by Emmanuil Mkrtchyan
After the successfully held geophysical exploration, Orogen Gold has announced the mobilization of a drill rig to commence its 2014 diamond drilling program at its Mutsk gold project in Armenia. Mining Global reported.
The company recalls that Orogen has an exclusive agreement with Georaid CJSC, signed in February of the current year, to earn an 80% interest in the property by spending a total of US$2.5m by the end of August 2016.
Ed Slowey, Chief Executive of Orogen, commented: "The IP geophysics programme has been very successful, having extended our target zone at Mutsk to almost 2.5 kilometres, with the zone remaining open towards the north. Magnetic surveying also shows an extensive area of what is interpreted as possible hydrothermal alteration, similar to that associated with gold mineralisation further south. We will now plan for drill testing of this target, as well as extensions of gold mineralisation encountered further south in earlier drill phases, with drilling due to commence shortly."
Limited historic exploration had been carried out until drilling by Georaid in 2011, which intersected low sulphidation epithermal-type pyrite-gold mineralisation in altered and brecciated tuffs, similar in age to those that host the Lydian International high sulphidation Amulsar gold deposit (4.1 million ounces in Measured, Indicated and Inferred Resources) located 30km to the northwest, also in Armenia.
The Mutsk Project is located in southern Armenia at about 2,000m elevation and is three hours' drive from the capital Yerevan, not gar from the settlement Angeghakot
Orogen Gold plc is a UK public company quoted on the London Stock Exchange AIM market (ticker: ORE). The company's investment strategy is focused on mineral exploration and production in Europe. The Company is incorporated in England & Wales and its business is managed from London and Dublin. The Company is focused on mineral exploration and development in Europe and is currently operating two gold exploration projects: a) at Mutsk in Armenia and b) at Deli Jovan in Serbia.
According to ArmInfo data, Georaid CJSC was given a permission for the geophysical exploration in Mutsk on 26 July 2010 till 30 June 2015. Georaid CJSC was founded in Armenia in October 2009. The shareholders' names are secret.