Orogen Gold PLC Drilling - Wide zones of gold mineralisation (0065R)
08 September 2014 - 8:00AM
UK Regulatory
TIDMORE
RNS Number : 0065R
Orogen Gold PLC
08 September 2014
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project, Armenia - drilling confirms wide zones of
gold mineralisation
Orogen Gold plc (AIM:ORE), the AIM quoted gold exploration
company, provides the following update on the Company's new
drilling programme at the Mutsk gold project in southern
Armenia.
Highlights:
-- Step-out drilling confirms discovery of wide zones of gold mineralisation
-- Intercepts up to 60m @ 1.21g/t Au, including 10m @ 3.11 g/t Au
-- Just completed hole shows further wide alteration zone more than 300m along strike
-- Drilling in progress 1.6km to the north, cuts 150m+
hydrothermally altered, silicified and pyritic bedrock
-- Drilling continues, with two rigs currently operating
Ed Slowey, Chief Executive of Orogen, commented: "This new phase
of drilling has confirmed our earlier belief that we have made a
substantial gold discovery at Mutsk. The previously reported high
grade intercepts in vertical holes along the 2km Mutsk structure
have been shown to be connected to much more substantial widths of
hydrothermally altered gold-bearing rocks in step-out holes.
Encouragingly, gold grades through these wide zones have increased
in tenor as the drilling has moved northwards and include some
higher grade intervals. We are also very encouraged by the
intersection of further wide zones of alteration in just-completed
and ongoing drill holes up to 1.6 kilometres further north. We
believe that we have only just begun to test the potential of this
discovery and are hopeful of further positive results over the
coming weeks."
About 1,700m of an initial planned programme of 3,000m of
diamond drilling has been completed to date in the current
programme at Mutsk. Assays have been received for seven of the
eleven holes drilled, with further sampling and assaying in
progress. A number of outlying geophysics targets tested contained
intervals of hydrothermal alteration and pyrite mineralisation that
were not gold-bearing. However, as drilling has focussed along the
main Mutsk corridor, step-out holes sited to the west of the
north-south Mutsk structure and angled towards the structure have
confirmed the Company's interpretation from 2013 drilling of the
presence of much more widespread hydrothermal alteration, pyrite
and gold mineralisation. A summary of the main gold intervals
encountered to date in the current drilling programme are given in
the table below.
Mutsk - significant gold intercepts to date
in 2014 drill programme
----------------------------------------------------------
Interval
Hole No. Angle From (m) To (m) (m)* Au g/t
---------- ------ --------- ------- --------- -------
OG14-23 -55 41.0 86.0 45.00 0.58
---------- ------ --------- ------- --------- -------
OG14-25 -55 108.0 132.0 24.00 1.25
---------- ------ --------- ------- --------- -------
OG14-27 -55 12.0 72.0 60.00 1.21
---------- ------ --------- ------- --------- -------
incl. 19.0 29.0 10.00 3.11
---------- ------ --------- ------- --------- -------
*True width not certain but downhole intervals may represent
close to true width
Hole OG14-23 represented a third step-out hole (previous holes
drilled in 2013) sited 90m to the west of the steeply-dipping Mutsk
structure, drilled along the initial line of section (3610N). The
new hole encountered a wider zone of alteration than previous holes
over more than a 100m downhole interval. Within this a consistently
mineralised 45m interval assayed 0.58g/t Au. This was comparable to
the intervals recorded in other holes on the line of section and
demonstrates good continuity between holes over a minimum 70m
step-out distance from the Mutsk structure, with the mineralised
zone plunging at about 30 degrees to the west. The zone remains
open to the west and north, with more limited potential to the
south.
Hole OG14-25 was sited about 40m to the north of section 3610N.
It cut a continuation of the mineralised zone at greater depth,
with an encouraging two-fold enhancement in gold grade to 1.25g/t
Au over a 24m interval.
Hole OG14-27, sited on section 3710N, 100m north of OG14-23
encountered a wide zone of alteration and mineralisation at shallow
depth, recording an intercept of 60m @ 1.21g/t Au. Within this a
10m interval assayed 3.11g/t Au. The intercept in this hole is
currently open to the west and north as well as most likely linking
to the other holes reported to the south.
The drilling suggests that gold grades are vectoring towards the
north, and a further hole (OG14-28) located 250m to the north of
OG14-27 has also encountered a zone of alteration and pyrite
mineralisation. Assays for this hole are expected shortly.
Drilling is ongoing with two rigs currently operating. One drill
hole (OG14-26a) has been sited on a wide gossanous zone and
geophysical target 1.6km north of section 3610N which has
previously returned gold values in channel sampling of rock outcrop
at surface. This hole has so far drilled through 150m of altered,
silicified and mineralised rock and will be prepared for sampling
once completed.
For maps of the Mutsk project please see the below link:
http://www.orogengold.com/projects/mutsk-armenia/mutsk-maps/
Sample Assaying
Gold assaying is undertaken at an analytical laboratory located
in Kapan in the south of Armenia. The laboratory is operated by the
international SGS Laboratory Services company. Orogen inserts
certified standards, blanks and duplicate samples into its sample
batches to check the accuracy of the assay results and has also
carried out confirmatory checking of duplicate samples at another
international laboratory.
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 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.
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 +44 (0) 20 3693 1470
Relations) +44 (0) 20 933 8780
Paul Cornelius/ Guy McDougall
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
operating 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. The Mutsk project has been
prioritised by the Company due to the clear potential evident on
the property.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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