Last checked at 18 Dec 2014 07:00
18 December 2014
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project Armenia
4,000m Diamond Drilling Programme Completed on Schedule
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration company, provides the following update on the Company's exploration programme at the Mutsk gold project in southern Armenia.
Highlights:
· 4,000m drilling programme completed on schedule and within budget
· Holes on main zone confirm continuity of gold mineralisation
· Hole OG14-39 cuts 11m @ 1.24g/t Au; OG14-40 intersects 32m @ 1.00g/t Au
· Drill data collation and modelling of mineralised zones to be undertaken
· Initial test work planned on gold deportment and recovery
Ed Slowey, Chief Executive of Orogen, commented: "The results of the final phase of the 2014 drilling programme at Mutsk have significantly increased our confidence in the continuity of the gold mineralisation within a 250m by 100m zone which has been drilled in some detail. Drilling along strike has continued to extend the limits of the hydrothermal system which has still not been closed off. The Company will now work on collating and modelling the data accumulated during the drill programme to help plan a focussed follow-on programme in 2015."
Latest Drilling Results
Significant gold assay intervals from recent drill holes* | ||||
Hole No. | Depth from (m) | Depth to (m) | Interval (m) | Grade Au g/t |
OG14-39 | 82.0 | 93.0 | 11.0 | 1.24 |
incl. | 83.0 | 90.0 | 7.0 | 1.85 |
OG14-40 | 75.0 | 107.0 | 32.0 | 1.00 |
incl. | 77.0 | 96.4 | 19.4 | 1.39 |
*Downhole intervals - true widths may be less
The diamond drill programme at the Mutsk gold project was completed as planned in late November 2014 as winter snow set in. In all, a total of about 4,000m was drilled in 27 holes. The most recent holes were all drilled at 55 degrees towards the east and were planned to test both the continuity of gold mineralisation within the main zone as well as exploration holes to test the possible northern and southern strike extensions of the hydrothermal alteration system.
Encouragingly, holes OG14-39 and OG14-40 confirm internal continuity of hydrothermal alteration and gold mineralisation within the 'main zone' over an area of at least 250m by 100m, with a second mineralised zone occurring about 200m to the north. OG14-42 cut unaltered rocks within a probable fault structure between the two mineralised zones.
The remaining two holes demonstrated continuation of the alteration zone for over 2km north to south and the zone remains open to the south beyond the area drilled to date.
For maps of the Mutsk property please refer to the Mutsk project page on the Orogen website at www.orogengold.com
Further Work
The Company will use the winter season to collate and digitise the drill data gathered during the 2014 drilling programme to improve understanding of the mineralised system at Mutsk and to plan a focussed follow-up programme in 2015.
In addition it is planned to send a composite sample of previously assayed drill core to a specialist metallurgical laboratory in order to test how the gold occurs within the Mutsk system and how easily it liberates during mineral processing.
The Company looks forward to updating shareholders on both fronts in due course.
Sample Assaying
Gold assaying is undertaken at an analytical laboratory located in Kapan in the south of Armenia. The laboratory is operated by the international SGS Laboratory Services company. Orogen inserts certified standards, blanks and duplicate samples into its sample batches to check the accuracy of the assay results.
About the Mutsk Project
The Mutsk Project is located in southern Armenia at about 2,000m elevation and is three and a half hours' drive from the capital Yerevan. The site is accessible most of the year other than during the core winter months.
Limited historic exploration had been carried out until drilling by Georaid CJSC in 2011, which intersected low sulphidation epithermal-type pyrite-gold mineralisation in altered and brecciated tuffs, similar in age and gold grade to those that host the Lydian International high sulphidation Amulsar gold deposit (4.1 million ounces in Measured, Indicated and Inferred Resources at an average grade of 1g/t Au) located 30km to the northwest, also in Armenia.
Orogen has an exclusive agreement with Georaid CJSC to earn an 80% interest in the property by spending a total of US$2.5m by the end of August 2016.
-ENDS-
Approval
Ed Slowey, CEO of Orogen, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.
Enquiries:
Orogen Gold Plc | +353 1662 8395 |
Ed Slowey, CEO | |
Alan Mooney, FD | |
Cairn Financial Advisers LLP(Nominated Adviser) | +44 (0) 20 7148 7900 |
Avi Robinson / Liam Murray | |
| |
Hume Capital Securities Plc (Broker) | +44 (0) 20 3693 1470 |
Jon Belliss | |
Walbrook (Public Relations and Investor Relations) | +44 (0) 20 933 8780 |
Paul Cornelius / Guy McDougall | |
About Orogen Gold
Orogen Gold plc is a UK public company quoted on the London Stock Exchange AIM market (ticker: ORE). The Company is focused on mineral exploration and development in Europe and is currently operating two gold exploration projects: a) at Mutsk in Armenia and b) at Deli Jovan in Serbia. The Mutsk gold project in Armenia was optioned by Orogen early in 2013 to follow-up reports of a new epithermal discovery within an established gold district. At Deli Jovan the historic high-grade gold mining camp was last in production prior to World War II and has been significantly under-explored in modern times. The Mutsk project has been prioritised by the Company due to the clear potential evident on the property.