SpaceX IPO is the biggest IPO in stock market history. Join the conversation.Click here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSosandar Regulatory News (SOS)

Share Price Information for Sosandar (SOS)

Share Price is delayed by 15 minutes
Get Live Data
11.00    0.00 (0.00%)
Bid:
10.50
Ask:
11.50
Spread: 1.00 (9.524%)
Market Cap: £24.00m
SOS Live PriceLast checked at - London Stock Exchange

Intraday Sosandar Share Chart

Mutsk Drilling Update

8 Aug 2016 07:00

RNS Number : 4588G
Orogen Gold PLC
08 August 2016
 

08 August 2016

Orogen Gold plc

("Orogen" or the "Company")

 

Mutsk gold project Armenia

 

Drilling Extends Gold Zone at Mutsk, Armenia

Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration company, provides the following interim update on the Company's 2016 diamond drilling programme at the Mutsk gold project in southern Armenia.

 

Highlights:

 

· Drilling extends main gold zone to east and south, beyond previous drilling

· Multiple gold intervals occur over 130m downhole width, including 13m @ 1.13g/t Au & 4.2m @ 1.62g/t Au

· Drilling is continuing, with further news flow as programme advances

 

 

Colin Bird, Chief Executive of Orogen, commented: "The first part of this drilling programme has returned very encouraging results. In essence the deposit is growing with continued potential to the east and good strike potential to the south. We look forward to the balance of the programme yielding similarly positive results."

 

Diamond drilling at the Mutsk gold property recommenced in early July with the aim of extending the footprint of the gold deposit and achieving the 80% project earn-in target by end August 2016. The programme is now about 50% complete and assay results have been received so far for the first three holes of the programme which were drilled to the south and southeast of the previously defined mineralisation.

OG16-50 and OG16-52 were drilled southeast of the main gold zone and were angled towards the east to test an area previously interpreted to be in the barren footwall of a north-south fault structure. These holes confirm that multiple intervals of hydrothermal alteration and associated gold mineralisation within the andesite host rocks continue further in this direction and the zone has not yet been closed off. In both of these holes mineralised intervals occurred over a total downhole width of 125-130m. Individual intercepts, as detailed in the table below, include 13.0m @ 1.13g/t Au from 8.0m to 13.0m depth in OG16-50, 11.0m @ 1.00g/t Au from 138.0m to 149.0m and 11.8m @ 1.06g/t Au from 164.2m to 176.0m depth in OG16-52. Shorter sections of somewhat higher grades were encountered within these intervals. Hole OG16-52 remains to be completed once a mechanical breakdown of the drill rig is rectified. Gold traces continue to be encountered to the current base of hole at 183m depth.

Hole OG16-51 was drilled at the southern end of the main gold zone, 50m south of 2015 hole OG15-47 which intersected several gold-bearing intervals. OG16-51 confirmed the extension of the main alteration and gold zone towards the south, cutting sections of moderately altered andesite, with one weakly mineralised interval assaying 0.32g/t Au over 9.0m, from 65.0 to 74.0m depth.

The drilling to date has succeeded in extending the overall footprint of the gold mineralisation to an area of 600m north to south by 200m east to west. The main gold zone remains open to the east and south. In addition a further northern gold zone has not yet been fully delineated.

 

Mutsk 2016 Drilling - Main Au Intervals to Date

Hole No.

From (m)

To (m)

Interval (m)*

Au g/t

OG16-50

8.0

21.0

13.0

1.13

incl.

9.0

15.0

6.0

1.63

and

45.0

57.0

12.0

0.69

incl.

45.0

50.8

5.8

1.03

and

127.0

138.5

11.5

0.81

OG16-51

65.0

74.0

9.0

0.32

OG16-52

51.0

57.7

6.7

0.43

and

72.5

81.6

9.1

0.66

and

129.0

131.6

2.6

0.55

and

138.0

149.0

11.0

1.00

incl.

144.8

149.0

4.2

1.62

and

164.2

176.0

11.8

1.06

incl.

172.6

176.0

3.4

1.48

*Downhole intervals quoted - true widths may be less

Drilling is continuing on the property to further extend the deposit and additional results will be reported 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

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. Lydian has recently announced that it has secured the financing for the project and plans to commence construction in 2016.

