Orogen Gold PLC Mutsk Drilling Update (4588G)
08 August 2016 - 8:00AM
UK Regulatory
TIDMORE
RNS Number : 4588G
Orogen Gold PLC
08 August 2016
08 August 2016
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project Armenia
Drilling Extends Gold Zone at Mutsk, Armenia
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration
company, provides the following interim update on the Company's
2016 diamond drilling programme at the Mutsk gold project in
southern Armenia.
Highlights:
-- Drilling extends main gold zone to east and south, beyond previous drilling
-- Multiple gold intervals occur over 130m downhole width,
including 13m @ 1.13g/t Au & 4.2m @ 1.62g/t Au
-- Drilling is continuing, with further news flow as programme advances
Colin Bird, Chief Executive of Orogen, commented: "The first
part of this drilling programme has returned very encouraging
results. In essence the deposit is growing with continued potential
to the east and good strike potential to the south. We look forward
to the balance of the programme yielding similarly positive
results."
Diamond drilling at the Mutsk gold property recommenced in early
July with the aim of extending the footprint of the gold deposit
and achieving the 80% project earn-in target by end August 2016.
The programme is now about 50% complete and assay results have been
received so far for the first three holes of the programme which
were drilled to the south and southeast of the previously defined
mineralisation.
OG16-50 and OG16-52 were drilled southeast of the main gold zone
and were angled towards the east to test an area previously
interpreted to be in the barren footwall of a north-south fault
structure. These holes confirm that multiple intervals of
hydrothermal alteration and associated gold mineralisation within
the andesite host rocks continue further in this direction and the
zone has not yet been closed off. In both of these holes
mineralised intervals occurred over a total downhole width of
125-130m. Individual intercepts, as detailed in the table below,
include 13.0m @ 1.13g/t Au from 8.0m to 13.0m depth in OG16-50,
11.0m @ 1.00g/t Au from 138.0m to 149.0m and 11.8m @ 1.06g/t Au
from 164.2m to 176.0m depth in OG16-52. Shorter sections of
somewhat higher grades were encountered within these intervals.
Hole OG16-52 remains to be completed once a mechanical breakdown of
the drill rig is rectified. Gold traces continue to be encountered
to the current base of hole at 183m depth.
Hole OG16-51 was drilled at the southern end of the main gold
zone, 50m south of 2015 hole OG15-47 which intersected several
gold-bearing intervals. OG16-51 confirmed the extension of the main
alteration and gold zone towards the south, cutting sections of
moderately altered andesite, with one weakly mineralised interval
assaying 0.32g/t Au over 9.0m, from 65.0 to 74.0m depth.
The drilling to date has succeeded in extending the overall
footprint of the gold mineralisation to an area of 600m north to
south by 200m east to west. The main gold zone remains open to the
east and south. In addition a further northern gold zone has not
yet been fully delineated.
Mutsk 2016 Drilling - Main
Au Intervals to Date
Hole From To Interval Au
No. (m) (m) (m)* g/t
------ ------ --------- -----
OG16-50 8.0 21.0 13.0 1.13
------ ------ --------- -----
incl. 9.0 15.0 6.0 1.63
------ ------ --------- -----
and 45.0 57.0 12.0 0.69
------ ------ --------- -----
incl. 45.0 50.8 5.8 1.03
------ ------ --------- -----
and 127.0 138.5 11.5 0.81
------ ------ --------- -----
OG16-51 65.0 74.0 9.0 0.32
------ ------ --------- -----
OG16-52 51.0 57.7 6.7 0.43
------ ------ --------- -----
and 72.5 81.6 9.1 0.66
------ ------ --------- -----
and 129.0 131.6 2.6 0.55
------ ------ --------- -----
and 138.0 149.0 11.0 1.00
------ ------ --------- -----
incl. 144.8 149.0 4.2 1.62
------ ------ --------- -----
and 164.2 176.0 11.8 1.06
------ ------ --------- -----
incl. 172.6 176.0 3.4 1.48
------ ------ --------- -----
*Downhole intervals quoted - true widths may be less
Drilling is continuing on the property to further extend the
deposit and additional results will be reported as they are
received and processed.
For maps of the Mutsk property please refer to the Mutsk project
page on the Orogen website at www.orogengold.com
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
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-
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.
Enquiries:
Orogen Gold plc
Colin Bird, CEO +353 1662
Alan Mooney, FD 8395
Cairn Financial Advisers
LLP (Nominated Adviser)
Liam Murray +44 (0) 20
Sandy Jamieson 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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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