Orogen Gold PLC Step-Out Drilling To Commence At Mutsk (7576M)
October 18 2016 - 1:00AM
UK Regulatory
TIDMORE
RNS Number : 7576M
Orogen Gold PLC
18 October 2016
18 October 2016
Orogen Gold plc
("Orogen" or the "Company")
Mutsk Gold Project Armenia
Positive project overview supports step-out drilling at Mutsk,
Armenia
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration
company, reports on its review of the recent diamond drilling
programme and further planned step-out drilling at the Mutsk gold
project in southern Armenia.
Highlights:
-- Management strongly encouraged by preliminary modelling of 2016 drill results
-- Potential for significant strike additions
-- Step-out holes planned to north and south
-- Immediate drilling start-up
Colin Bird, Chief Executive of Orogen, commented: "The planned
drilling step-outs are aggressive and, if successful, will
considerably enhance the project size. This, together with the
recently announced drilling programme in Nevada, demonstrates that
the Company is strong in its mission to identify a portfolio of
significant near-surface gold deposits in different global regions
to spread risk and enhance shareholder value. "
The Company recently completed a review of the 2016 diamond
drilling programme at Mutsk, the results of which were reported in
a news release on 06 September 2016. This programme located several
new steeply west-dipping gold bands to the east and south of the
previously outlined Main Gold Zone. The new discoveries
substantially extended the footprint of the known gold
mineralisation and indicated the potential for further significant
additions to the south, east and north.
The review has led to the decision to undertake further step-out
drilling along strike to the north and south. This programme will
assist in defining the overall envelope of gold mineralisation at
Mutsk. The drill rig has already been remobilised to site and work
is expected to commence immediately. The additional drilling is
expected to be completed in approximately 4-5 weeks.
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 (5
million ounces in Measured, Indicated and Inferred Resources at an
average grade of 0.7g/t Au) located 30km to the northwest, also in
Armenia. Lydian has recently announced that it has secured the
financing for the project and has commenced construction.
Orogen has just completed earning an 80% interest in the
property and can increase that holding if its' local partners elect
not to contribute towards future work programmes.
-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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Orogen Gold plc +353 1662
Colin Bird, CEO 8395
--------------------------------- ----------
Cairn Financial Advisers
LLP (Nominated Adviser) +44 (0) 20
Liam Murray / 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.
The Company announced planned commencement of RC drilling at the
project in an RNS dated 13 October 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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