Ordell Minerals Commences Phase 2 Drilling at Barimaia JV Gold Project
ORD (ORD) Share Update September 2024 Tuesday 24th
Ordell Minerals Begins Phase 2 Drilling at Barimaia
Ordell Minerals Limited (ASX: ORD) has announced the commencement of its Phase 2 drilling program at the Barimaia JV Gold Project near Mount Magnet, Western Australia.
Instant Summary:
- Phase 2 Reverse Circulation (RC) drilling program underway at Barimaia JV Project.
- 34 RC holes planned for approximately 3,000 meters of drilling.
- Follow-up on positive results from Phase 1 drilling at McNabs East.
- Significant Phase 1 results include 21m @ 1.59g/t Au and 36m @ 0.85g/t Au.
- Primary mineralization associated with granodiorite intrusion, similar to Ramelius Resources’ Eridanus deposit.
Drilling Program Details
Ordell Minerals Limited has commenced its Phase 2 Reverse Circulation (RC) drilling program at the Barimaia JV Gold Project, located near Mount Magnet in the Murchison region of Western Australia. This program aims to follow up on the significant gold mineralization discovered during Phase 1 drilling at the McNabs East prospect area.
The Phase 2 program will consist of 34 RC holes, totaling approximately 3,000 meters of drilling. This initiative follows the positive results from Phase 1, which included notable intercepts such as 21 meters at 1.59 grams per tonne (g/t) gold from 62 meters (hole 24BARC056) and 36 meters at 0.85 g/t gold from 50 meters (hole 24BARC057).
Geological Context
The primary mineralization at McNabs East is associated with an interpreted granodiorite intrusion, showing strong similarities to the geology at Ramelius Resources’ nearby Eridanus deposit. The Eridanus deposit, located approximately 6 kilometers northwest of Barimaia, hosts a current Mineral Resource Estimate of 21 million tonnes at 1.7 g/t gold for 1.2 million ounces of contained gold, with an additional 300,000 ounces already mined from the open pit.
Objectives of Phase 2
The Phase 2 drilling program is designed to in-fill the mineralization to 100-meter line spacings at McNabs East and target potential cross-cutting structures along the felsic intrusion. This systematic approach aims to better define the extent of the mineralized zone and explore new discoveries of a similar style to the Eridanus deposit.
Management Comments
Ordell’s Managing Director, Michael Fowler, expressed excitement about the results received so far from McNabs East and the potential for further discoveries. He emphasized that the identification of shallow gold mineralization at McNabs East, along with the confirmation of analogous geology to the Eridanus deposit, would be a significant endorsement of Ordell’s exploration strategy within the highly prospective Barimaia Project area.
The commencement of Phase 2 drilling at Barimaia is a positive development for Ordell Minerals, as it builds on the promising results from Phase 1. The potential discovery of significant gold mineralization could enhance the company's resource base and positively impact its stock price. Investors are likely to respond favorably to the news, given the similarities to the successful Eridanus deposit.
Investor Reaction:
Analysts are expected to react positively to the news of the Phase 2 drilling program, given the encouraging results from Phase 1. The potential for discovering significant gold mineralization in a region with proven resources could boost investor confidence in Ordell Minerals' exploration strategy.
Conclusion:
Investors should keep a close eye on the progress of the Phase 2 drilling program at Barimaia. The potential for significant gold discoveries could have a substantial impact on Ordell Minerals' future prospects. Stay informed and consider the long-term implications of these developments on your investment portfolio.