Join our daily newsletter At The Bell to receive exclusive market insights
- Orange Minerals (OMX) establishes a maiden inferred mineral resource estimate for the Calarie joint venture project in New South Wales
- The resource estimate sits at 0.87 million tonnes at 1.83 grams per tonne (g/t) gold, containing just under 51,000 ounces of gold at a cut-off grade of 0.3 g/t gold
- This comes from 16,690 metres of drilling completed by Orange, including 154 reverse circulation (RC) holes and 32 diamond holes
- The mineralisation at Calarie remains open along-strike and at-depth, and Orange is now focussing its exploration efforts to the northeast of the defined resource
- OMX shares are up 1.67 per cent and trading at 6.1 cents, while shares in JV partner GRL shares are trading at 8.2 cents, at 1:30 pm AEDT
Orange Minerals (OMX) has established a maiden inferred mineral resource estimate for the Calarie joint venture project in New South Wales.
The resource estimate sits at 0.87 million tonnes at 1.83 grams per tonne (g/t) gold for 50,796 ounces of gold at a cut-off grade of 0.3 g/t gold.
This comes from 16,690 metres of drilling completed by Orange, including 154 reverse circulation (RC) holes and 32 diamond holes.
Orange ran a pit optimisation using a gold price of $2700 per ounce. The block model was reported inside the pit shell to determine that blocks over 0.3 parts per million gold had reasonable prospects of future economic extraction by surface mining.
Moreover, the company said the deposit appeared to be of sufficient grade, quantity, and coherence to have reasonable prospects for eventual economic extraction.
The mineralisation at Calarie remains open along-strike and at-depth. Orange said it was now focussing its exploration efforts to the northeast along-strike of the defined resource, targeting the sheared contact between the Cotton formation sediments and the North Parkes Volcanic Group.
Calarie is a mining lease and two exploration licenses that make up a 70 per cent earn-in
joint venture between Orange and Godolphin Resources (GRL).
OMX shares were up 1.67 per cent and trading at 6.1 cents, while shares in JV partner GRL shares were trading at 8.2 cents, at 1:30 pm AEDT.
