TIDMORE
RNS Number : 7309Y
Orogen Gold PLC
27 February 2013
27 February 2013
Orogen Gold Plc
("Orogen Gold", "Orogen" or "the Company")
2013 Exploration Programme
Orogen Gold, the AIM quoted mineral exploration company (ticker:
ORE) focused on the historic gold mining district of Deli Jovan in
Serbia, is pleased to outline the next phase of its trenching and
drilling programmes for 2013.
Highlights
Deli Jovan Gold Project ("Deli Jovan") Serbia, planned work
includes:
New Discovery - Gindusa West:
-- Follow-up detailed trench and diamond drill testing of an
exceptional eight metre wide high-grade gold zone, which included
three metres @ 29.6g/t Au (almost 1 oz per tonne) discovered by
exploratory trenching on a soil anomaly late last year
-- Further drill testing of potential new hidden gold veins, one
of which assayed 6.75g/t Au over 0.95m and was discovered by
drilling in 2012
-- Initial trenching on several untested gold-in soil anomalies
at Gindusa West covering a 1,500m by 750m area
Gindusa Main Zone:
-- Infill and step-out drill testing of the high grade gold vein
systems at the Gindusa Mine area aimed at demonstrating the
potential for resource delineation
-- Completion of 75% earn-in to Deli Jovan expected in H2 2013
Mutsk Gold Project ("Mutsk") Armenia planned work includes:
-- A due diligence evaluation programme is planned on the JV
property over a potentially large epithermal gold target with drill
intercepts of up to 14.4m @ 1.09g/t Au, comparable to resource
grades reported by Lydian International Ltd. at its nearby Amulsar
gold deposit (2.3 million ounces of gold reserves at 0.8 g/t).
Orogen is sufficiently funded to cover the planned work
programmes for 2013 at both Deli Jovan and Mutsk from its existing
cash resources.
In light of the encouraging gold discoveries at the Gindusa West
target announced late last year and the potential for shallow, high
grade resources, follow-up at this prospect is a priority for 2013.
The Company will also conduct further work on the Gindusa Mine area
where infill and step-out drilling is planned in order to better
define the geometry and extent of the steeply-dipping gold-bearing
structures, with the objective of building an initial
JORC-compliant mineral resource. Work at Deli Jovan will commence
following the Spring thaw which is anticipated in late Q1 2013.
Please click on the following link to view a location map of the
Deli Jovan project area:
http://www.orogengold.com/projects/deli-jovan-serbi/maps/
The recent addition of the exciting Mutsk gold project in
Armenia is consistent with Orogen's stated strategy of pursuing
gold projects in the region with substantial growth potential at
low entry-cost. The target at Mutsk, located in southern Armenia is
30 kilometres from the 2.6 million ounce Amulsar gold project,
which is a large, low-grade, open-pittable epithermal deposit.
Management is looking forward to reporting on the initial
evaluation of the Mutsk gold prospect during the coming field
season.
Orogen CEO, Ed Slowey, commented: "The 2013 work programme
represents the next exciting development phase at Deli Jovan.
Follow-up of the outstanding recent high grade gold discoveries at
Gindusa West will be prioritised. A highly-focused drill programme
is also planned across the Gindusa Mine area during 2013 to
demonstrate continuity of the vein system, with the aim of
outlining a mineral resource in the medium term.
"In Armenia, our new Mutsk joint venture property has the
potential to be a large epithermal gold system. The initial work
programme in the coming season, including a drilling component,
will be geared towards confirming that potential.
"2013 promises to be an important year for Orogen and we look
forward to updating shareholders on the company's progress
throughout the period."
Enquiries:
Orogen Gold Plc +353 1662 8395
Ed Slowey, CEO
Alan Mooney, FD
WH Ireland Limited +44 (0) 20 7220 1666
Tim Feather
James Bavister
Newgate Threadneedle +44 (0) 20 7653 9840
Richard Gotla
Beth Harris
Further Detail
Deli Jovan, Serbia
At Deli Jovan, Orogen will conduct follow-up work at the new
gold discoveries made towards the end of the last year at Gindusa
West as well as infill and extension drilling on the Gindusa Mine
zone.
At Gindusa West, a programme of up to 1,000m of further
trenching is planned to follow-up the high grade gold zone located
in late 2012 (announced on 5 December 2012) in a trench across a
soil anomaly which cut eight metres averaging 12.3g/t gold. This
included a three metre zone averaging 29.6g/t gold. A number of
other nearby anomalous soil targets within an area of 1,000m by
750m will also be trench tested. These occur in an area where the
gold mineralising system appears to be vectoring westwards towards
the major regional Porec boundary fault. Confirmed soil targets
will be drilled during the summer, in addition to follow-up drill
testing of new 'blind' gold veins assaying up to 6.75g/t Au over
0.95m discovered during last year's drill campaign.
At the Gindusa Mine area 1.5km to the southeast, further
drilling is planned to infill more widely-spaced drilling completed
in 2012, to test the potential for delineation of a mineral
resource in this sector of the Deli Jovan shear belt. In addition,
it is planned to test the area to the west-northwest of the old
mine workings, where a structural study has suggested possible
extensions of the Gindusa Mine vein systems. The mineralised
structures remain open and untested below 280m depth. A total of
approximately 4,000 metres of diamond drilling is anticipated at
both Gindusa targets, with additional follow-up drilling later in
the season contingent on receipt of further positive results.
Initial detailed investigations of the historic Latovo gold
workings towards the east of the permit area will also be
undertaken, commencing with a programme of detailed soil sampling.
Trenching and/or diamond drilling will be considered to follow-up
significant gold anomalies outlined.
Soil sampling and trenching are expected to commence after snow
melt in late Q1 2013, with diamond drilling due to commence during
Q2 2013.
Based on the planned programme, Orogen anticipates achieving its
75% earn-in target on the Deli Jovan property on schedule during
2013.
Mutsk, Armenia
As set out in the Memorandum of Understanding with our partners
Georaid CJSC over the Mutsk gold property on 22 January 2013,
Orogen plans to complete a due diligence evaluation of this very
promising epithermal gold property during Q3 2013. Reported drill
intercepts of up to 14.4m @ 1.09g/t Au are comparable to resource
grades reported by Lydian International Ltd. at its Amulsar gold
deposit, just 30km to the northwest. The work programme will
comprise re-logging and re-sampling of the existing drill core, a
full geological appraisal by an epithermal deposit specialist and a
short confirmatory diamond drill test, totalling about 500m. Orogen
may opt to proceed to a full joint venture on the property by the
end of August 2013, whereby the Company can earn up to an 80%
interest.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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