Orange Minerals confirmed significant deep volcanic massive sulphide mineralisation at Lennon’s Find in WA, secured ministerial consent for Ghana licence transfers, and completed a $1.675 million placement to fund exploration.
- Deep drilling extends Lennon’s Find mineralisation 675m down dip
- Ministerial consent received for Tepa Gold Project licence transfer in Ghana
- Completed $1.675 million placement to support Australian and Ghana exploration
- Divested non-core Calarie and Majestic projects to focus portfolio
- Appointed Philip Tornatora as Technical Director to boost exploration expertise
Deep VMS Mineralisation Confirmed at Lennon’s Find
Orange Minerals (ASX:OMX) has delivered a substantial update from its Lennon’s Find Project in Western Australia’s Pilbara, confirming volcanic massive sulphide (VMS)-style mineralisation extends approximately 675 metres down dip following deep diamond drilling. The April drill hole OLFD001, which reached 615 metres depth, intersected a broad polymetallic zone including elevated zinc, lead, silver, copper and gold grades. This intersection not only validates the geological model but also identifies multiple conductive targets for follow-up drilling through downhole electromagnetic (DHEM) surveying.
The drill hole tested a step-out target 380 metres down dip from known mineralisation, hitting a 10.6-metre anomalous interval from 516 metres featuring sphalerite, galena, pyrite and chalcopyrite at the favourable stratigraphic horizon. While the primary geophysical target was not directly intersected, the results materially improve the understanding of the system’s geometry and provide vectors to prioritise future drilling phases.
Key Ghana Licence Transfer Clears Path for Exploration
In Ghana, Orange Minerals achieved a critical regulatory milestone with ministerial consent granted for the transfer of the Tepa Gold Project licences to its wholly owned subsidiary. Located in the prolific Sefwi Gold Belt within the Bibiani district, Tepa sits along strike from major gold operations such as Asante Gold’s Bibiani and Chirano mines. The licence transfer, subject to formal registration, positions Orange to commence exploration activities in one of West Africa’s premier gold belts, supported by funds raised during the quarter.
Capital Raise and Portfolio Rationalisation Strengthen Balance Sheet
Orange Minerals successfully completed a $1.675 million placement at $0.05 per partly paid share, with options attached exercisable at $0.20, to fund its exploration programs in Australia and Ghana. The placement included participation from both unrelated investors and directors, with shareholder approval secured post-quarter. This capital injection bolsters the company’s financial position, with cash reserves of $1.085 million at quarter end, sufficient to fund over three quarters of operations at current expenditure levels.
The company also continued to streamline its portfolio by divesting non-core assets. It agreed to sell its 51% interest in the Calarie Project in New South Wales to Adavale Resources, receiving shares and options in return, allowing Orange to retain exposure while focusing on higher-priority projects. Similarly, selected tenements from the Majestic Project in Western Australia were divested to Auravelle Metals for $200,000 in shares, aligning with the strategic focus on Lennon’s Find and Tepa.
Technical Leadership Boosted with New Appointment
Subsequent to the quarter, Orange appointed Philip Tornatora as Technical Director. With over 30 years’ experience across gold, base metals, and lithium exploration, including senior roles at De Grey Mining and AngloGold Ashanti, Tornatora brings valuable expertise in exploration management and target generation. His appointment is timely as Orange advances its Australian projects and prepares to commence exploration in Ghana.
Bottom Line?
Orange Minerals is sharpening its focus on high-potential assets with confirmed deep mineralisation and Ghana licence progress, backed by fresh capital and strengthened technical leadership.
Questions in the middle?
- Will follow-up drilling at Lennon’s Find uncover thicker, higher-grade VMS zones?
- How quickly will the formal licence registration in Ghana conclude to enable field exploration?
- What impact will the divestments have on Orange Minerals’ cash flow and exploration prioritisation?