Join our daily newsletter At The Bell to receive exclusive market insights
- Orange Minerals (OMX) receives all results from its phase two drilling program at the Calarie gold project in New South Wales
- Five diamond holes were drilled to test below historical workings and validate two historical reverse circulation holes
- Highlighted assays include 10.6 metres at 5.63 g/t gold and 4.6 g/t silver from 39.1 metres, reportedly validating the historical results close to surface
- Orange will use the phase two results to update the ore body model and estimate an initial mineral resource
- Shares in Orange are down 6.67 per cent and trading at 7 cents each at 2:12 pm AEDT
Orange Minerals (OMX) has received all results from its phase two drilling program at the Calarie gold project in New South Wales.
Five diamond holes, for 1170 metres, were drilled to test below historical workings and validate two historical reverse circulation holes.
It followed the phase one drilling which intersected five metres at 13.5 grams per tonne (g/t) gold from 143 metres and two metres at 5.1 g/t gold from 94 metres.
Highlighted results from the phase two program include 10.6 metres at 5.63 g/t gold and 4.6 g/t silver from 39.1 metres including 2.4 metres at 15.69 g/t gold and 6.7 g/t silver from 45 metres.
The results validate the historical results close to surface with the three deeper holes intersecting the same shear zones identified in previous workings.
Orange will use these phase two results to update the ore body model and estimate an initial resource.
Further, the company will plan exploration programs with a focus on shallow mineralised targets along strike to the historical mine.
Shares in Orange were down 6.67 per cent and trading at 7 cents each at 2:12 pm AEDT.
