YEREVAN — 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign Up for Our Newsletters

Get notified of the latest updates from MassisPost.

You May Also Like

Armenia Denies that ‘Zangezur Corridor’ and Constitution Are Disputed Points in the Unresolved Peace Agreement

YEREVAN – Armenia has denied claims that the “Zangezur Corridor” and the…

Jacques Faure: Return of Nagorno Karabakh to Azerbaijan Impossible

YEREVAN — Former French Co-Chair of the OSCE Minsk Group Jacques Faure…

Prime Minister Nikol Pashinyan: Armenia Pursues a Balanced Foreign Policy

YEREVAN — Armenia pursues a balanced foreign policy and does not build…

Armenian Military Ordered to Use Heavy Artillery Against Azeri Aggression

YEREVAN (RFE/RL) — The Armenian military pledged on Saturday to use heavier…