Ora Gold (ASX:OAU) has planned additional drilling to further delineate the South-Eastern Ore Body (SEB) zone of mineralisation at the Crown Prince Gold prospect in Western Australia.
The company says this drilling is likely to comprise reverse circulation (RC) and diamond core with a focus on 50m to 300m depth below surface.
Additionally, an initial resource interpretation for SEB is being conducted, which will be incorporated in an update to the broader Crown Prince resource estimate in the September quarter 2023.
This news comes after Ora reported ‘high-grade’ gold results returned from drilling at the SEB. Ora says these results come from along strike to the northeast of the SEB structure and indicate the lode is folded, with a northern limb showing ‘exceptional’ mineralisation.
Ora’s share price has spiked 80% to $0.0045 as of 3:01pm AEST.
‘Significant’ intercepts include drillhole OGGRC488 with 40m @ 17.53g/t Au from 30m, including 19m @ 36.8g/t Au from 35m, and drillhole OGGRC489 with 16m @ 35.77g/t Au from 28m and 3m @ 20.38g/t Au from 10m.
Commenting on the results, Ora Gold Chief Executive Officer (CEO) Alex Passmore says: “These results indicate that the SEB mineralisation is folded in a steeply southwesterly-plunging anticline, with the northeastern limb being strongly mineralised.
With recent results returned from the primary zone showing good continuity to mineralisation, these results have great impact for mineralisation modelling at Crown Prince prospect.
Further encouragement comes from our diamond drilling, which has targeted deeper zones and is interpreted to have intersected the mineralised structure at depth. These results will be used in an upcoming resource estimate.
“All data received so far suggests the SEB zone mineralisation … is likely to show robust economic outcomes in any conceptual mining scenario”
All data received so far suggests the SEB zone mineralisation commences at surface, is high-grade over good widths, and hence is likely to show robust economic outcomes in any conceptual mining scenario.”
Ora Gold is a mineral exploration and development company holding a ‘substantial’ package of tenements in the prolific Murchison goldfield near Meekatharra, Western Australia.
As of 31 March 2023, Ora Gold had $2.933 million cash in the bank, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Ora Gold Ltd
