Source : THE AGE NEWS
Orbit Resources has hit two broad zones of strong sulphide mineralisation in an ongoing diamond drilling program at its 148-square-kilometre Lewis Ponds gold, silver and base metals project in New South Wales’ revered Lachlan Fold Belt.
The company says one hole, designed to grow its existing resource, has visually identified two significant sulphide zones at the project’s Tom’s Lode prospect. The intercepts include a 12.9-metre zone containing 20 per cent semi-massive sulphides from 347.6m downhole and a separate 8.5-metre hit of stringer and disseminated sulphides from 326m.
While assays are yet to confirm the grade, Orbit says the visual sulphide assemblage is encouraging, comprising pyrite, sphalerite, chalcopyrite, pyrrhotite and galena, the key ore minerals for zinc, copper and lead.
The drilling forms part of a four-hole, 1500-metre campaign aimed at increasing confidence in the existing mineral resource, potentially converting inferred tonnes to the indicated category. It will also provide core for metallurgical test work. The hole that delivered the sulphide hits is still in progress, and once complete, the rig will move on to test the Spicer’s Lode to the north.
‘The current drilling program is focused on increasing geological confidence within the existing mineral resource.’
Orbit Resources managing director Jeneta Owens
Additionally, a second hole has been completed to a depth of 400.2 metres, extending drilling deep into the Lewis Ponds footwall to test what might be lurking below. Samples have been sent to the lab, with results expected in the fourth quarter of this year.
Meanwhile, the company has flown a drone aeromag survey across Lewis Ponds and its exploration corridor, including the fresh Cousin Jack discovery. The 40-metre line spacing program is expected to provide the company with data far superior to historical datasets, with validation and processing now underway to support future exploration targeting.
Orbit Resources managing director Jeneta Owens said: “To date, one drill hole has intersected Tom’s Lode broadly in the position predicted by our geological model, providing encouraging support for our geological interpretation in this part of the deposit. The two visually identified sulphide zones demonstrate the continuity of the mineralised system, while pending assays will be important in determining the grade and metal distribution associated with these intersections and their significance to the existing Mineral Resource.”
The Lewis Ponds project, just 15km east of Orange, already hosts a formidable JORC-compliant resource of 17.52 million tonnes grading 1.12 grams per tonne (g/t) gold, 53.34g/t silver, 2.06 per cent zinc, 1.10 per cent lead and 0.14 per cent copper. This equates to a combined 1.7 million ounces of gold equivalent, including an impressive 630,000 ounces of gold and 30.1 million ounces of silver.
The current drill program is focused on expanding that polymetallic bounty and comes amid renewed interest in the Lachlan Fold Belt, where major players such as Regis Resources and C29 are chasing similar precious and base metal systems.
The campaign follows on from previous exploration success, which included a discovery at the Cousin Jack prospect that jagged two broad sulphide zones of 79m at 1.3 per cent zinc equivalent and a hefty 104m grading 1.3 per cent zinc equivalent. Those hits also featured a higher-grade 1.7-metre intercept grading an eye-catching 13.1 per cent zinc equivalent.
Notably, another hole drilled earlier this year hit the Quarry Lode, a zone of mineralisation sitting outside the deposit’s current resource boundary, with an intercept of 27 metres at 0.97g/t gold equivalent from 83m. The company believes bringing the Quarry Lode into the inventory could increase the project’s scale and support future mining studies.
Beyond its flagship project, Orbit has plenty waiting in the wings, with almost 1700 square kilometres of gold-copper ground spread across the broader Orange region. The company’s Mt Aubrey prospect, 35km northeast of Parkes, has an inferred resource of 1.21Mt at 1.61g/t gold for 62,400 ounces.
Meanwhile, its Copper Hill East target offers a different prize: the hunt for a major porphyry system. Sitting just 30km north of Molong, the 8km copper-gold corridor is less than 10km from Golden Cross Resources’ Copper Hill porphyry deposit, which hosts 280,000 tonnes of copper and 750,000 ounces of gold.
Orbit also retains a free-carried interest in the Yeoval-Goodrich copper-gold joint venture, where Great Plains Metals is earning up to 70 per cent, giving the company another shot at a porphyry discovery without footing the whole exploration bill.
With the drill rods turning on a campaign to build on an already substantial resource at Lewis Ponds, the visual confirmation of more sulphides where the geological model says they should be is a welcome sight. While assays will tell the full story, the combination of a significant existing resource, recent discoveries and a deep pipeline of prospects suggests Orbit has a full dance card in one of Australia’s most prospective mineral provinces.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
