Last checked at 22 Sep 2014 07:00
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project, Armenia - further drill assay results extend gold discovery
Orogen Gold plc (AIM:ORE), the AIM quoted gold exploration company, provides the following update on the Company's diamond drilling programme at the Mutsk gold project in southern Armenia.
Highlights:
· Assaying of latest drill hole shows continuation of wide gold zone 300m to north
· OG14-28 cuts 31m interval assaying 1.13g/t Au
· Mineralised zone remains open along strike and down dip
· Drilling continues to extend and infill along the mineralised trend
Ed Slowey, Chief Executive of Orogen, commented: "We are pleased to report that assaying has confirmed the extension of the Mutsk gold zone to the north, with widths and gold values similar to those discovered in drilling about 300m further south. Mineralisation remains open along strike to the north and south from this hole as well as down dip to the west. We will continue drilling over the coming weeks to both infill between the existing holes and with a view to extending the mineralised zone further."
Hole OG14-28 was drilled at an angle of 55 degrees towards the east and was sited about 240m north of hole OG14-27 and 300m north of hole OG14-25, results from which were reported in an announcement on 8 September 2014. The new hole was planned to test the northward extension of the newly discovered wide zone of gold mineralisation seen in the recently completed holes. A vertical hole OG13-02 drilled 70m to the east in 2013 had intersected a steeply-dipping structural feature assaying 3.68g/t Au over 17.3m.
OG14-28 cut a 46.5m zone of hydrothermal alteration assaying 0.92g/t Au from 69.5m to 116.0m, within which a 31.0m interval assayed 1.13g/t Au. This is similar in tenor and width to the gold zones reported in the holes to the south and therefore confirms that the Mutsk deposit has considerable north-south extent.
Drilling is continuing on site with two diamond drill rigs in operation and further assay results will be reported in the coming weeks as they are received and processed.
For maps of the Mutsk property please refer to the Mutsk project page on the Orogen website at www.orogengold.com.
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 and has also carried out confirmatory checking of duplicate samples at another international laboratory.
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. Maps showing the location and details of the project are available on the Company's website.
Limited historic exploration had been carried out until drilling by Georaid 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 | |
WH Ireland Limited (Nominated Adviser and Joint Broker) | +44 (0) 20 7220 1666 |
Tim Feather | |
James Bavister | |
Hume Capital Securities Plc (Joint 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.