SYDNEY, Australia - 18 April 2024 – Ora Gold Limited (ASX:OAU), a leading mineral exploration and development company with a significant presence in the Murchison goldfield of Western Australia, announces its strategic initiatives in response to the unprecedented rally in gold prices. As spot gold (in Australian dollar terms) surged to an all-time high of $3,700 AUD per oz, driven by the latest US inflation data and Federal Reserve positioning, Ora Gold is poised to capitalise on these market dynamics to enhance value for its shareholders.
While the AUD gold price is up by 20% since the beginning of 2024 the junior gold market is yet to catch up.
The Garden Gully Gold Project, Ora Gold's flagship project, is at the forefront of the company's development efforts. This extensive 677km2 tenure encompasses the Abbotts Greenstone Belt and other key regional structures, hosting multiple gold prospects, with the Crown Prince Prospect being the most advanced. The recent gold price rally underscores the project's potential to become a significant gold production asset.
Adapting to a Gold Bull Market
In light of the rising gold prices and the positive market outlook, Ora Gold is accelerating its exploration and development activities. The company is currently focused on delineating higher-grade zones and extensions to known mineralisation at the Southeastern Zone, which remains open along strike to the north and down dip, with mineralisation persisting below 200m. Additionally, scout drilling at Abbots and Lydia Prospects is underway, setting the stage for more substantial Reverse Circulation (RC) drilling at these deposits.
"The historic rally in gold prices, fuelled by macroeconomic factors and geopolitical tensions, presents a unique opportunity for Ora Gold," said Alex Passmore, CEO of Ora Gold Limited.
Next Steps
Ora Gold's immediate next steps include:
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Continued Exploration: Expanding the current drilling program to further explore the potential of the Southeastern Zone and initiating substantial RC drilling at the Abbots and Lydia Prospects.
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Resource Estimation and Development Planning: Advancing the Crown Prince Prospect towards development, including resource estimation and feasibility studies, to assess the project's commercial viability in the current gold market.
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Strategic Partnerships and Funding: Exploring strategic partnerships and funding opportunities to accelerate project development in line with the rising gold market.
About us:
Ora Gold Limited (ASX:ORA) is a mineral exploration and development company holding a substantial package of tenements in the prolific Murchison goldfield near Meekatharra, Western Australia. Focused on the Garden Gully Gold Project, Ora Gold is dedicated to discovering and developing significant gold resources in the region. The project's strategic location and potential make it a key asset in Ora Gold's portfolio.
Contact details:
Jane Morgan