set out in the Memorandum of Understanding with our partners Georaid CJSC over the Mutsk gold property on 22 January 2013, Orogen plans to complete a due diligence evaluation of this very promising epithermal gold property during Q3 2013. Reported drill intercepts of up to 14.4m @ 1.09g/t Au are comparable to resource grades reported by Lydian International Ltd. at its Amulsar gold deposit, just 30km to the northwest. The work programme will comprise re-logging and re-sampling of the existing drill core, a full geological appraisal by an epithermal deposit specialist and a short confirmatory diamond drill test, totalling about 500m. Orogen may opt to proceed to a full joint venture on the property by the end of August 2013, whereby the Company can earn up to an 80% interest.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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