TIDMORE
RNS Number : 2286H
Orogen Gold PLC
27 November 2015
27 November 2015
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project Armenia
Initial results from 2015 drilling show enhanced gold grades and
identifies new gold zones
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration
company, provides the following update on the Company's recent
diamond drilling programme at the Mutsk gold project in southern
Armenia.
Highlights:
-- Preliminary interpretation suggests potential for new gold
zones and extensions to existing gold zone
-- Shallow gold-bearing intervals intersected in two holes with enhanced gold grades
-- Hole OG15-46 intersects two main intervals, including a
highly satisfactory result of 21.0m @ 2.68g/t Au
-- Hole OG15-47 intersects 22.4m @ 1.08g/t Au, including 6.2m @ 2.17g/t Au
-- Assays awaited for remaining two holes of programme
Colin Bird, Chief Executive of Orogen, commented: "I'm very
pleased with the result for this end of season test programme.
During the review the Orogen team concluded that the Mutsk Project
had significant scope for growth, both in terms of tonnage and
contained gold. Given the limited seasonal time available when we
embarked upon this programme we are delighted with this interim
result, which shows above average gold grades and has identified
new zones. We eagerly await the results of the remaining holes and
we will update shareholders as soon as we receive and analyse
them."
Significant gold assay intervals*
----------------------------------------------
Hole No. From To Interval Au g/t
(m) (m) (m)
---------- ------ ------ --------- -------
OG15-46 29.0 50.0 21.0 2.68
---------- ------ ------ --------- -------
also 81.0 84.0 3.0 1.15
---------- ------ ------ --------- -------
also 94.9 114.0 19.1 0.82
---------- ------ ------ --------- -------
incl. 103.0 113.0 10.0 1.11
---------- ------ ------ --------- -------
OG15-47 20.0 42.4 22.4 1.08
---------- ------ ------ --------- -------
incl. 20.0 26.2 6.2 2.17
---------- ------ ------ --------- -------
incl. 36.0 43.0 7.0 1.53
---------- ------ ------ --------- -------
also 55.0 58.0 3.0 1.16
---------- ------ ------ --------- -------
also 83.0 89.2 6.2 1.55
---------- ------ ------ --------- -------
also 96.0 99.0 3.0 0.32
---------- ------ ------ --------- -------
*Downhole intervals - true widths may be less
Preliminary interpretation of the results of the 2015 drilling
programme support the belief that previously untested targets occur
further to the east beneath shallow cover rocks than known from
earlier work. The new gold assays extend the main target zone to
the south and, possibly, to the northeast, beyond the 500m strike
length outlined by earlier drilling. This supports the contention
that Mutsk represents a potentially large gold target.
Following review of the outcome of the drilling carried out
during 2014, Orogen identified the potential for extensions to the
previously located gold targets at Mutsk, including previously
undrilled areas to the east of the main hydrothermally altered and
gold-mineralised zones. As announced on 15(th) October 2015, the
Company undertook a short programme of diamond drilling at Mutsk to
test this potential, totalling 974.4m in six holes, all of which
were angled at 50 degrees towards the east or southeast. Five of
the six holes cut zones of strong hydrothermal alteration and
pyrite mineralisation, with multiple such zones logged in several
holes.
This programme is now completed and gold assay results have been
received for four out of the six holes to date.
Two of these holes, OG15-46 and OG15-47 are of particular
interest. OG15-46 was drilled on profile 3740N, 50m north of the
most northerly gold-mineralised profile previously identified. Two
main zones of pale, hydrothermally altered andesitic tuffs were
logged. As tabulated above both zones were significantly
gold-bearing, including an interval of 21.0m width assaying 2.68g/t
Au at shallow depth.
OG14-47 was drilled close to profile 3735N, more than 500m south
of OG14-46 and directed further to the east than any previous
drilling in this area. The core was variably altered throughout
from 18m - 108m, with several gold-mineralised zones encountered,
including a 22.4m interval assaying 1.08g/t Au from 20m depth
downhole.
Hole OG15-44 was drilled on a separate northeast-trending
geophysics target some distance to the southeast of the main
mineralised zone at Mutsk. It intersected a pyrite-mineralised
alteration zone but encountered only trace levels of gold. The
remaining hole, OG15-45 was drilled on profile 3739N, 100m south of
OG15-46 and the hole was both unaltered and unmineralised.
The remaining two holes of the programme were both drilled along
the main target zone further to the east of what was previously
believed to be a north-south bounding structure. Both encountered
hydrothermally altered zones and assays are awaited from these.
For maps of the Mutsk property please refer to the Mutsk project
page on the Orogen website at www.orogengold.com.
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 also carries
out confirmatory checking of duplicate samples at another
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 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
(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, Operations Director of Orogen, is a Competent Person
as defined by various international instruments and takes
responsibility for the release of this information.
Orogen will be attending the Gold, Bears and Traders Show (Booth
22) on 28 November 2015 at the Queen Elizabeth II Conference
Centre, Broad Sanctuary, Westminster, London, SW1P 3EE.
Enquiries:
Orogen Gold plc
Colin Bird, CEO
Alan Mooney, FD +353 1662 8395
---------------------------------------- ---------------
Cairn Financial Advisers LLP (Nominated
Adviser) +44 (0) 20 7148
Avi Robinson/ Liam Murray 7900
---------------------------------------- ---------------
Beaufort Securities Limited (Broker) +44 (0) 20 7382
Jon Belliss 8300
---------------------------------------- ---------------
Walbrook (Public Relations and
Investor Relations) +44 (0) 20 7933
Paul Cornelius / Gary Middleton 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
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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