Orbminco Limited reports promising interim infill drilling results at its Majestic North Gold Project, confirming high-grade shallow gold zones and potential southern extensions. The company also secures $5 million in a two-tranche placement to accelerate resource delineation and development.
- High-grade shallow gold intercepts reinforce current resource confidence
- 132 drill holes completed with assays pending for remaining program
- Updated JORC Mineral Resource Estimate expected by March/April 2026
- Firm commitments secured for $5 million capital raising via placement
- Funds earmarked for further drilling, metallurgical and environmental studies
Interim Drilling Success at Majestic North
Orbminco Limited (ASX, OB1) has delivered an encouraging update on its ongoing infill drilling campaign at the Majestic North Gold Project in Western Australia’s Eastern Goldfields. The company reported multiple high-grade gold intercepts from 132 drill holes, with standout results including 5 metres at 7.74 grams per tonne gold from just 18 metres depth, featuring a 1-metre interval grading 30.43 grams per tonne.
These results, particularly from the southern margin of the current resource envelope, bolster geological confidence in the continuity of the supergene-enriched gold mineralisation. The shallow oxide zone targeted by the drilling is critical for advancing mine planning and securing mining approvals, with assays confirming consistent mineralisation along historic paleochannels and perched channels near surface.
Resource Update and Exploration Outlook
Orbminco is on track to deliver an updated JORC (2012) Mineral Resource Estimate by late March or early April 2026, incorporating the latest drilling data. This update is anticipated to refine the resource’s grade and geological model, potentially extending the resource footprint southwards based on the recent high-grade hits.
The company’s technical team is also evaluating the potential for deeper primary gold mineralisation beneath the supergene zone, with follow-up drilling and metallurgical testwork planned to better understand the deposit’s full economic potential.
Capital Raising to Accelerate Development
To fund ongoing resource delineation and development activities, Orbminco has secured firm commitments to raise $5 million through a two-tranche placement at 1.6 cents per share. The initial tranche of $1 million will be issued under existing placement capacity, with the remaining $4 million subject to shareholder approval at a forthcoming general meeting.
Proceeds from the placement will support further drilling, metallurgical and environmental studies, acquisition of long-lead equipment, and working capital. Notably, key directors have committed to participate in the placement, signalling confidence in the project’s prospects.
Strategic Significance and Next Steps
Majestic North’s resource currently stands at approximately 765,000 tonnes at 1.61 grams per tonne gold for nearly 40,000 ounces, combining indicated and inferred categories. The infill drilling program aims to upgrade resource confidence and underpin economic evaluations to assess mining viability at prevailing gold prices.
Orbminco’s chair, Duncan Gordon, emphasised the positive implications of the interim results and the importance of the capital raising in advancing development plans. The company will continue to release assay results as they come to hand and looks forward to the resource update and shareholder meeting in the coming months.
Bottom Line?
With high-grade hits confirming resource continuity and fresh capital secured, Orbminco is poised to sharpen Majestic North’s development trajectory in 2026.
Questions in the middle?
- How will the updated JORC resource impact Orbminco’s valuation and project economics?
- What are the timelines and expected outcomes for metallurgical and environmental studies?
- Could deeper drilling reveal significant primary gold mineralisation beyond the supergene zone?