Ore Resources (ASX: OR3) has delivered its first mineral resource estimate at the Coolgardie Gold Project in Western Australia, marking a key milestone in its transition to gold exploration. In this Watchlist, Managing Director Nick Rathjen discusses the initial 153,000-ounce resource, why its shallow, higher-grade mineralisation could offer development potential, and the drilling program aimed at growing the resource and unlocking opportunities across the company’s broader gold portfolio.
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HIGHLIGHTS
- First mineral resource established: The Coolgardie Gold Project has an initial mineral resource of 153,000 ounces at 1.7g/t gold, comprising 147,000 ounces at Forest and 6,000 ounces at Canyon.
- Shallow, higher-grade mineralisation: Drilling to date has averaged around 100 metres vertically, with the resource featuring a shallow profile and characteristics the company believes may be suitable for open-pit mining.
- Strategic location: More than six operating mills are located within 50km of the project, with additional development mills nearby.
- Drilling underway across multiple targets: The company is progressing air-core drilling at Avoca before moving to Mt Monga, followed by further reverse circulation drilling at Forest and regional targets.
- Broader portfolio expansion: Beyond Coolgardie, Ore Resources is pursuing opportunities at Cow East, which covers approximately 1,400 square kilometres of tenure and offers additional potential for large-scale gold discoveries.
The main thing is that the drilling that we’ve done really, we believe undersells the opportunity that’s ahead of us
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