LONDON (ShareCast) - (ShareCast News) - Orogen Gold said the first hole of its step-out Mutsk gold project drilling programme in southern Armenia has intercepted gold mineralisation 160m south of previous bores.
"The new drilling supports Orogen's belief that Mutsk represents a substantial gold discovery with potential for significant expansion," the company said.

It anticipated providing further information on completion of the drilling programme and receipt of remaining assays.

AIM-quoted Orogen said Hole OG16-57 had intersected 14.2m @ 0.83g/t Au, as well as several narrower zones of higher grade.

The deposit was traced by drilling for at least 800m and was still open to north and south.

A second hole 340m further to the south had cut alteration zones, with gold assays awaited. A further step-out hole to the north was in progress.

"If both (of these) holes are successful the strike footprint will be in the region of 1.4 km which will very positively end our 2016 Mutsk drilling campaigns," said CEO Colin Bird.

Overall, Bird penned the latest drill result is very satisfying, stating it had vindicated Orogen's belief that the deposit was open to the south.

At about 11:58 GMT, shares in Orogen were up 2.94% to 0.02p.

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