Visual observations indicate the sulphide assemblage is dominated by pyrite, sphalerite, galena and chalcopyrite: minerals that can carry high concentrations of zinc, lead and copper as well as gold and silver credits.
Managing director Jeneta Owens said the hit occurred broadly where the company’s geological model predicted: “Drill hole 12 has intersected a substantial zone of visually identified semi-massive to massive sulphides at Tom’s Lode, broadly where predicted by our geological model. While assays are pending, the intersections provide further confidence in our geological interpretation.”
The current diamond drilling program at Lewis Ponds aims to increase confidence in the project’s existing resource base and supply material for metallurgical testwork to support future economic studies. Three holes totalling 1,168.8 metres have been completed, with a final 300-metre hole targeting the Spicer’s Lode zone to the north.
Lewis Ponds hosts a resource of 17.52 million tonnes grading 1.12 g/t gold, 53.34 g/t silver, 2.06 per cent zinc, 1.10 per cent lead and 0.14 per cent copper, equating to 1.7 million ounces of gold equivalent, including 630,000 ounces of gold and 30.1 million ounces of silver. The mineralisation is classified as a volcanic-hosted massive sulphide (VMS) system extending over 1,200 metres.
Separately, Orbit has moved to spin off its Narraburra rare earths project into a new ASX-listed vehicle called Matrix Critical Minerals, through an initial public offering seeking to raise up to $12 million. The move allows the company to crystallise value from a non-core asset while focusing on its core gold, silver and base metal assets.
Orbit is also completing analysis of high-resolution drone magnetic data collected near its Cousin Jack discovery, with results expected this month.