LONDON (ShareCast) - Armenia-focused explorer Orogen Gold hailed results from its latest geophysical survey that extended an existing gold-bearing zone.

A detailed geophysical programme has been completed across the 2.5 square kilometre core target area of the Mutsk project in Armenia, with directors inferring from results that an area known to be gold-bearing in the southern part of the target area "may extend further than previously known along strike to the north over a total length of 2.4 km".

The anomaly was also of an increased strength in this area, it said, and remains open to further extension to the north under shallow younger rock cover.

Chief Executive Ed Slowey said: "The [induced polarisation] geophysics programme has been very successful, having extended our target zone at Mutsk to almost 2.5km, 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."

Shares in Orogen were up 42.31% to 0.19p at 11:45 on Tuesday.


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