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Andrew Todd
Orbit Resources has struck a geological sweet spot at its Lewis Ponds gold-silver and base metals project in NSW’s prolific Lachlan Fold Belt, visually identifying 11.8 metres of massive and semi-massive sulphides in drilling - the host rock for rich concentrations of its valuable polymetallic mineralisation.
The standout hit included a 3.55-metre section, estimated at a whopping 50 per cent massive sulphides from 255m downhole, suggesting roughly half the rock is made up of sulphide minerals. Those sulphide minerals can contain substantial concentrations of zinc, lead and copper – with some carrying up to 86 per cent of their respective base metal by weight – alongside the potential for valuable gold and silver credits.
The company says its latest sulphide-packed hole was drilled at the well-understood Tom’s Lode, with visual estimates suggesting the sulphide assemblage is dominated by pyrite (iron sulphide), followed by sphalerite (zinc), galena (lead) and chalcopyrite (copper).
The hit also included 4.2m of 25 per cent semi-massive sulphides from 255.3m, followed by the 3.55m massive sulphide zone. Although the initial observations are considered encouraging, assays will have the final say. Core is now being prepared for testing, with results expected in the December quarter.
‘Drill hole 12 has intersected a substantial zone of visually identified semi-massive to massive sulphides at Tom’s Lode.’
Orbit Resources managing director Jeneta Owens
Orbit’s current diamond drilling program at Lewis Ponds is designed to increase confidence in the project’s existing substantial mineral resources and provide material for future metallurgical testwork, which will ultimately support economic studies for production.
Three holes totalling 1168.8m have already been completed, with a final 300-metre hole currently in progress targeting its Spicer’s Lode to the deposit’s north.
Orbit Resources managing director Jeneta Owens said: “Drill hole 12 has intersected a substantial zone of visually identified semi-massive to massive sulphides at Tom’s Lode, broadly where predicted by our geological model. While assays are pending, the intersections provide further confidence in our geological interpretation.”
Away from the drill bit, the company recently fired the starting gun on a spin-off of its Narraburra rare earths project in central NSW into a new, dedicated ASX-listed vehicle called Matrix Critical Minerals.
In a clever piece of corporate work, the initial public offering (IPO), which is seeking to raise up to $12 million, allows Orbit to crystallise the value of a promising but non-core asset while sharpening its focus on its core business: unlocking the potential of its gold, silver and base metal assets in the prolific Lachlan Fold Belt.
Orbit’sLachlan Fold Belt portfoliois anchored by the advanced Lewis Ponds gold-silver project just 15 kilometres east of Orange, which hosts a formidable existing resourceof 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 mineralisation is classified as a volcanic-hosted massive sulphide (VMS) system, with the primary mineralisation extending over a 1200-metre-long zone.
With the rods now spinning on the final hole of the current campaign, management is turning its attention to completing the program, interpreting the pending assays and selecting drill core for metallurgical work. The company also expects to complete its analysis of high-resolution drone magnetic data collected near its recent Cousin Jack discovery this month.
With a hefty resource already in the bag, drilling wrapping up to feed into prefeasibility work and a corporate deal streamlining its portfolio, Orbit has plenty brewing. Now it’s over to the lab to see whether those shiny cores are hiding a bonanza - because rose-tinted geology is one thing; the assays are where the rubber hits the road.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au