7th Jul 2014 08:17
LONDON (Alliance News) - Orogen Gold PLC Monday said it has mobilised a rig to start drilling a 3,000 metre programme at its Mutsk gold project in Armenia.
The AIM-quoted gold exploration company said the drilling will target extensions of previous gold intercepts and several large newly discovered geophysical anomalies.
"Following on from our encouraging diamond drilling campaign in 2013 and recent geophysics programme which has generated several strong new targets within the permit area, we are pleased to announce the mobilisation of a rig to commence the 2014 follow-on drilling programme at Mutsk," Chief Executive Ed Slowey said in a statement.
The news comes after the company announced in June that geophysical surveys carried out on the Mutsk project extended a target zone and showed strongest anomalies in its undrilled northern sector on the site.
Orogen extended its target zone to almost 2.5 kilometres in length and said it was now planning to test the northern target, and to test extensions of gold mineralisation encountered further south in earlier drill phases.
The Mutsk project is in southern Armenia at high elevation of roughly 2,000 metres. Orogen Gold has an exclusive agreement with Georaid CJSC that allows Orogen Gold to earn an 80% interest in the property by spending a total of USD2.5 million by the end of August 2016.
Orogen Gold shares were up 12% to 0.184 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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