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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletters

Get notified of the latest updates from MassisPost.

You May Also Like

European Union Reveals Draft of Comprehensive and Enhanced Partnership Agreement with Armenia

BRUSSELS — The European Union has publicized an extensive agreement to deepen…

Dr. James Russell to Speak on “Misak Medzarents the Revolutionary: Last and Lost Poems”

FRESNO — Dr. James Russell, Mashtots Professor of Armenian Studies at Harvard…

US Congress Members Visit Armenian Genocide Memorial

YEREVAN — Members of the US Congressional delegation visited the Tsitsernakaberd memorial…

Armenia Reports Falling Exports to Russia

YEREVAN — Armenian exports to Russia declined by 7 percent in the…