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Ora Deliver Further High-Grade Gold

13 July 2023 14:07
ASX: OAU
ORA GG Drilling

Ora Gold have once again demonstrated the potential of the Crown Prince Prospect’s South Eastern extension to be a key growth area for the Prospect’s 479kt @ 3.6g/t gold resource, with the latest diamond drilling intercept delivering grades up to 58.53g/t Au.

Hitting High-Grade gold

The total intersection of 6.4m @ 26.39 g/t Au from 127.4m incl. 2.8m @ 58.53g/t Au from 131.7m, was returned from the hinge zone of the South East Ore Body’s anticline and is the second of four diamond drill holes completed at the Prospect, following directly on from the first hole which delivered grades up to 72.75g/t Au last week.

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Figure 1: Significant gold intercept within OGGDD537 at SEB and the interpreted structural setting at Crown Prince Prospect

The latest hole provides a considerable strike extension to known mineralisation, sitting 53m to the north-east of and along the strike to the previous hole and was designed specifically to better define the shape and plunge of the SEB anticline, with these results indicating the presence of a down dip extension of previously intersected high-grade gold mineralisation in the SEB.

The uncovering of this potential downdip extension has offered more support for the Company’s interpretation of the SEB, which posits that high-grade gold mineralisation remains open at depth with the best grades and thicknesses occurring in the hinge zone of an SSW plunging anticline.

Following up

Ora is still awaiting the return of results from the final two diamond drill holes, with this campaign following up on a previous drilling campaign which demonstrated a strong continuity of mineralisation at depth between the SEB and the Main Ore Body, delivering a 22.24g/t Au gold hit from what was the deepest hole drill at the South Eastern Ore Body.

While awaiting further assays, the explorer is already preparing for its next steps at the Prospect, planning an additional drilling campaign comprised of RC drilling between 50m and 200m vertical depth and diamond drilling to 300m vertical depth to potentially identify further zones of mineralisation.

The Company said that results from this upcoming campaign as well as the recently completed campaign will be used as the basis of a resource estimate for the SEB, which will then be included in a resource upgrade for the entire Crown Prince Prospect expected in September.

“We are very pleased to report more high-grade results from our diamond drill program at Crown Prince. Results from OGGDD537 were eagerly awaited given the strong alteration seen in drill core as described in recent announcements,” Ora Chief Executive Alex Passmore.

“This result confirms down dip continuity of mineralisation in this area, supports our interpretation of the SEB structure, and is a substantial strike extension from the high-grade intercept in OGGDD536 that we announced recently.”

OAU’s Australian Stock Exchange-listed share price was trading at 0.6c today (2:05 pm UTC+ 8 hours).

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