YEREVAN (StockMarketWire.com)—British mining company Orogen Gold has confirmed a new gold discovery at its operations in Mutsk, Armenia, following assay results that revealed substantially higher gold grades than previously reported.
“These results confirm Mutsk as an exciting new gold discovery at shallow depths within an established epithermal district,” said CEO Ed Slowey in a statement.
“Assays from the Orogen confirmatory holes at Mutsk, as well as re-assays of the previous holes have exceeded our expectations for the project. While further work is needed to fully understand the controls on mineralization, we are particularly encouraged by the high grades and widths encountered in several of the holes and the apparently large strike extent of the system,” he added.
The assay results highlights included:
– Assay intervals include 11.0m at 5.56g/t Au and 10.2m at 5.73g/t Au
– Mineralized zone confirmed by drilling over almost 1km of strike, with possible extension to 2km+
– Orogen moves into phase two of the program to earn an 80% interest in the property
“We have informed our Armenian partners that we will now proceed to phase two of our program under which Orogen has an option to earn an 80% interest in the Mutsk project by spending a total of US$2.5 million by the end of August 2016,” Slowey said.