Orbit Resources (ASX:OBT) has identified a magnetic target along strike from its Cousin Jack discovery at the Lewis Ponds Gold-Silver Project in New South Wales.
Processing of high-resolution drone magnetic data defined a coherent anomaly over a 1km strike length, which coincides with an induced polarisation chargeability anomaly that supports a potential association with disseminated sulphides. Orbit notes that the target has not been drill tested.
Orbit has also noted magnetic pyrrhotite occurring in association with zinc-copper-lead-silver-gold mineralisation at Cousin Jack, which supports follow-up exploration of the magnetic target.
Discovery hole GLPRCDD003 sits immediately along strike, having previously intersected 79m @ 1.30% zinc equivalent (ZnEq) from 311m, 86m @ 0.60% ZnEq from 408m, and 104m @ 1.30% ZnEq from 527m.
Managing Director Jeneta Owens says the identification of a ‘coherent’ 1km target is an ‘exciting’ development for the company.
She also notes that the addition of a new magnetic target provides Orbit investors with “several encouraging near-term milestones as we look to unlock the full value of the Lewis Ponds asset”.
Lewis Ponds hosts a JORC 2012 mineral resource of 17.52 million tonnes (Mt) at 1.12 grams per tonne gold, 53.34g/t silver, 2.06% zinc, 1.10% lead, and 0.14% copper, comprising 9.09Mt indicated and 8.43Mt inferred.
Diamond drilling remains ongoing at the project, with assays pending. Next steps include a surface field assessment followed by a ground electromagnetic survey over Cousin Jack.
Orbit Resources is an explorer and developer with a portfolio of gold, silver, and base metal projects in NSW’s Lachlan Fold Belt.
Write to Paula Fabe at Mining.com.au
Main image: Orbit Resources
