Shares at AIM-listed mining company Orogen Gold rose almost five per cent to 0.65p on Wednesday morning following an announcement that the company had discovered new gold in Serbia.
The company, which focuses on gold exploration and development in Eastern Europe, published details of gold assay data from its recently completed exploration drilling and trenching programme at Deli Jovan in Serbia.
The findings revealed a new zone of gold mineralisation in a trench at Gindusa West prospect, cutting eight metres averaging 12.3g per tonne (g/t) gold including a three metre zone averaging almost 1.0 oz of gold (29.6g/t).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Ed Slowey, Chief Executive Officer at Orogen, said: "We are strongly encouraged by the exploration results from the Gindusa West area, where our initial work programme has discovered several new 'blind' gold-bearing quartz veins which are not apparent at surface."
"We are particularly excited by the new discovery in the west of the prospect where a shallow, high grade gold shear/vein zone was cut in an exploration trench testing a gold-in-soil anomaly. This lode was not previously found by the old miners and opens up the potential for a completely new vein system. Our first drilling and trenching at the prospect shows that there are important new discoveries to be made here."
The continuation of the drilling programme at Deli Jovan comprised 15 holes at several targets along the Deli Jovan Shear Belt, including completion of three infill drill holes at the Gindusa mine area, where results from the first fifteen holes of the programme were previously reported.
Four holes were drilled at Gindusa West, 1.5km northwest of the Gindusa mine, with additional holes testing the Rusman zone and a number of outlying targets.
In addition, a trenching programme was completed to test soil anomalies in the Gindusa and Gindusa West areas, with a view to identifying further targets for drill testing in 2013.
MF
-
Adidas, Nike or Jordans - could collectable trainers make you rich?The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
-
Early bird ISA investors flock to global funds, India and the USThere’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
