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OROGEN GOLD SHARES RISE ON ARMENIA DRILLING RESULTS
IFA Magazine
Aug 30 2013
Posted on: 30 Aug 2013 by Georgia Manors
Orogen Gold shares jumped after a positive surprise from drilling
results at the Mutsk gold project in Armenia. The company signed
a deal with Armenian company Georaid in January that gave it the
right to undertake a confirmatory exploration programme at the Mutsk
project. Orogen Gold revealed today that the confirmatory drill
holes had returned substantially higher gold grades than previously
reported. It said the results confirmed the discovery of a new gold
mineralising system of 'potential economic importance' at shallow
depth. Chief Executive Ed Slowey said: 'While further work is needed
to fully understand the controls on mineralisation, 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.' Orogen
has told its Armenian partners that it will now proceed to phase two
of the programme under which it has the option to earn an 80% interest
in the Mutsk project by spending a total of $2.5m on exploration by the
end of August 2016. Shares in Orogen were up 9.09% to 0.48p at 15:15.
http://www.ifamagazine.com/news/orogen-gold-shares-rise-on-armenia-drilling-results-281995
IFA Magazine
Aug 30 2013
Posted on: 30 Aug 2013 by Georgia Manors
Orogen Gold shares jumped after a positive surprise from drilling
results at the Mutsk gold project in Armenia. The company signed
a deal with Armenian company Georaid in January that gave it the
right to undertake a confirmatory exploration programme at the Mutsk
project. Orogen Gold revealed today that the confirmatory drill
holes had returned substantially higher gold grades than previously
reported. It said the results confirmed the discovery of a new gold
mineralising system of 'potential economic importance' at shallow
depth. Chief Executive Ed Slowey said: 'While further work is needed
to fully understand the controls on mineralisation, 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.' Orogen
has told its Armenian partners that it will now proceed to phase two
of the programme under which it has the option to earn an 80% interest
in the Mutsk project by spending a total of $2.5m on exploration by the
end of August 2016. Shares in Orogen were up 9.09% to 0.48p at 15:15.
http://www.ifamagazine.com/news/orogen-gold-shares-rise-on-armenia-drilling-results-281995