Orminex reports further high-grade gold intercepts at Penny’s Find JV

Orminex Limited (ASX: ONX) announced that high-grade gold intercepts were reported from the remaining drill holes at the Penny’s Find Gold Mine in WA, a Joint Venture (JV) with Horizon Minerals Limited.

Important assays of the 8 remaining holes included 2.5m @ 7.45g/t gold from 226.0; and 0.47m @ 17.25g/t fold from 208.9m.

ONX said that with all results received, the focus is now immediately placed on the compilation of updated Mineral Resource to be delivered in the current June quarter.

Drilling at Penny’s Find

The JV partners had commenced a 21-hole drilling program at the Penny’s Find JV to test the mineralisation continuity at the current known northern abutment and infill the existing resource to generally 20m line spacings, aiming to improve geological confidence and provide sufficient geological, structural, and geotechnical information to progress to an updated underground resource estimate.

The drill program totalled 4,778m, with 2,013m of RC drilling and 2,765m of diamond drilling, targeting down-dip and northern continuance of the gold system beneath the existing open pit to a maximum depth of 282m.

ONX said that screen fire assay method was used for samples of the ore zone, selected as the most appropriate due to the observed visible gold throughout the core.

After the release of initial drilling results from the program completed in March, the company has now reported further high-grade intersections from the remaining drilling results.

High-grade gold intercepts

The company reported further significant high-grade intercepts from assays of the 8 remaining holes.

Highlights included 2.5m @ 7.45g/t gold from 226.0 in P1_020; 0.78m @ 13.34g/t gold from 194.0m in P1_004; 0.50m @ 17.35g/t gold from 185.6m in P1_002; and 0.47m @ 17.25g/t fold from 208.9m in P1_003.

Penny’s Find gold project 2021 final significant downhole diamond core intercepts >2.00g/t Au (Au g/t, Screen Fire Assays) are as shown below.

What’s next?

The company said that new resource calculations are planned once sufficient infill data is compiled with underground economic assessments to follow.

Management comments

Non-Executive Director, Dean Hely said: “The final results received to round out the Penny’s Find drilling program are pleasing and confirm the high-grade mineralisation continuity along strike. We are excited to see the outcome of the updated resource model and look forward to working with our JV partner on optimising the mine plan as we progress towards a decision to mine in the second half of 2021”.

Image Source: Orminex Limited

Written By Jonathan Norris
Jonathan is a founder of Mining.com.au and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.