Orogen Gold plans further step-out drilling at Mutsk
Orogen Gold plans to undertake further step-out drilling at the Mutsk gold project, southern Armenia, following a review that identified several new steeply west-dipping gold bands.
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These bands were to the east and south of the previously outlined main gold zone at Mutsk.
The new discoveries substantially extended the footprint of the known gold mineralisation and indicated the potential for further significant additions to the south, east and north.
"The planned drilling step-outs are aggressive and, if successful, will considerably enhance the project size," said chief executive Colin Bird in a statement.
"This, together with the recently announced drilling programme in Nevada, demonstrates that the company is strong in its mission to identify a portfolio of significant near-surface gold deposits in different global regions to spread risk and enhance shareholder value," he said.
The drill rig had been remobilised to site and work was expected to begin immediately. The additional drilling was forecast to be completed in about 4-5 weeks.
At about 11:42 BST, shares in Orogen were up 2.44% to 0.02p.