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OMX - Orange Minerals

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Orange Minerals' wholly owned subsidiaries, Orange Minerals (NSW) Pty Ltd (Orange (NSW)) and Majestic Gold Mines Pty Ltd (Majestic) hold a portfolio of tenements in the Lachlan Fold Belt region in New South Wales, and the Eastern Goldfields region in Western Australia.

The Lachlan Fold Belt is a leading Australian province for bulk tonnage, low operating cost gold-base metal mines such as the Tomingley Gold Mine (Alkane Resources Ltd), North Parkes Gold Mine (CMOC Resources Ltd), Copper Hill Mine (Golden Cross Resources Ltd) and Cadia Gold Mine (Newcrest Mining Limited). The Company’s Lachlan Fold Belt projects are divided into four key areas: the Calarie Project, the Wisemans Creek Project, the Copper Hill Project and the Boda Project.

The Calarie Project and the Wisemans Creek Project are the initial primary focus of the Company, building on recent historical exploration activities which have identified significant gold and other base metal targets. Planned exploration activities, including validation of the historical resource on the Calarie Project through drilling and geophysics and confirmation of existing mineralisation revealed from historical drilling at Wisemans Creek (and testing for potential extensions at depth) provide the Company with excellent near term opportunities to further develop these projects.

In Western Australia, the Eastern Goldfields region is located within the Eastern Goldfields Superterrane and is located approximately 50km east of the regional town of Kalgoorlie in the area around the Imperial Majestic Gold Mine, Mt Monger Gold Mine and Kalgoorlie Golden Mile. The Company’s Eastern Goldfield projects are divided into two key areas: the Majestic Project and the Kurnalpi Project. The Company plans to build on recent detailed mapping and targeting studies areas over the Majestic Project and Kurnalpi Project and the compilation of a comprehensive dataset of historical exploration data (including geological and geophysical data, over 13,000 auger samples and 5,000 drill holes) through further geophysics and geochemistry to confirm mineralised trends for follow up exploration.

It is anticipated that OMX will list on the ASX during December 2021.

 
Listing date03 December 2021 ; 1:30PM AEDT ##
Company contact detailshttps://www.orangeminerals.com.au/
Ph: (08) 6102 2039
Principal ActivitiesMineral exploration
GICS industry groupTBA
Issue PriceAUD 0.20
Issue TypeOrdinary Fully Paid Shares
Security codeOMX
Capital to be Raised$7,000,000
Expected offer close date10 November 2021
UnderwriterNot underwritten. Morgans Corporate Limited (Lead Manager).
 
listed yesterday and is trading around the 20c to 21c mark.Now they have the money, they have kicked off the exploration programme:

◼ RC Drilling now in-progress at the Calarie Gold Project in the Lachlan Fold Belt of NSW.
◼ Drilling to follow up on previous drill holes around the historic high grade Calarie gold mine.
◼ Drill programme to validate historical holes, test potential extensions of gold mineralisation & lay the ground work for a potential maiden JORC Resource at Calarie.
◼ The program will be the first drilling at Calarie (ML739) since 1998.
 

Orange Minerals (ASX:OMX) posts maiden inferred MRE for Calarie, NSW​


The resource estimate sits at 0.87 million tonnes at 1.83 grams per tonne (g/t) gold for 50,796 ounces of gold at a cut-off grade of 0.3 g/t gold.

This comes from 16,690 metres of drilling completed by Orange, including 154 reverse circulation (RC) holes and 32 diamond holes.

Live charts: https://uk.advfn.com/p.php?pid=staticchart&s=ASX^OMX&p=0&t=1
 
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