Ordell Minerals Identifies High-Priority Target at Barimaia Gold Project
ORD (ORD) Share Update January 2025 Thursday 16th
Ordell Minerals Identifies High-Priority Gold Target at Barimaia Project
Ordell Minerals Limited (ASX: ORD) has announced promising results from its recent drilling activities at the Barimaia Gold Project in Western Australia, confirming McNabs East as a high-priority target for future exploration.
Instant Summary:
- High-grade gold mineralization confirmed at McNabs East.
- Drilling results include 29m @ 2.52g/t Au and 22.7m @ 4.09g/t Au.
- Upcoming 5,000m drilling program planned for February 2025.
- Cash on hand of $4.2 million at quarter-end.
Exploration Success at Barimaia
Ordell Minerals Limited has reported significant progress at its Barimaia Gold Project, located in Western Australia's Murchison district. Recent drilling activities have confirmed extensive zones of high-grade gold mineralization at the McNabs East Prospect, cementing its status as a high-priority target for the company.
The Phase 2 Reverse Circulation (RC) drilling program, completed in October 2024, included 29 holes over 2,588 meters. Notable results from this program include 29 meters at 2.52 grams per tonne (g/t) gold from 81 meters, with a standout intercept of 1 meter at 47.50 g/t gold.
Diamond Drilling Program
In addition to the RC drilling, a short diamond drilling program was completed in December 2024. This program, consisting of five holes, yielded significant results such as 22.7 meters at 4.09 g/t gold from 71.3 meters. These findings confirm the potential for shallow, open-pit gold mining at McNabs East.
Upcoming Drilling Plans
To build on these promising results, Ordell plans to commence an extensive 5,000-meter extensional and in-fill RC drilling program in February 2025. This program aims to further delineate the mineralization at McNabs East and explore additional targets within the Barimaia Project.
The confirmation of high-grade gold mineralization at McNabs East is a positive development for Ordell Minerals, potentially enhancing the company's valuation and investor interest. The upcoming drilling program could further bolster the project's prospects, making it an attractive opportunity for investors.
Investor Reaction:
Analysts are likely to view the announcement favorably, given the high-grade nature of the gold findings and the strategic location of the Barimaia Project. The proximity to existing processing facilities adds to its appeal.
Conclusion:
Investors should keep a close watch on Ordell Minerals as it progresses with its exploration activities at Barimaia. The potential for significant gold discoveries could present lucrative opportunities for shareholders.