3rd Mar 2014 12:22
LONDON (Alliance News) - Orogen Gold PLC Monday said drilling has discovered a wide gold zone at the Mutsk site in Armenia and the company is planning further drilling in spring.
The gold mining company, with operations in the Eastern Europe, said first step out drilling at the site has discovered a shallow depth wide gold zone of 59.5 metres at 0.42 grams per tonne of gold and a 42 metre space at 0.78 grams per tonne of gold.
The company said the discovery has opened the potential for larger gold deposits at Mutsk as the limits of the high grade zones at the site are currently undefined.
Orogen Gold said that it has identified several gold and multi-element soil anomalies, and it is planning geophysics and further drilling at during the Spring months of 2014.
The company also signed a comprehensive joint venture agreement with its Armenian partner Georaid CJSC, covering the Mutsk property, which details terms for all work on the property, up to and including Feasibility Study, if warranted.
Orogen Gold shares were down 1.2% to 0.257 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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