Highlights

  • Orbit Resources has intersected visible semi-massive sulphide mineralisation in the final hole of its latest Lewis Ponds drilling program.
  • Most holes in the program intersected visual sulphides at the Tom's and Spicer's lodes, with assays still pending.
  • The program aims to improve resource confidence and provide core for metallurgical testwork.

Polymetallic deposits in New South Wales' Lachlan Fold Belt have drawn steady interest as explorers look to combine precious metals with zinc, lead and copper within the same orebody. Orbit Resources Limited (ASX:OBT), formerly Godolphin Resources, has kept its Lewis Ponds project near Orange in focus across ASX-listed Metal and Mining Stocks after reporting that the final hole of its latest diamond drilling program intersected visible semi-massive sulphides. The company stressed that the observations are visual and that laboratory assays are required to confirm grades and widths.

Lewis Ponds in the central west of New South Wales

Lewis Ponds lies east of Orange in the central west of New South Wales and is wholly owned by Orbit through its exploration licences. The company describes it as a polymetallic, volcanic-hosted sulphide system containing gold, silver, zinc, lead and copper.

A mineral resource estimate released late last year includes both Indicated and Inferred categories. Mineralisation occurs as massive, semi-massive and disseminated sulphides across several lodes, including Tom's, Spicer's and Torphy's. The project sits in a district with a long mining history and established infrastructure, which the company has highlighted as an advantage for future development studies. Proximity to the regional centre of Orange provides access to services, workforce and transport links that can be important considerations for any future development.

The latest drilling follows a series of updates from the company during October, in which it reported further massive sulphide intersections and outlined geophysical work across the project area. Taken together, these releases show a program focused both on adding confidence to known lodes and on identifying new targets along strike.

Visual sulphides in the final hole

Orbit said the final hole of its latest resource development program, drilled at Spicer's Lode, intersected a broad zone of visual sulphide mineralisation with semi-massive sections. The sulphides identified include pyrite, sphalerite, galena, chalcopyrite and pyrrhotite.

The company reported that most holes in the program intersected visual sulphides at the Tom's and Spicer's lodes, following earlier updates in October that described further massive sulphide intersections. Managing director Jeneta Owens expressed confidence ahead of the assay results, while noting that assays are needed to confirm grades and widths.

Visual estimates of sulphide content are not a substitute for laboratory analysis, and the reported intervals are downhole lengths. Grades and the economic significance of the intersections will only be known after results are returned.

Purpose of the drilling program

The diamond drilling was designed to improve confidence in parts of the resource, with the aim of upgrading Inferred material to the Indicated category, and to provide core for metallurgical testwork. Orbit's Annual Report outlined plans for infill drilling and metallurgical studies, including work on gravity recovery and talc pre-flotation, as part of efforts to advance the project.

Metallurgical performance is a key consideration for polymetallic deposits, where recovering several metals into saleable concentrates can be complex. Results from the testwork are expected to inform future development studies. Factors such as mineral grain size, the presence of talc and the way gold and silver are distributed between sulphide minerals can all influence processing flowsheets and potential concentrate quality.

Improving the proportion of the resource held in higher-confidence categories is typically a prerequisite for more advanced studies, as Indicated material can be used in mine planning in ways that Inferred material generally cannot. The current program forms part of that progression, although its contribution will depend on the assays and subsequent resource modelling.

New magnetic target and next steps

In late October, Orbit reported a new magnetic target at Lewis Ponds along strike from its Cousin Jack discovery. Next steps include field assessment of that target, integration of drilling and geophysical data into the geological model, and selection of core samples for metallurgical testwork.

Separately, Orbit has been progressing the spin-out of Matrix Critical Minerals, which opened an initial public offering with a priority offer to Orbit shareholders. That process runs in parallel with the Lewis Ponds work.

Risks for the project include the outcome of pending assays, the results of metallurgical testwork and the ability to convert Inferred material to higher-confidence categories.

Final Word: assays the next milestone

Orbit's final Lewis Ponds hole adds to a run of visual sulphide intersections across the Tom's and Spicer's lodes, but laboratory assays will determine what the drilling means for the resource. The company is also following up a new magnetic target and preparing metallurgical work. For the broader Australian market, the update reflects continued exploration across the Lachlan Fold Belt, a region that remains an important source of gold and base metals discoveries in New South Wales.