Orogen Gold PLC Mutsk Drilling Update (8843I)
14 Dezember 2015 - 8:00AM
UK Regulatory
TIDMORE
RNS Number : 8843I
Orogen Gold PLC
14 December 2015
14 December 2015
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project Armenia
Final results from 2015 drilling programme
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:
-- Drilling programme extends strike of previously defined gold mineralisation
-- Deposit open ended in at least two directions and to depth
-- Drill intercepts identify potential for zones of enhanced gold grade
-- Orogen to review all work to date during closed season
Colin Bird, Chief Executive of Orogen, commented: "This
programme, whilst limited, has revealed new potential for increased
tonnage with superior grades. We will evaluate this project on a
continuing basis and position it in our ongoing strategy. "
Mutsk 2015 drilling -
significant gold assay
intervals*
-------------------------------------------
Hole From To Interval Au
No. (m) (m) (m) g/t
--------- ------ ------ --------- -----
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
--------- ------ ------ --------- -----
OG15-48 123.0 126.7 3.7 0.64
--------- ------ ------ --------- -----
also 141.0 143.3 2.3 0.97
--------- ------ ------ --------- -----
*Downhole intervals - true widths may be less
Gold assay results were received for the final two holes of the
six-hole drilling programme recently completed at Mutsk in Armenia.
The programme was laid out to define extensions to the previously
outlined gold targets and to test for new zones to enhance the
resource potential at Mutsk.
The two most recent holes, OG15-48 and OG15-49 were drilled to
test the hypothesis that further zones of hydrothermal alteration
and gold mineralisation might exist beneath younger cover rocks to
the east of the previously defined feeder structure. Both holes
encountered zones of kaolin-carbonate-quartz alteration. Gold
assays in OG15-48 confirmed that the alteration zone in this hole
was gold-bearing, as tabulated above. No significant gold assays
were returned for OG15-49. Nevertheless, the alteration and
gold-bearing intervals in OG15-48 are considered an encouraging
start to exploration further to the east at Mutsk and open out a
new target area.
As reported in a news release on November 27, 2015, holes
OG15-46 and OG15-47 are of particular interest. Both holes were
significantly gold-bearing, including an interval of 21.0m width
assaying 2.68g/t Au at shallow depth. These extend the strike
length of the main Mutsk zone to over 500m and the zone remains
open to the south, with possible further extensions to the north
and to depth. Also the intercept in OG15-46 is approximately double
the grade encountered in several of the nearby holes and confirms
that there are sections of higher-grade gold within the
deposit.
For maps of the Mutsk property please refer to the Mutsk project
page on the Orogen website at www.orogengold.com.
Orogen will now work on integrating the new information with the
existing project database to re-model the deposit in 3D, with a
view to defining potential extensions and higher grade zones to the
deposit. This modelling will be utilised in forward planning at
Mutsk.
The company aims to continue its work leading to completion of
the 80% earn-in target by August 2016.
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. Lydian has recently announced that it has secured the
major part of the financing for the project and plans to commence
construction in 2016.
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.
Enquiries:
Orogen Gold plc
Colin Bird, CEO +353 1662
Alan Mooney, FD 8395
--------------------------------- ----------
Cairn Financial Advisers
LLP (Nominated Adviser) +44 (0) 20
Avi Robinson/ Liam Murray 7148 7900
--------------------------------- ----------
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
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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