Orion Gold Nl

Published : November 05th, 2014

Orion Closes in on Drill Targets at Connors Arc

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Orion Closes in on Drill Targets at Connors Arc

Microsoft Word - 20141106 ORN ASX Announcement Geophysics Commences Aurora Flats v3 clean

ASX Announcement / Media Release

6 November 2014

ASX Code:ORN Issued Capital:

Ordinary Shares: 244M Options: 88M

Directors:Denis Waddell


Errol Smart

Managing Director, CEO

Bill Oliver

Technical Director

Alexander Haller

Non-Executive Director

Management:Kim Hogg

Company Secretary

Martin Bouwmeester

Business Development Manager

Suite 2

64 Thomas Street

West Perth WA 6005

ABN 76 098 939 274

T: +61 8 9485 2685

E: [email protected]

Orion Closes in on Drill Targets at Connors Arc with Commencement of Geophysical Survey

Epithermal veining now mapped in a broad corridor over +11km strike extent


High resolution IP/resistivity survey underway at Aurora Flats prospect.

Objective is to identify location of greatest vein density at "critical depth" for metal deposition.

The survey results will assist in refining drill targets.

The Company's maiden drilling program is scheduled to commence at

Aurora Flats in early December 2014.

Orion Gold NL (ASX: ORN) is pleased to announce that it has commenced the next key phase of exploration at its 100%-owned Connors Arc Epithermal Gold-Silver Project located 180km from Rockhampton in Central Queensland, with a high resolution IP/resistivity survey commencing yesterday at the priority Aurora Flats prospect.

The aim of the survey is to identify the location of greatest vein density at the
"critical depth" for metal deposition in the epithermal system.
Recent reinterpretation of data and observations of vein textures on surface have indicated that the "critical depth" where temperature and pressure were suitable for ore deposition would have occurred from a depth of approximately 200m below the modern surface.
The first survey line will traverse the vein sets which have had sporadic testing of their upper levels by historical shallow drilling, allowing the Company to relate the IP results to existing litho-geochemical data
As outlined in the Company's ASX release of 8 September 2014, although historical shallow RC and percussion drilling tested the horizon vertically above the zone expected to be prospective for the highest grade gold and silver mineralisation, drilling did return several significant intersections from vein material at approximately 80m below surface including 1m at 1.14g/t Au and
77g/t Ag (see ASX Release - 15 July 2013).
The intersections of veins in this drilling with significant gold and silver grades indicate the metal endowment of a system with a high metal budget. The results of the survey will help Orion to prioritise drill target locations ahead of the Company's maiden drilling program, scheduled for early December 2014.

Field Mapping

Field mapping in and around the Aurora Flats prospect continues to emphasise the scale of the epithermal system. Recent work has revisited some of the sites mapped in the earlier field visit and identified further vein sets in the core of the system (Figure 2) with the observation that the veins in the south east of the prospect are strongly developed with a 400m continuous vein set attaining a width on surface of as much as 30m, confirming the robust nature of the veins in this area.

W: www.oriongold.com.au

Ongoing mapping has also identified that the vein swarm continues further to the north and north-west beyond the extensions announced to the ASX on 27 October 2014.
Of key importance is location V101 (Figures 2 and 3), where an impressive 600m long semi- continuous vein swarm has been mapped with multiple veins across a width of 600m. Some of the veins are very robust with upstanding quartz boulder outcrop.
This substantial quartz vein network exhibits various textures along its strike from banded, to vughy, to massive to brecciated. Coloform crustiform and banded veins are observed, and manganese staining is evident.
Epithermal veining indicative of a high level in an intermediate sulphidation system are now mapped in a broad corridor of more than 11km in extent. This indicates the presence of an epithermal system with impressive extent and very substantial fluid flow.

Entitlement Issue

As announced on 29 September 2014, the Company is undertaking a pro-rata renounceable entitlement issue of 1 ordinary share ('Share') for every 3 Shares held at an issue price of $0.03 per Share to raise up to approximately $2.4 million ('Entitlements Issue'). Eligible shareholders' entitlements are set out in the Entitlement and Acceptance Form sent with the Prospectus which was mailed to eligible shareholders on 30 October 2014. Shareholders will also be given priority to apply for shortfall shares in addition to their entitlement.
As set out in the Prospectus, the closing date for acceptances under the Entitlement Issue is
14 November 2014 unless otherwise extended by the Directors. A copy of the Prospectus is available on both the ASX website (www.asx.com.au) and the Company's website
Rights to subscribe for Shares under the Entitlements Issue will trade on the ASX under ASX
code: ORNR until 7 November 2014.
The principal objective of undertaking the Entitlements Issue is to raise sufficient funds to enable the Company to undertake follow up exploration programs at its Fraser Range Nickel- Gold Project in Western Australia and its Connors Arc Epithermal Gold Project in Queensland.
The entitlement issue is underwritten to an aggregate of $1 million by Tarney Holdings Pty Ltd (related to the Company's Chairman Denis Waddell), Orion's Managing Director Errol Smart and shareholders Mr Michael and Mrs Susan Lynch and Mr Michael Fotios. Orion's Fraser Range joint venture partner and shareholder, Mark Creasy, has also committed to participate in the Entitlements Issue.

