Last checked at 14 Oct 2014 07:00
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project Armenia
Further drilling confirms continuity of gold zone
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:
· Latest hole within main zone confirms continuity of gold zone down-dip to the west
· OG14-30 cuts 28.9m interval assaying 0.70g/t Au, including 4.8m assaying 1.52g/t Au
· Two holes at the northern end of 1.6km target zone cut wide sections of hydrothermal alteration and pyrite mineralisation and narrow base metal veining
· Drilling along the Mutsk gold zone is ongoing and further results will be reported over the coming weeks
Ed Slowey, Chief Executive of Orogen, commented: "The latest holes provide additional detail on the extent of the mineralising system and gold-bearing intervals at Mutsk. Drilling will continue as long as the weather window remains open and further results will be reported over the coming weeks."
Four additional diamond drill holes were completed at the Mutsk property for which core assays were received. All holes were angled at 55 degrees towards the east. Hole OG14-30 was sited 30m to the west of hole OG14-27 on Section 3710N, where a wide gold-mineralised interval was reported previously in hydrothermally altered and brecciated volcanic rocks. The new hole cut a mineralised zone grading 0.70g/t Au over a width of 28.9m between 60.3-89.2m down-hole depth. Within this zone, a shorter interval of 4.8m graded 1.52g/t Au from 77.2-82.0m depth. This hole confirms that the target zone extends to the west on this section similar to the sections already drill tested 90m to the south and 240m to the north.
Two holes drilled at the northern end of the 1.6km Mutsk structural zone, OG14-26a and OG14-31, intersected extensive alteration and pyrite mineralisation, as well as some narrow base metal veins, however these particular holes were found not to be gold-bearing.
The fourth hole, OG14-29, was sited on Section 4200N at the northern end of the main mineralised zone discovered by previous vertical drilling along the main structure. This hole cored a zone of intermittent alteration and pyrite mineralisation containing some low-order gold values at shallow depths, confirming that the main target zone extends over at least 600m of strike. It is becoming clearer that as the strong alteration and accompanying gold mineralisation can vary over quite short distances, further drill testing of this area is required.
Drilling along the Mutsk gold zone is ongoing and further results will be reported over the coming weeks. Work is planned to continue at site as long as weather and ground conditions permit, before the onset of winter.
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 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 | |
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.