Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Ora Gold (OAU) has received further significant assay results from recently completed reverse circulation drilling at the Lydia Prospect near Meekatharra, Western Australia
  • The drilling program was completed in March 2021 and consisted of 19 short reverse circulation holes totalling 1715 metres
  • Significant intercepts included 12 metres at 1.39g/t gold from 37 metres
  • The company says the program has improved the potential for the open-pit development of Lydia, with further drilling expected to find extensions or repetitions
  • Ora Gold shares are up 4.76 per cent, trading at 2.2 cents

Ora Gold (OAU) has received further significant assay results from recently completed reverse circulation drilling at the Lydia Prospect near Meekatharra, Western Australia.

The program was completed in March 2021 and consisted of 19 short reverse circulation holes totalling 1715 metres.

Reverse circulation drilling results from the middle section of the Lydia Shear Zone showed gold intersections demonstrating a high potential of shallow supergene gold mineralisation above previously identified deeper primary gold mineralisation.

Significant intercepts included 12 metres at 1.39g/t gold from 37 metres and 30 metres at 1.16g/t gold from 77 metres.  The shallow mineralisation remains open to the north and south of the current drilling area.

“We are excited by the potential of the Lydia Prospect to develop into a resource with shallow as well as deeper zones,” said Ora Gold Chainman, Rick Crabb.

“The benefits of a shallow resource, with grades such as revealed by recent drilling, are significant due to, amongst other things, a lower strip ratio, thus reducing up front working capital and providing early cash-flow.”

“Much work remains to be undertaken but the indications are very positive.”

The company says the program has improved the potential for the open-pit development of Lydia, with further drilling expected to find extensions or repetitions.

Ora Gold shares are up 4.76 per cent, trading at 2.2 cents at 1:00 pm AEST.

OAU by the numbers
More From The Market Herald

" Rafaella Resources’ (ASX:RFR) Santa Comba shows improved recoveries

Rafaella Resources (ASX:RFR) has revealed positive metallurgical testwork results from the Spanish Santa Comba project which…

" Anax Metals (ASX:ANX) appoints Gekko Systems for Whim Creek plant

Anax Metals (ASX:ANX) has appointed Gekko Systems to assist with the design process of a polymetallic…
Challenger Exploration (ASX:CEL) - Managing Director, Kris Knauer

" Challenger Exploration (ASX:CEL) drilling extends mineralisation at Hualilan

Challenger Exploration (ASX:CEL) drilling extends mineralisation at its Hualilan gold project in Argentina and opens the…
Tempest Minerals (ASX:TEM) - Non Executive Chairman, Brian Moller

" Tempest Minerals (ASX:TEM) intersects sulphides at Euro project

Tempest Minerals (ASX:TEM) completes diamond drilling at two of its three target areas at its Euro…