Orion GoldN,

Figure l. Mapping of Epithermal Quartz Veins, Aurora Flats Prospect

Orion GoldN,

w E o

• •



Figure 2. Mapping of Epithermal Quartz Veins, Aurora Flats and wider Connors Are


Orion GoldN,

Figure 3. Quortz Vein Outcrop at location V lOl

Errol Smart

Managing Director and CEO

Company Enquiries:

Errol Smart - Managing Director and CEO Denis Waddell - Chairman

T: +61 8 9485 2685

E: [email protected]

About Orion

Orion Gold is focused on acquiring, exploring and developing large tenement holdings or regional scale mineral opportunities in world-class mineral provinces. The Company has acquired quality projects in proven mineral provinces, including a substantial tenement holding in the Albany-Fraser Belt, host to Australia's two most significant discoveries of the last decade (the Tropicana Gold Deposit and the Nova Nickel-Copper-Cobalt Deposit). Part of this tenement holding was acquired from entities associated with Mark Creasy who is now a significant shareholder in Orion. The project area was previously explored by Western Areas Ltd who identified mafic-ultramafic intrusives within the project area as well as nickel-copper-cobalt-PGE anomalies. Orion's intensive, systematic exploration programs have successfully defined 23 targets to date by a combination of geological, geochemical and geophysical methods.

The Company has identified a significant intermediate sulphidation epithermal gold and silver system at Aurora Flats on the Connors Arc in Queensland. The project lies between the well known Cracow and Mt Carlton epithermal deposits. The Company is increasing its focus on this project, following promising reports from expert consultants.

Additionally the Company has an interest in the Walhalla Project located in Victoria, where it is focusing on exploration for Copper-PGE and has entered into an agreement with A1 Mining regarding the gold rights on the tenements.

The Company has an experienced management team with a proven track record in exploration, development and adding shareholder value.

Competent Persons Statement

The information in this report that relates to Exploration Results at the Connors Arc Project complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code") and is based on information compiled by Mr Bruce Wilson, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Wilson is the Principal of Mineral Man Pty Ltd, a consultant to Orion Gold, and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Wilson consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.


This release may include forward-looking statements. These forward-looking statements are based on management's expectations and beliefs concerning future events. Forward-looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Orion Gold NL. Actual results and developments may vary materially from those expressed in this release. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Orion Gold NL makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release.

Read the rest of the article at www.noodls.com
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Orion Gold Nl

ISIN : AU000000GDR8
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Orion Gold is a gold producing company based in Australia.

Orion Gold holds various exploration projects in Australia.

Its main exploration properties are WALHALLA and TUBAL CAIN in Australia.

Orion Gold is listed in Australia. Its market capitalisation is AU$ 14.3 millions as of today (US$ 10.3 millions, € 9.0 millions).

Its stock quote reached its highest recent level on December 24, 2010 at AU$ 1.12, and its lowest recent point on January 29, 2016 at AU$ 0.01.

Orion Gold has 792 419 968 shares outstanding.

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Nominations of Orion Gold Nl
7/23/2008Appoints Managing Director
7/14/2008New Board Appointment and Market Update
1/31/2008Key Appointments - Production Team Builds
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4/1/2016Appointment of Company Secretary (01/04/16)
2/1/2016Sale of Walhalla Project Mining Tenement (02/02/16)
1/20/2016Change in substantial holding (18/1/16)
12/29/2015Sale of Walhalla Project Mining Tenement (30/12/15)
12/3/2015Change in Director's Interest - 3Y's
12/3/2015Change in Director's Interests - 3Y's
12/3/2015Change in Director's Interest - 3Y
12/3/2015Appendix 3B
12/3/2015Drilling Confirms New Epithermal System at Chough Prospect (...
11/26/2015Results of AGM (26/11/15)
11/26/2015Breakaway Research Flash Note (26/11/15)
9/25/2015Full Year Statutory Accounts (25/09/15)
9/22/2015High grade surface samples from Veinglorious Prospect (22/09...
8/10/2015Sale of Mining Tenement at Walhalla Project (11/08/15)
8/3/2015Listed Option Expiry Notice (3/08/15)
8/3/2015Expiry of Unlisted Options (3/08/15)
7/31/2015June Quarterly Activities Report (31/07/15)
7/30/2015Funding Secured via Shareholder Loan Facilities (30/07/15)
7/13/2015Connors Arc Epithermal Potential Further Expanded (14/07/15)
4/26/2015Exploration Update - Connors Arc & Fraser Range
4/21/2015March Quarterly Activities Report
4/21/2015March Quarterly Cash Flow Report
3/22/2015Presentation - Exploration gathering momentum on two fronts
3/22/2015Breakaway Research Report
3/18/2015Connors Arc Project - Technical Briefing & Update
3/9/2015Key Exploration Programs Resume in QLD and Fraser Range
3/8/2015Half Year Accounts- December 2014
11/18/2014Ground EM Survey Commences at Pennor Nickel-Copper Prospect
11/5/2014Orion Closes in on Drill Targets at Connors Arc
11/5/2014Breakaway Issue Research Report
10/30/2014Entitlement Issue - Dispatch of Prospectus
10/28/2014Board Room Radio Webcast - Mr Errol Smart
1/4/2012ASX Announcement
12/21/2011ASX Announcement
11/25/2011ASX Announcement
9/30/2011ASX Announcement
8/24/2011ASX Announcement
5/3/2011ASX Announcement
3/20/2011ASX Announcement
4/30/2010Quarterly Report
9/10/2008announces A$6M convertible note loan facility.
8/25/2008Achieves Significant Milestone with Grant of Key Mining Lice...
7/31/2008June 2008 Quarterly Activities Report
7/29/2008 Announces Proposed Rights Issue
5/28/2008Corporate Office Relocation & Retirement of Managing Directo...
5/14/2008Goldstar Resources - Continuing Good Grades From Tubal Cain ...
4/29/2008Share Placement
4/24/2008Quarterly Activities Report - March 2008
4/7/2008Opes Prime
3/19/2008 Open Briefing. Goldstar Resources. Fast Tracking Tubal Cain
3/14/2008Launches Expanded Gold Strategy
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