Orbit Resources uncovers 1km magnetic target in NSW

Orbit Resources has defined a new, coherent one-kilometre-long magnetic target immediately along strike from its recent Cousin Jack discovery at the company’s flagship Lewis Ponds polymetallic project in New South Wales.

Lewis Ponds lies 15km east of Orange and covers 148 square kilometres in the world-class Lachlan Fold Belt, a mining precinct that hosts several tier-one deposits including Newmont’s massive Cadia copper-gold mine.

High-resolution drone data collected in September and processed by Orbit’s geophysical consultants defined the magnetic anomaly, which coincides with an induced polarisation (IP) chargeability response. Orbit says the combined geophysical signature has provided a compelling priority target, raising the prospect of extensions to known mineralisation or the discovery of an entirely new sulphide-rich system.

The geological case is bolstered by the company’s nearby Cousin Jack discovery, northwest of the new anomaly, where magnetic pyrrhotite — an iron sulphide — occurs with zinc, lead, copper, silver and gold mineralisation. The company says the undrilled anomaly may host a similar sulphide assemblage: its magnetic response could reflect pyrrhotite, while the coincident IP response may point to disseminated sulphides. Drilling will be needed to establish whether mineralisation is present and determine its nature and scale.

‘The identification of a 1km magnetic target along strike from our Cousin Jack discovery is an exciting development for the broader expansion potential of Lewis Ponds.’

Orbit Resources managing director Jeneta Owens

Previous drilling at Cousin Jack intersected broad polymetallic zones, including a 79-metre interval at 1.3 per cent zinc equivalent from 311m, an 86-metre interval at 0.6 per cent zinc equivalent from 408m and a 104-metre interval at 1.3 per cent zinc equivalent from 527m.

To the northwest of the newly lit-up trend, Orbit’s diamond drilling program at Lewis Ponds has been testing the existing resource and exploration targets beyond its current footprint. In a previous update, the company reported completing three holes totalling 1168.8m, with a final 300-metre hole underway to test Spicer’s Lode in the north of the deposit. The campaign was designed to strengthen confidence in the resource and test those additional targets.

Orbit Resources managing director Jeneta Owens said: “The identification of a coherent 1km magnetic target immediately along strike from our Cousin Jack discovery is an exciting development. With drilling near completion and assays pending, the addition of a new magnetic target provides our investors with several encouraging near-term milestones as we look to unlock the full value of the Lewis Ponds asset.”

The new target adds another intriguing dimension to Orbit’s already substantial Lewis Ponds project, which hosts a JORC-compliant resource of 17.52 million tonnes grading 1.12 grams per tonne (g/t) gold, 53.34g/t silver, 2.06 per cent zinc, 1.10 per cent lead and 0.14 per cent copper. The inventory comprises 9.09 million tonnes in the higher-confidence indicated category and 8.43 million tonnes in inferred resources.

A scoping study released earlier this year outlined a potentially robust operation based on a staged open-pit and underground mining development, delivering a base-case pre-tax net present value of $481 million. Orbit is now advancing the project towards a prefeasibility study.

However, the exploration story could have plenty more to offer. The Cousin Jack discovery sits just 350m southeast of the existing resource area, within a broader nine-kilometre mineralised trend that Orbit believes holds significant potential for further discoveries beyond the current inventory.

The company plans to put boots on the ground immediately to investigate the anomaly, looking for surface evidence that could link the geophysical response to the sulphide mineralisation already identified at Cousin Jack. A ground electromagnetic (EM) survey will also follow to sharpen up the target ahead of potential drilling.

Adding to the anticipated newsflow, assays are also pending from the company’s latest diamond drilling campaign, giving Orbit several opportunities to build on its growing Lewis Ponds story.

The latest findings tap into NSW’s push to develop critical minerals, with copper and silver both among the five priority metals named in the state’s Critical Minerals and High-Tech Metals Strategy 2024–35.

Orbit has a substantial resource, a positive scoping study and a fresh kilometre-long target now begging for the drill bit. With drilling winding up elsewhere at Lewis Ponds, it may not be long before the rig turns to this intriguing new anomaly.

Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au