() said it has made significant progress in Armenia with very encouraging results coming from ongoing drill programmes.
The flagship Mutsk project is shaping up to be a significant gold discovery according to chief executive Ed Slowey.
Orogen in this morning’s interim results statement highlighted that step-out holes drilled at Mutsk during the period encountered substantial widths of hydrothermally altered gold-bearing rocks.
A follow up drill campaign totalling 3000 metres is currently underway and initial assay results were obtained this month. Highlight results included a 60 metre intersection with gold grades of 1.21 grams per tonne which within itself contained 10 metres at 3.11 grams per tonne.
Orogen believes Mutsk warrants more drilling to both explore the limits of the observed mineralisation and to ‘in-fill’ drill results to date in order to establish a maiden resource.
In terms of its financial results Orogen a pre-revenue explorer reported an interim loss of £214000 for the six months to June 30. And it ended the period with cash of £713000.
Orogen said it continued to keep a tight rein on overheads and with that strategy it signed an agreement with a drilling contractor which will see it partially pay for work by issuing new shares in the company.
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