Ovoca Gold (LON:OVG) told investors that it has identified a new prospect in the Magadan Region of Russia.
The company carried out trench sampling on the Zet prospect, which lies between the Olcha and Podgorniy projects, during the 2010 exploration programme and the results revealed a gold-bearing vein system which occupies around 40 square kilometres.
Ovoca acquired the Rassoshinskaya license - which hosts the Olcha, Podgorniy and now the Zet gold prospect - back in December 2009.
"Zet is the latest target that has been identified by the Ovoca team on the Rassoshinskaya license area,” chief executive Tim McCutcheon said.
“Despite being one license, Rassoshinskaya’s 2,460 square kilometre area is substantial and is in a very prospective region for gold discoveries. Given past historical work and our work in 2010, we have combined over 8,000 meters of trench work, plus detailed mapping, geophysics and geochemical data on Zet.
“Ovoca’s plan is to drill on Zet in order to establish that the vein outcroppings, which have been thoroughly tested by trenching, extend to depth.”
The company said that Zet’s alteration zone is between one and two kilometres wide and it has a 7 kilometre strike - in a north-easterly direction.
Twenty mineralised veins have been identified. The veins vary in length from 100 to 1,900 metres, they are between one and four metres wide and have grades up to 20 grams per tonne gold.