ORS are currently advancing on the 1100 level. They have identified two high grade veins and one larger bulk gold zone. The first vein was cut over a horizontal distance of 13.5 metres and width of 2.6 metres and grade of 7.6 grams per tonne, the second was over a horizontal distance of 38 metres and width of 3.7 metres and grade of 18.8 grams per tonne.
The 1100 level has been lightly drilled and produced high grade gold assays over a vertical plunge of approximately 200 metres. Assuming that both vein systems plunge for a distance of at least 200 meters we can speculate that a conceptual target of around 88,000 tonnes is available for evaluation and equates to a gold target of 47,000 ounces (based on announced grades).
The third target is a larger "bulk zone" target that is offset by several metres and appears in the opposite side of the advance development wall that extends well past the second high grade vein system and was intended as an exploratory probe.
ORS drilled a fence line of 7 metre holes along this wall and got lucky. All of the holes ended in mineralisation and identified a zone that measures +7 metres in width, and extends for 30 metres and remains open along a horizontal strike line, and has a different geometry to the two steep plunging vein systems identified earlier in the same development heading.
This zone is now well outside the inferred resource envelope that ORS had postulated. Assuming that this bulk zone is mineralised over a 200 metre plunge allows us to conceptualise a gold target of +23,000 ounces.
The total conceptual gold target is now at +70,000 ounces.
The next report from ORS should reveal the horizontal extent of this bulk zone. I suspect that ORS will do some fan drilling from the development drive in an attempt to find additional development targets, and may do some drilling from surface to mark out the tops on all three mineralised systems they have identified.
This will set the next stage of the advance. They are already planning to develop the 1080 level, and will probably need an additional team of 3 miners to push development. That is two teams of 3 miners working underground.
IMHO ORS is finally getting lucky within a historic field that produced 1.5 million ounces of gold, half of which was extracted immediately around the current development area and up to 350 metres distant.
This development story appears to have legs and IMHO is going to get a lot bigger over the next three to six months. Good luck to all longs.
ORS Price at posting:
5.3¢ Sentiment: LT Buy Disclosure: Not Held
