7th Apr 2014 10:03
LONDON (Alliance News) - Orogen Gold PLC Monday said it will commence geophysical surveys at its Mutsk gold project in southern Armenia during April, which will seek to identify hidden mineralisation and extensions to recently discovered shallow gold zones.
The AIM-quoted gold exploration company said its Mutsk gold project in southern Armenia, will be its main focus during 2014.
"We see the potential for a considerably larger gold target than was apparent from the initial drilling," said Chief Executive Ed Slowey in a statement.
It said that the results from the geophysical surveys will feed directly into further diamond drilling planner later in the second quarter of this year.
Orogen said it plans to develop a series of drill targets for testing in the coming season, both following up existing discoveries as well as new targets indicated by geophysics.
"Only a small part of the prospective target area has been drill tested to date and newly drill-identified zones of wide, lower grade mineralisation open the potential for a large shallow gold deposit at Mutsk," the company said in a statement.
Shares were trading 7.7% lower Monday morning, trading at 0.180 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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