Key Highlights

  • The final Stage 2 hole, GLPDD013, intersected 28.1 metres of visual sulphide mineralisation from 199.5 metres at Spicer’s Lode.
  • Estimated sulphide content is 15% to 20%, with semi-massive intervals.
  • Assays for all four holes are expected before the end of the year.
  • Visual estimates are not a substitute for laboratory analysis.

Orbit Resources (ASX:OBT) has completed its Stage 2 resource development drilling at the wholly owned Lewis Ponds gold, silver and base metals project near Orange in New South Wales. The final hole, GLPDD013, intersected a 28.1-metre zone of visual sulphide mineralisation from 199.5 metres at Spicer's Lode, with estimated sulphide content of 15% to 20% and semi-massive intervals of up to 34%.

The programme comprised four diamond holes, GLPDD010 to GLPDD013, totalling 1,462.9 metres. Three of them intersected visible sulphides across Tom's and Spicer's lodes.

Visual estimates, not assays

Every sulphide percentage in this announcement is a geologist's visual estimate. Orbit's cautionary statement stresses that such estimates should never be treated as a substitute for laboratory analysis, and investors should take that seriously. Sulphide abundance does not reveal how much gold, silver, zinc, lead or copper the rock contains, and pyrite, which was logged as the most abundant sulphide, carries no value on its own.

The logged minerals were pyrite, sphalerite, galena, chalcopyrite and pyrrhotite, in interpreted decreasing order of abundance. The best interval, from 202.5 to 204.6 metres, was estimated at 34% sulphides, with core photographs showing more than 50% sulphides in short semi-massive packages. The hole was drilled slightly oblique to the lode, so interval lengths are slightly exaggerated relative to true thickness.

Why the location matters

Managing director Jeneta Owens said GLPDD013 intersected the lode where the geological model predicted, between previous intercepts in holes GLPDD008 and TLPDD04002. That is the main achievement of the hole. The programme was designed to test continuity within the existing resource and convert Inferred material to Indicated, not to find something new.

Owens acknowledged that assays were needed to confirm grades and widths, but said the programme had done what it was designed to do: test lode continuity and Supply fresh core for metallurgical testwork.

The resource being strengthened

Lewis Ponds hosts a JORC 2012 resource of 17.52 million tonnes at 1.12 grams per tonne gold, 53.34 g/t silver, 2.06% zinc, 1.10% lead and 0.14% copper, reported in December 2025. It comprises 9.09 million tonnes Indicated and 8.43 million tonnes Inferred, so roughly half the tonnage sits in the lower-confidence category that the drilling targets.

Metallurgical work by Core Resources in December 2025 indicated a relatively simple flotation process producing two concentrates, with average recoveries of 64.7% for gold, 71.8% silver, 93.1% zinc, 73.4% lead and 68.9% copper. Gold and silver recoveries are notably lower than zinc, which is relevant because precious metals contribute a large part of the deposit's potential value. The fresh core will feed further testwork that could help address that.

Why conversion matters

Converting Inferred tonnes to Indicated is more than a technical step. Indicated material can be used in an Ore Reserve and in the economic studies that lenders rely on, while Inferred material cannot. For a project heading towards a pre-feasibility study, the proportion of higher-confidence tonnes directly affects how much of the deposit can be included in a mine plan.

Polymetallic projects in context

Polymetallic deposits can offer diversified revenue, but they are typically more complex to process and market than single-commodity projects, with separate concentrates, smelter terms and penalty elements to manage. Those factors will shape the Economics as much as the headline grades.

What comes next

Assays for all four holes are expected before the end of the year. No date was given for an updated resource estimate incorporating the drilling. Orbit also plans field assessment and a ground electromagnetic survey at the Cousin Jack magnetic target, integration of drilling and geophysics into the geological model, and selection of core for metallurgical testing. A pre-feasibility study may begin in 2026. The assays will determine whether the visual promise translates into grade and an upgraded resource.