Orogen Gold PLC Step-out Drilling Extends Mutsk Gold Zone (5393O)
08 November 2016 - 6:00PM
UK Regulatory
TIDMORE
RNS Number : 5393O
Orogen Gold PLC
08 November 2016
08 November 2016
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project Armenia
First Step-out Hole at Mutsk Extends Gold Zone
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration
company, announces that the first hole of its step-out drilling
programme at the Mutsk gold project in southern Armenia has
intercepted gold mineralisation 160m south of previous
drilling.
Highlights:
-- Hole OG16-57 intersects 14.2m @ 0.83g/t Au, as well as
several narrower zones of higher grade
-- Deposit traced by drilling for at least 800m and still open to north and south
-- Results confirm Company's belief that Mutsk represents a substantial gold discovery
-- Second hole further to south cuts alteration zones - gold assays awaited
-- Further step-out hole to north in progress
Orogen has completed the drilling of two of the three step-out
diamond drill holes planned to assess the potential strike extent
of the Mutsk gold deposit. Assay results have been received for the
first of these holes, OG16-57, which was drilled at a 50-degree
angle towards the east. Intervals of interest are detailed in the
table below.
Hole From To Interval Au
No. (m) (m) (m) g/t
--------- ------ ------ --------- -----
OG16-57 27.0 29.0 2.0 1.57
--------- ------ ------ --------- -----
and 49.9 51.0 1.1 1.21
--------- ------ ------ --------- -----
and 54.3 68.5 14.2 0.83
--------- ------ ------ --------- -----
and 104.0 105.2 1.2 1.25
--------- ------ ------ --------- -----
The gold intercepts are associated with sections of pale
hydrothermal alteration and pyrite mineralisation, similar to those
hosting gold elsewhere in the deposit. The hole was sited about
160m beyond the most southerly gold intercept reported previously
on 6 September in hole OG16-54. The total strike length of the
deposit revealed by drilling now extends to 800m, with the deposit
still open to the north and further to the south. There is also
scope for additional extensions to the east and to depth.
The new drilling supports Orogen's belief that Mutsk represents
a substantial gold discovery with potential for significant
expansion and the Company looks forward to providing further
information on completion of the drilling programme and receipt of
remaining assays.
For maps of the Mutsk property please refer to the Mutsk project
page on the Orogen website at www.orogengold.com
Colin Bird, Chief Executive of Orogen, commented: "This drill
result is very satisfying and has vindicated our belief that the
deposit is open to the south. A second hole has been drilled 340
metres further south again and typical gold-related alteration has
been identified but the core has yet to be assayed. We have moved
the machine to the north to further expand the deposit on strike.
If both holes are successful the strike footprint will be in the
region of 1.4 km which will very positively end our 2016 Mutsk
drilling campaigns. "
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.
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 c/o Walbrook
Colin Bird, CEO
--------------------------------- ------------
Cairn Financial Advisers
LLP (Nominated Adviser) +44 (0) 20
Liam Murray / Sandy Jamieson 7213 0880
--------------------------------- ------------
Beaufort Securities Limited
(Broker) +44 (0) 20
Jon Belliss 7382 8300
--------------------------------- ------------
Walbrook (Public Relations
and Investor Relations) +44 (0) 20
Paul Cornelius / Gary Middleton 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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