- Orminex (ONX) has revealed further details on its underwhelming drill program at the Comet Vale gold project in Western Australia’s Goldfields region
- Earlier this month, Orimex shares began to suffer after the program failed to materialise meaningful results and ran into severe drilling trouble at two holes
- The six-hole program only managed to intersect modest quartz veins in two of the holes, in short intervals ranging from 2.3 metres to just six centimetres
- Of the four remaining holes, two were drilled to depth but did not intersect meaningful mineralisation, and the final two holes were abandoned before completion after hitting a previously unidentified fracture zone containing pressurised groundwater
- Due to the poor early results, the company’s strategic alliance partner Mineral Ventures has chosen to suspend mining at the site until a more comprehensive geological and operational review can be completed
- Orminex closed 2.96 per cent in the red for 3.4 cents per share
Orminex (ONX) has revealed further details on its underwhelming drill program at the Comet Vale gold project in Western Australia’s Goldfields region.
Earlier this month, Orminex shares sank, after the program failed to materialise meaningful results and ran into severe drilling trouble at two holes.
The program has been designed to test the depth of the Comet Vale mineral system and was considered integral to the overall mine plan.
Stretching across just under 600 metres, the six-hole program only managed to intersect modest quartz veins in two of the holes, in short intervals ranging from 2.3 metres to just six centimetres.
Of the four remaining holes, two were drilled to depth but did not intersect meaningful mineralisation, and the final two holes were abandoned before completion after hitting a previously unidentified fracture zone containing pressurised groundwater.
Due to the poor early results, the company’s strategic alliance partners Mineral Ventures has chosen to suspend mining at the site until a more comprehensive geological and operational review can be completed.
The company revealed this latest update after the market closed on Friday and has indicated a final pending release, once assay results become available.
The news follows a poor year-to-date for the company’s share price, which began January at eight cents per share and has more than halved in the intervening months.
Orminex closed 2.96 per cent in the red for 3.4 cents per share.