Orogen Gold rises on fresh gold discovery

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.

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).

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

Recommended

The top funds to invest in
Funds

The top funds to invest in

Investors continue to favour passive funds in April though figures reveal an actively managed money market fund also caught their eye. We look at wher…
3 May 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
20 Apr 2023
Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?
Savings

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?

Two fortunate NS&I Premium Bond winners are now millionaires. Find out here if you’re one of them.
1 Jun 2023
Housing slowdown ‘deeper than anticipated’ as property sales slump
House prices

Housing slowdown ‘deeper than anticipated’ as property sales slump

New data from HMRC shows a fall in property sales - now experts predict a delay to the housing recovery
1 Jun 2023
The best one-year fixed savings accounts - June 2023
Savings

The best one-year fixed savings accounts - June 2023

You can now earn 5% on 1 year fixed savings accounts - the best rate seen in 14 years. We have all the latest rates available now.
2 Jun 2023