Orogen Gold has confirmed a new gold discovery at 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, StockMarketWire.com reports.
“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 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,” he added.
“We have informed our Armenian partners that we will now proceed to Phase 2 of our programme 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 end August 2016,” Slowey said.