Orbit Resources (ASX:OBT) is expecting first assays in the March quarter 2027 from a four-hole, 1,000m diamond drilling program at the Goodrich Project in New South Wales.
Stage two drilling has started at the Goodrich porphyry prospect, about 70km northwest of Orange, with hole GRMDD001 underway. Great Plains Metals (TSX-V:GPS) is funding the program under its earn-in agreement.
The holes aim to test the lateral and down-dip extent of the interpreted monzonite porphyry. They will also test its continuity with historical copper-gold intercepts around the Goodrich open pit.
Stage one drilling at the ‘Pencil Porphyry’ discovery returned 136.55m @ 0.32% copper (Cu), 0.16 grams per tonne gold (Au), and 43g/t molybdenum (Mo) from 81.45m in hole GGDD004. This included a higher-grade interval of 3.55m @ 2.8% Cu, 0.18g/t Au, and 48g/t Mo.
Great Plains holds a 51% interest in the Yeoval and Goodrich projects and has elected to increase its stake to 70%. It must spend a further $1 million in exploration, including at least 500m of drilling, over 12 months.
Orbit keeps a 49% interest, remains operator, and does not contribute to exploration spending during the earn-in period. Its interest falls to 30% on completion.
Managing Director Jeneta Owens says the program will test the limits of the mineralised system while the earn-in structure shields Orbit from exploration costs.
“Great Plains is funding this work as it advances towards a larger stake in the project, providing Orbit continued exposure to potentially high-grade drilling results without the company contributing to exploration expenditure,” Owens says.
Core will be geologically logged, cut, and submitted to ALS in Orange for assay. The company will use the results to assess the system’s geometry and plan further drilling.
Orbit Resources is an Australian explorer and developer anchored by the Lewis Ponds Gold-Silver Project, with a portfolio of precious and base metal assets across NSW’s Lachlan Fold Belt.
Write to JC Villarba at Mining.com.au
Main image: Orbit Resources
