Highlights

  • The business states a maiden Mineral Resource Estimate for the McNabs East deposit is scheduled for the December 2026 quarter.
  • These are drilling intercepts rather than estimated resources, and the report does not give true widths.
  • A 125-hole, 6,500-metre air-core programme aimed at finding new gold-bearing intrusions was completed in late September, with results pending.
  • Preparation of a Mining Development and Closure Proposal and a clearing permit application is beginning.

Ordell Minerals (ASX:ORD) has released its quarterly report for the period to 30 September 2026, centred on drilling at the Barimaia Gold Project near Mount Magnet in Western Australia, in which it holds 80.3 per cent. The business states a maiden Mineral Resource Estimate for the McNabs East deposit is scheduled for the December 2026 quarter. That estimate has not yet been published, and mining studies are described as work still to be done.

Mcnabs East Drilling

Ordell completed 122 infill reverse circulation holes for 8,625 metres between August and September, covering more than 1,400 metres of strike in granodiorite to about 100 metres vertical depth. Results for around 80 holes are still pending.

Reported intercepts include 32 metres at 1.65 grams per tonne gold from 31 metres, 19 metres at 2.70 grams per tonne from 40 metres, and 32 metres at 1.08 grams per tonne from 91 metres, the last including 15 metres at 1.63 grams per tonne. The business states mineralisation remains open down-dip and down-plunge.

Thirteen extensional diamond holes for 1,388 metres were also completed in July. Highlights include 17.4 metres at 1.49 grams per tonne from 220.3 metres and 6.5 metres at 3.14 grams per tonne from 213 metres, the latter interpreted by Ordell as down-plunge to the east. Further extensional drilling is planned for the December quarter. These are drilling intercepts rather than estimated resources, and the report does not give true widths.

Wider Barimaia Programme

At the Furnace prospect, a first-pass test over 900 metres of strike returned a best result of 4 metres at 2.47 grams per tonne from 82 metres. A 125-hole, 6,500-metre air-core programme aimed at finding new gold-bearing intrusions was completed in late September, with results pending.

Ordell compares the host rocks with the Eridanus deposit about six kilometres to the north-west, which it cites as 30 million tonnes at 1.6 grams per tonne gold. That is a comparison with a separate deposit, not a statement about Barimaia's size.

Studies And Approvals

Mine technical work scheduled from late 2026 to the first half of 2027 includes metallurgical and geotechnical testing, preliminary open pit optimisation and conceptual mine designs. A surface water assessment is complete, a licence application for ten groundwater bores has been lodged, and October water bore drilling confirmed a suitable water source, according to the company. Preparation of a Mining Development and Closure Proposal and a clearing permit application is beginning. No approvals have been reported as granted.

Other Projects

At Goodia, near Norseman and wholly owned, a maiden air-core programme of about 80 holes was completed after quarter-end, with results not yet reported. At Fisher South, also wholly owned, the company plans resampling, infill drilling and first-pass air-core drilling over the 12 months to June 2027.

Funding

Cash was A$6.4 million at 30 September, down from A$8.2 million. Operating outflow was A$1.8 million, including A$1.6 million of exploration spending, and the company has no debt facilities. The Appendix 5B indicates an estimated 3.5 quarters of funding at the current burn rate, so additional funding would be needed to support a long study and drilling programme. Ordell reports 75.7 million shares on issue and 20.7 million unquoted securities.

Against its May 2024 prospectus, cumulative Barimaia exploration spending of A$7.1 million compares with an allocation of A$2.3 million, while Goodia spending of A$0.4 million is below its A$1.1 million allocation.

Next Milestones

For the December 2026 quarter, Ordell lists further down-plunge and down-dip drilling at McNabs East, follow-up of any anomalies from the air-core programme, and the maiden resource estimate. The report was authorised by Managing Director Michael Fowler, who is also the named Competent Person for the exploration results.