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-

 

Technical Sign-Off

 

Ed Slowey, Operations Director 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

Colin Bird, CEO

Alan Mooney, FD

+353 1662 8395

Cairn Financial Advisers LLP (Nominated Adviser)

Liam Murray

Sandy Jamieson

+44 (0) 20 7148 7900

Beaufort Securities Limited (Broker)

Jon Belliss

+44 (0) 20 7382 8300

Walbrook (Public Relations and Investor Relations)

Paul Cornelius / Gary Middleton

+44 (0) 20 7933 8780

 

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 gold exploration and is currently operating two gold exploration projects: a) at Mutsk in Armenia and b) at Silverton in Nevada, USA. 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. In Nevada, an earn-in agreement was recently announced covering the Silverton gold-silver prospect, giving Orogen the right to earn in to an initial 51% interest in the property. Anomalous gold values are recorded from bedrock across much of the property, but previous drilling is not considered to have adequately tested the potential gold sources.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLBUGDIRUGBGLU
Date   Source Headline
15th Oct 20157:00 amRNSDiamond Drilling re-commences in Armenia
30th Sep 20154:52 pmRNS£450,000 Equity Fundraising
30th Sep 20157:00 amRNSAppt CEO, Grant of Options, Other Board Changes
30th Sep 20157:00 amRNSHalf Yearly Report
10th Jun 201512:29 pmRNSResult of AGM
11th May 20157:00 amRNSFinal Results for the year ended 31 December 2014
1st Apr 20157:00 amRNSSignificant Shareholder
27th Mar 20157:00 amRNSIssue of Equity
24th Mar 201512:17 pmRNSAppointment of Broker
20th Mar 201512:46 pmRNSRe: Broker
3rd Feb 20157:00 amRNSMutsk gold project update and Issue of Equity
19th Dec 20143:05 pmRNSResult of General Meeting
18th Dec 20147:00 amRNS4,000m Drilling Programme Completed on Schedule
25th Nov 201412:00 pmRNSPublication of Circular and Notice of GM
17th Nov 20147:00 amRNSFurther drilling extends gold discovery at Mutsk
3rd Nov 20147:00 amRNSChange of Adviser
20th Oct 20144:18 pmRNSDirector/PDMR Shareholding
20th Oct 20147:00 amRNSIssue of Equity and Total Voting Rights
16th Oct 20147:00 amRNSPlacing of £75,000 with Directors
14th Oct 20147:00 amRNSFurther drilling confirms continuity of gold zone
22nd Sep 20147:00 amRNSFurther drill assays extend gold discovery - Mutsk
16th Sep 20147:00 amRNSInterim Results
10th Sep 20147:00 amRNSPlacing raising £1.125m - further drilling - Mutsk
8th Sep 20147:00 amRNSDrilling - Wide zones of gold mineralisation
24th Jul 20147:47 amRNSAppointment of Director
7th Jul 20147:00 amRNSMobilisation of drill rig
1st Jul 20147:00 amRNSDrilling for Equity Agreement
3rd Jun 20147:00 amRNSMutsk Gold Project, Armenia - Operational Update
19th May 20141:25 pmRNSResult of AGM
23rd Apr 20147:00 amRNSFinal Results for the year ended 31 December 2013
7th Apr 20147:00 amRNSMutsk gold project - Operational Update
3rd Apr 20149:00 amRNSHolding(s) in Company
28th Mar 20144:16 pmRNSUK Investor Show - Saturday 5 April
3rd Mar 20147:00 amRNSMutsk results update and programme for Spring 2014
8th Jan 20149:56 amRNSHolding(s) in Company
19th Dec 20137:00 amRNSOperational Update
16th Dec 20132:08 pmRNSHolding(s) in Company
6th Nov 20137:00 amRNSDirector Resignation
23rd Oct 20132:16 pmRNSDrilling commences at Mutsk, Armenia
7th Oct 20133:00 pmRNSAnalyst Presentation
4th Oct 20137:00 amRNSFund raising to accelerate drilling at Mutsk
24th Sep 20137:00 amRNSInterim Results
30th Aug 201310:29 amRNSStakeholder Conference Call
30th Aug 20137:00 amRNSNew gold discovery confirmed at Mutsk, Armenia
30th Jul 20135:54 pmRNSStakeholder conference call completed
24th Jul 20137:00 amRNSStakeholder conference call
18th Jul 20137:00 amRNSAppointment of joint broker
4th Jul 20137:00 amRNSTrenching at Gindusa West - very high gold grades
9th May 201312:53 pmRNSResult of AGM
25th Apr 20137:00 amRNSOperational Update

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.