Ora Gold (ASX:OAU) continues to demonstrate ‘high-grade’ mineralisation from a recently conducted reverse circulation (RC) drill program at the Crown Prince prospect in Western Australia.
The Southeastern Zone mineralisation is open along strike to the north and down dip, with mineralisation persisting below 200m. The company’s current round of drilling is focused on delineating higher grade zones and extensions to known mineralisation.
Scout drilling at Abbots and Lydia prospects is also being undertaken ahead of more substantial RC drilling at these deposits.
Chief Executive Officer (CEO) Alex Passmore says: “We are very pleased with the initial assay results from Ora’s RC drilling program targeting growth at Southeastern Zone which continues to demonstrate high-grade gold mineralisation at depth.
We look forward to following up with further drilling which is focused on adding to the known strike and depth extent of Crown Prince.”
Ora, which has a market capitalisation of $34.44 million, has received initial assay results from the program, with the ‘best’ intersection recorded in hole OGGRC662 intersecting 15m @ 9.91 grams per tonne gold from 88m, including 2m @ 54.17g/t Au from 100m and 5m @ 6.60g/t Au from 31m.
Ora Gold’s share price had also spiked 16.66% 11am AEDT today (18 March 2024) to $0.007.
The company says hole OGGRC662 targeted depth extensions of the eastern area of the Southeastern Zone mineralisation. The intersection sits just within the resource block model and is likely to result in a grade uplift and strike extensions when incorporated into future models.
Ora plans to continue interpreting the results as they come to hand.
The Crown Prince prospect sits within Ora’s Garden Gully Gold Project in Western Australia. The Crown Prince prospect is considered a key growth area for gold resources.
Ora Gold is a Western Australian gold explorer that holds a ‘substantial’ package of tenements in the Murchison goldfield near Meekatharra.
As of 31 December 2023, the company had $4.296 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Ora Gold
