Can Orbminco’s Extended Drilling Deliver on Majestic North’s Untapped Promise?

Orbminco Advances Majestic North Exploration

Orbminco Limited (ASX – OB1) has announced a significant step forward in its exploration efforts at the Majestic North Gold Project, located just 65 kilometres east of Kalgoorlie in Western Australia. The company plans to commence an extended drilling program in July 2025, aiming to both confirm the existing Mineral Resource and explore promising extensions and deeper targets.

The current Mineral Resource at Majestic North stands at 39,700 ounces of gold at an average grade of 1.61 grams per tonne, with approximately 25,300 ounces classified as Indicated and 14,400 ounces as Inferred. This resource is primarily hosted in shallow, supergene-enriched zones accessible for open-pit mining, making it an attractive near-term development opportunity.

Two-Stage Drilling Strategy

The drilling campaign is structured in two main stages. The first stage focuses on infill aircore drilling within the existing resource footprint to increase confidence in the deposit and support an updated Mineral Resource estimate expected in the second half of 2025. This step is critical for de-risking the project and advancing it towards potential mining.

The second stage expands the scope to test strike extensions both north and south of the known mineralisation, investigate down-dip primary mineralisation through deeper reverse circulation drilling, and evaluate previously untested exploration targets identified by geophysical and geochemical surveys. Notably, one target includes an interpreted intrusive body adjacent to the main mineralised channel, which could represent a new source of gold mineralisation.

Funding the Exploration Push

To support this expanded drilling program and ongoing working capital needs, Orbminco is raising an additional A$0.205 million through a share placement priced at $0.001 per share. This follows a recent $0.88 million capital raise and reflects strong investor confidence in the company’s strategy and the project’s potential. Cerberus Advisory is acting as lead manager for the placement.

Chairman Ian Gordon expressed optimism about the campaign, highlighting the project’s strategic location near established gold operations and the multiple open directions for resource growth. He emphasized that the extended drilling program could significantly enhance the resource base and deliver meaningful value to shareholders.

Looking Ahead

Orbminco’s methodical approach to upgrading and expanding the Majestic North resource aligns with its broader strategy to advance gold and copper assets in Western Australia and Mongolia. The results of this drilling program will be closely watched by investors eager to see whether the company can unlock further value from this promising project and move closer to development decisions.