Lennon's Find IP Survey Confirms Deep Anomaly; Five Mulga Rock Licenses Granted
Orange Minerals NL reported encouraging geophysical survey results at its Lennon's Find project and secured five new exploration licenses at Mulga Rock, positioning the company for expanded exploration activities.
- Positive induced polarisation (IP) survey results at Lennon's Find confirm and refine chargeability anomalies
- Five exploration licenses granted at Mulga Rock with final license expected in 2025
- New Managing Director Chris Michael and Non-Executive Director Johnathon Busing appointed
- Company holds $617k cash and $92k investment in Godolphin Resources Ltd
- Exploration programs continue across key projects in NSW and Western Australia
Exploration Momentum Builds at Lennon's Find
Orange Minerals NL (ASX: OMX) has delivered a promising update for the December 2024 quarter, highlighted by positive results from its recent induced polarisation (IP) geophysical survey at the Lennon's Find polymetallic project in Western Australia's Pilbara region. The survey, conducted in September 2024, successfully confirmed and refined a strong chargeability anomaly initially identified in 2018, particularly at the Hammerhead deposit. This anomaly suggests the presence of significant mineralisation at depth, with enhanced chargeability and resistivity signals indicating a compelling target zone for future drilling.
In addition to Hammerhead, the Tiger SE deposit exhibited moderate chargeability responses, potentially indicating untested base metal mineralisation. These findings have encouraged Orange Minerals to pursue a deep diamond drilling program, for which the company has applied for co-funding through the Western Australian government's 2025 Exploration Incentive Scheme. The proposed drilling aims to test the deep anomaly approximately 350 metres below surface and explore parallel zones in the footwall of Tiger SE.
Strategic Expansion at Mulga Rock
Complementing its progress at Lennon's Find, Orange Minerals secured five exploration licenses surrounding the Mulga Rock uranium deposit in Western Australia, with a sixth license expected to be granted in 2025. These tenements cover over 1,200 square kilometres in an underexplored region adjacent to Deep Yellow Limited's advanced Mulga Rock project, which hosts one of Australia's largest undeveloped uranium resources.
The company is leveraging comprehensive historical data and geophysical reinterpretation to identify prospective paleochannels and critical mineral targets, including rare earth elements. Contracting Core Geophysics to integrate magnetic and electromagnetic datasets, Orange Minerals is positioning itself to unlock new exploration opportunities in this strategically significant area.
Corporate Developments and Financial Position
During the quarter, Orange Minerals appointed Chris Michael as Managing Director, bringing extensive financial and corporate advisory experience in junior mining sectors. Alongside him, Johnathon Busing joined the board as a Non-Executive Director, adding further expertise in corporate governance and company secretarial roles.
Financially, the company reported a cash balance of $617,000 at the end of December 2024, supplemented by a $92,000 investment in Godolphin Resources Ltd. Exploration expenditure for the quarter focused on advancing fieldwork at Lennon's Find and maintaining tenement compliance across New South Wales and Western Australia.
Ongoing Exploration Across Diverse Projects
Orange Minerals continues to advance its portfolio with active exploration programs targeting high-value tenements in the Lachlan Fold Belt of NSW and the Eastern Goldfields and Pilbara regions of WA. Notably, the company is progressing land access negotiations at its Calarie and Wisemans Creek projects in NSW, both of which have demonstrated encouraging gold mineralisation in prior drilling campaigns.
While some prospecting licenses in the Majestic project were forfeited due to expenditure compliance issues, the company is pursuing appeals and remains focused on its core assets. No fieldwork was conducted at Youanmi during the quarter, reflecting a strategic prioritisation of resources.
Bottom Line?
With refined targets and new tenements secured, Orange Minerals is poised for a pivotal exploration phase that could reshape its asset value.
Questions in the middle?
- Will the planned deep diamond drilling at Hammerhead confirm the extent of the chargeability anomaly?
- How will the final grant of the Mulga Rock license E39/2480 influence exploration strategy and partnerships?
- What capital raising initiatives might the company pursue to sustain its exploration momentum beyond current cash reserves?