Last checked at 18 Oct 2016 07:00
18 October 2016
Orogen Gold plc
("Orogen" or the "Company")
Mutsk Gold Project Armenia
Positive project overview supports step-out drilling at Mutsk, Armenia
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration company, reports on its review of the recent diamond drilling programme and further planned step-out drilling at the Mutsk gold project in southern Armenia.
Highlights:
· Management strongly encouraged by preliminary modelling of 2016 drill results
· Potential for significant strike additions
· Step-out holes planned to north and south
· Immediate drilling start-up
Colin Bird, Chief Executive of Orogen, commented: "The planned drilling step-outs are aggressive and, if successful, will considerably enhance the project size. This, together with the recently announced drilling programme in Nevada, demonstrates that the Company is strong in its mission to identify a portfolio of significant near-surface gold deposits in different global regions to spread risk and enhance shareholder value. "
The Company recently completed a review of the 2016 diamond drilling programme at Mutsk, the results of which were reported in a news release on 06 September 2016. This programme located several new steeply west-dipping gold bands to the east and south of the previously outlined Main Gold Zone. The new discoveries substantially extended the footprint of the known gold mineralisation and indicated the potential for further significant additions to the south, east and north.
The review has led to the decision to undertake further step-out drilling along strike to the north and south. This programme will assist in defining the overall envelope of gold mineralisation at Mutsk. The drill rig has already been remobilised to site and work is expected to commence immediately. The additional drilling is expected to be completed in approximately 4-5 weeks.
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 (5 million ounces in Measured, Indicated and Inferred Resources at an average grade of 0.7g/t Au) located 30km to the northwest, also in Armenia. Lydian has recently announced that it has secured the financing for the project and has commenced construction.
Orogen has just completed earning an 80% interest in the property and can increase that holding if its' local partners elect not to contribute towards future work programmes.
-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.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Orogen Gold plc Colin Bird, CEO | +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. The Company announced planned commencement of RC drilling at the project in an RNS dated 13 October 2016.