Ora Gold Limited (ASX: OAU, "Ora" or "the Company") an ASX listed mineral exploration and development company, is thrilled to announce a significant update to the Mineral Resource Estimate (MRE) for the Crown Prince Prospect at its flagship Garden Gully Gold Project, located in the heart of the prolific Murchison gold district near Meekatharra, Western Australia. This update marks a substantial increase in resources, affirming Crown Prince's potential as a key asset in Ora's portfolio.
The total resource at Crown Prince has now reached an impressive 240,000 ounces of gold at a grade of 4.1g/t Au, a considerable growth from its 2019 estimate. Notably, 68% of these ounces fall within the Indicated JORC category, highlighting the enhanced drill density and improved geological understanding of the prospect. This advancement underscores the prospect's strong open pit mining potential, given that the resources are shallow and delineated from the surface.
Adding to the excitement, the Company has reported a Maiden Resource at the Southeastern Zone of Crown Prince, boasting 164,000 ounces of gold at 5.2g/t Au, discovered in the fourth quarter of the calendar year 2022. Both the Main Zone and Southeastern Zone exhibit potential for expansion along strike to the East and at depth below the current drilling within the Crown Prince structural corridor. Furthermore, a new zone of mineralisation, Crown Prince East, has been delineated over 100 meters of strike and remains open, promising further exploration upside.
The recent additions to the Main Zone are driven by new drilling efforts, which have refined the interpretation of supergene gold mineralisation and high-grade vein structures. These structures were previously exploited in the historical Kyarra Gold Mine underground workings between 1908 and 1915. Remarkably, the majority of the mineralisation delineated at Crown Prince is concentrated within a 300m x 200m area, emphasizing the high-grade nature of this gold system.
Crown Prince's strategic location in the Murchison gold district, close to numerous operating gold mines, processing facilities, and other key infrastructure, further enhances its value and development prospects.
Alex Passmore, Ora Gold’s CEO commented: “Following a busy year of exploration in 2023 the Company is delighted to report its maiden resource for the Southeastern Zone at Crown Prince and update the overall mineral resource estimate (with additions to mineralisation from drilling).”
“Drilling density and understanding of the deposits at Crown Prince is at a strong confidence level with 68% of the ounces reported in the indicated resource category.”
“The grade of the Southeastern Zone at 5.2g/t Au is impressive given the shallow nature, grades and good widths of mineralisation that we see. This area transforms the economic prospectivity of Crown Prince. The Company is embarking on further drilling in 2024 with a particular focus on growing the resource inventory below 100m from surface.”
About us:
Ora Gold Limited (ASX:OAU) is a mineral exploration and development company which holds a substantial package of tenements in the prolific Murchison goldfield near Meekatharra, Western Australia.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
