Ora Gold Limited (ASX: OAU) is making significant strides in its Garden Gully Project near Meekatharra, Western Australia, with a substantial increase in the Mineral Resource Estimate (MRE) at the Crown Price Prospect and the establishment of a maiden resource at the Southeastern Zone.
Crown Price MRE
The Company has significantly augmented the MRE for the Crown Prince Prospect, revising the 2019 estimate upwards to an impressive total of 240,000 ounces of gold at a grade of 4.1g/t Au.
Table 1: Crown Price Mineral Resource summary December 2023
Ora Gold’s comprehensive drill program in 2023, encompassing both RC and diamond drilling totalling 21,858 metres, played a pivotal role in the updates to the MRE. The culmination of all drilling activities and assays up to November 29, 2023, facilitated a thorough evaluation.
The drilling campaign at the Project identified mineralisation within an previously unmined area at Crown Prince. Subsequent exploration efforts successfully delineated the Southeastern Zone and parallel lodes.
Following drill testing, a more comprehensive understanding of the Project’s mineralisation emerged, leading to its inclusion in the resource estimations.
Striking Gold at Garden Gully
Ora is encouraged by the promising upgrade, anticipating the vast potential of the Garden Gully Project, which is strategically located within heart of the prolific Murchison gold district, with close proximity to numerous operating gold mines, processing and other key infrastructure.
The majority of mineralisation delineated at Crown Prince has been located within an area 300 by 200 metres, providing a concise exploration target for future drilling endeavours.
Of significance, 68% of ounces are in the Indicated JORC category, an important step in demonstrating the enhanced drill density and geological understanding of Crown Prince.
The resources identified are also shallow and are delineated from surface at Crown Prince, representing a strong potential for open pit mining.
You can read the lastest updates is Ora Gold’s February 2024 Investor Presentation – here.
Figure 1: Crown Prince Resource
Maiden Resource at Southeastern Zone
In addition to the resource upgrade at Crown Prince, Ora has identified a maiden resource at the Southeastern zone recording 164koz at 5.2g/t Au.
The new discovery was over the Southeastern Zone was based solely on recent drilling undertaken by Ora during 2022-2023.
The Southeastern Zone was originally identified by Ora in November 2022, and is the main mineralised area which has delivered exceptional high-grade gold at shallow depths.
The area has never been mined before and strikes north-easterly along at least 200 metres in length, displaying similar characteristics with the other two mineralised zones of the Project.
The Next Steps
Ora’s strategy now turns towards continuing building Crown Prince to scale by advancing drilling and exploration programs.
- Conduct RC drilling focused on adding to the resource inventory below 100 metres vertical depth
- Test extensions along strike (towards Crown Prince East), test underground extensions at the Main Zone and Southeastern Zone, and to underpin further resource growth
- Advance detailed technical programs (metallurgy, geotechnical, hydrogeological) to support a robust value proposition for Crown Prince
Ora Gold’s CEO Alex Passmore commented on the promising update.
“Following a busy year of exploration in 2023 the Company is delighted to report its maiden resource for the Southeastern Zone at Crown Prince and update the overall mineral resource estimate (with additions to mineralisation from drilling),” he said.
“Drilling density and understanding of the deposits at Crown Prince is at a strong confidence level with 68% of the ounces reported in the indicated resource category.”
“The grade of the Southeastern Zone at 5.2g/t Au is impressive given the shallow nature, grades and good widths of mineralisation that we see. This area transforms the economic prospectivity of Crown Prince. The Company is embarking on further drilling in 2024 with a particular focus on growing the resource inventory below 100m from surface.”
OAU’s Australian Stock Exchange-listed share price was trading at $0.005 today (10.30am UTC+ 8 hours).