- After listing on the ASX, Orange Minerals (OMX) announces it has commenced drilling at the Calarie Gold Project in New South Wales
- Drilling at the project aims to validate historical drill holes and to extend mineralised horizons previously intersected
- Orange commenced drilling on November 29, following the arrival of the drill rig, support crew and geologists
- Since then, six holes have been completed with a total of about 500 metre
- On market close, Orange is up 2.50 per cent and trading at 20.5 cents per share
Orange Minerals (OMX) shares are up on its ASX debut as the company commences drilling at its Calarie Gold Project in New South Wales.
After raising seven million, the company has officially listed on the ASX. Under the IPO, the company issued 35 million shares at 20 cents each.
Led by managing director David Greenwood, Orange owns projects in the Lachlan Ford Belt in NSW and Eastern Gold Fields of WA, both world-class mineral provinces.
When the market opened, Orange shares were trading at 20 cents and closed the day up 2.5 per cent at 20.5 cents each.
In the short term, the company will focus on the exploration of three key project areas, Calarie (NSW), Wisemans Creek (NSW) and Majestic/Kurnalpi (WA)
Mr Greenwood said the company is targetting a maiden resource of Calaria in early 2022.
“Orange Minerals has a portfolio of highly prospective tenements in two premier mining addresses in WA and NSW,” he said. “We will be undertaking exploration drilling at three projects between now and H1/2022.
“We are extremely excited about the months ahead would like to thank shareholders for their overwhelming support in our IPO. We look forward to updating investors on a very active exploration program across our portfolio.”
Maiden drilling program
Reverse circulation drilling is now undergoing in the Lachlan Ford Belt at Orange’s Calarie Gold Project.
Drilling aims to validate historical drill holes and to extend mineralised horizons previously intersected.
Orange commenced drilling on November 29, following the arrival of the drill rig, support crew and geologists.
Since then, six holes have been completed, with a total of about 500 metres.
Commenting on the maiden drilling program is Managing Director David Greenwood.
“Drilling has commenced at Calarie to coincide with the listing of Orange Minerals on the ASX,” Mr Greenwood said.
“It is fitting that drilling is in-progress at this advanced project where historical production and drill holes indicate the potential for a significant resource to be de-lineated.”
On market close, Orange was up 2.50 per cent and is trading at 20.5 cents per share.