Orogen Gold PLC Mutsk Drilling Further Extends Gold Zone (7636R)
December 14 2016 - 1:00AM
UK Regulatory
TIDMORE
RNS Number : 7636R
Orogen Gold PLC
14 December 2016
14 December 2016
Orogen Gold plc
("Orogen" or the "Company")
Mutsk gold project Armenia
Final Drill Results Further Extend Mutsk deposit
Orogen Gold plc (AIM: ORE), the AIM quoted gold exploration
company, reports on the final drill results for 2016 at the Mutsk
gold project in southern Armenia, having finished the final stages
step-out drilling programme as announced on 29 November 2016.
Highlights:
-- Final 2016 drilling results extend gold zone to the north
-- 2016 programme increases deposit length to 1.3km
-- Deposit remains open to south and east
-- Company to update and refine project model using new information
-- Orogen to develop programme in New Year to explore for
further extensions and move towards resource delineation
Colin Bird, Chief Executive of Orogen, commented: "The ambitious
final 2016 step-out drilling programme at Mutsk produced excellent
results by significantly extending the gold deposit footprint.
During the winter we will update the project model to gain an
enhanced three dimensional understanding of the nature of the
deposit with a view to further resource extension and definition to
JORC standard. This process helps to de-risk future drill targeting
and is very cost effective. Overall, work during the current year
has substantially enhanced our prospects for the Mutsk gold
project."
Orogen has now received all assay results for the 2016 step-out
diamond drilling programme at the Mutsk gold deposit. The final two
angled step-out holes were drilled 200m and 400m respectively to
the north of the previously defined North Gold Zone to look for
extensions to this zone. The 200m step-out hole, OG16-59, cut
several intervals of hydrothermal alteration, one of which was
gold-bearing, assaying 0.35g/t Au over 4.5m from 25.5-30.0m depth.
This shallow zone was heavily weathered with some core loss and
gold may have been washed out during the drilling process. The
final hole, OG16-60 further to the north, did not locate any
significant gold values.
Overall, management is very encouraged by the outcome of a
relatively limited drilling programme in 2016. This has
demonstrated that a substantial gold deposit has been discovered
with open pit potential just 30km from the Amulsar project, which
is of a similar grade to Mutsk and is currently under development.
The strike length of the Mutsk deposit has been substantially
increased by step-out drilling in the current year from 0.5km to
1.3km, with the deposit still open to the south. In addition,
drilling to the east of the original discovery has located further
multiple gold bands, almost doubling the mineralisation footprint
from east to west. There is also potential for additional
discoveries further to the east, as well as at depth.
The recent drilling has given an indication of the potential
scale of the project. Orogen will now use the winter season to
update and refine the deposit model as well as planning the optimum
route towards resource definition. Shareholders will be kept
informed of advances over the coming period.
Mutsk 2016 Drilling Main
Au Intervals
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
------ ------ --------- -----
OG16-53 67.2 73.0 5.8 1.68
------ ------ --------- -----
and 116.0 119.2 3.2 1.09
------ ------ --------- -----
OG16-54 44.1 53.0 8.9 1.14
------ ------ --------- -----
incl. 49.3 53.0 3.7 1.85
------ ------ --------- -----
and 58.9 63.0 4.1 1.60
------ ------ --------- -----
OG16-56 56.3 61.5 5.2 0.77
------ ------ --------- -----
and 73.9 77.0 3.1 0.78
------ ------ --------- -----
and 103.0 113.0 10.0 0.47
------ ------ --------- -----
and 121.0 122.0 1.0 2.63
------ ------ --------- -----
OG16-57 27.0 29.0 2.0 1.57
------ ------ --------- -----
and 49.9 51.0 1.1 1.21
------ ------ --------- -----
and 54.3 68.5 14.2 0.83
------ ------ --------- -----
and 104.0 105.2 1.2 1.25
------ ------ --------- -----
OG16-58 67.0 70.6 3.6 1.35
------ ------ --------- -----
and 123.0 125.5 2.5 0.76
------ ------ --------- -----
OG15-59 25.5 30.0 4.5 0.35
------ ------ --------- -----
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
financing for mine construction and work has commenced on the
US$420m project, with first gold production planned for early
2018.
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 c/o Walbrook
Colin Bird, CEO
Cairn Financial Advisers
LLP (Nominated Adviser) +44 (0) 20
Liam Murray / Sandy Jamieson 7213 0880
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
signed 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. Assay results from a
recently completed RC drilling programme on the property are
awaited.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLDXLFFQLFBFBE
(END) Dow Jones Newswires
December 14, 2016 02:00 ET (07:00 GMT)
Orogen Gold (LSE:ORE)
Historical Stock Chart
From Apr 2024 to May 2024
Orogen Gold (LSE:ORE)
Historical Stock Chart
From May 2023 to May 2024