Last checked at 7 Apr 2014 07:00
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project, Armenia - Operational Update
Orogen Gold plc (AIM:ORE), the AIM quoted gold exploration company, provides the following update on the Company's Mutsk gold project in southern Armenia.
Highlights:
· Geophysical surveys to commence during April 2014
· This work will seek to identify hidden mineralisation and extensions to recently discovered shallow gold zones which hint at larger target potential
· Results will feed directly into further diamond drilling planned later in Q2 2014
· Mutsk gold project to be Orogen's primary exploration focus in 2014
Ed Slowey, Chief Executive of Orogen, commented: "The strong gold results reported earlier at Mutsk and the wider mineralised zone discovered by drilling in late 2013 will be the focus of Orogen's exploration work in 2014 as we see the potential for a considerably larger gold target than was apparent from the initial drilling. The geophysical surveys we have commissioned are important to help us track mineralisation beneath shallow cover rocks where they have been hidden from previous explorers and to identify new zones of alteration and mineralisation within the Mutsk permit. A diamond drill programme is then planned to test these new targets, as well as directly tracing extensions of the known mineralisation and, as yet, untested geological and geochemical targets along the trend. This will build towards our strategy of early resource delineation at Mutsk."
The geophysical programme will comprise Induced Polarisation, Resistivity and Magnetic surveys. The aim is to trace zones of pyritic sulphide mineralisation which can be gold-bearing, as well as zones of weak magnetism indicative of hydrothermal alteration associated with the wider transport and emplacement of gold within the property.
Orogen plans to develop a series of drill targets for testing in the coming season, both following up existing discoveries as well as new targets indicated by geophysics. Only a small part of the prospective target area has been drill tested to date and newly drill-identified zones of wide, lower grade mineralisation open the potential for a large shallow gold deposit at Mutsk. Orogen anticipates this work commencing within Q2 2014.
Shareholders will be kept abreast of developments as results are processed and we move towards re-commencement of drilling.
About the Mutsk Project
The Mutsk Project is located in southern Armenia at about 2,000m elevation and is three 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 to those that host the Lydian International high sulphidation Amulsar gold deposit (4.1 million ounces in Measured, Indicated and Inferred Resources) 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 Broker) | +44 (0) 20 7220 1666 |
Tim Feather | |
James Bavister | |
Hume Capital Securities plc (Joint Broker) Jon Belliss
Walbrook (Public Relations and Investor Relations) | +44 (0) 203 693 1470
+44 (0) 20 933 8780 |
Paul Cornelius/ Guy McDougall | |
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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 running 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.