ORD - Ordell Minerals

[System]

Ordell Minerals Limited is a mineral exploration company with the objective of delivering near-term value and growth for shareholders through sustained exploration success.

Upon completion of its IPO and listing on ASX, the Company will own or have the right to own the following interest in the Projects in Western Australia:

(a) the Barimaia Project (80.192%) which is a drill-ready exploration project in a strategic location in the Murchison Gold District of WA located near the town of Mt Magnet, adjacent to Ramelius Resource’s Mt Magnet Gold Project. The Company is focussed on continuing gold exploration at the Barimaia Project following up previous exploration results with a revised structural interpretation of the geology. Barimaia is located approximately eight kilometres east from the Eridanus (Mt Magnet) gold deposit being mined by Ramelius. The Eridanus deposit offers the Company with an analogue deposit model for drill testing after the Company is listed on ASX;

(b) the Goodia Project (100%) is located approximately 15km SW of Norseman and 50km south of Develop’s Dome North Lithium deposit. Goodia is an opportunity to explore an early-stage exploration project with potential for the discovery of lithium and gold deposits. This Project is located on the southern part of an interpreted corridor considered prospective for lithium mineralisation that extends over 150km from the Mt Marion deposit owned by Mineral Resources Limited; and

(c) the Fisher South Project (100%) which is located 430km north of Kalgoorlie in the North East Goldfields and straddles the southern Mt Fisher and northern Dingo Range greenstone belts that are considered prospective for gold and nickel mineralisation. It is located along strike of Emerald Resources North Laverton Gold Project. Fisher South is an early-stage exploration project with potential to define significant gold, nickel and other base metal mineralisation.

Following completion of its IPO, the Company’s proposed business model will be to focus on exploration of and, where appropriate, development of its Projects possessing gold and/or lithium and other metals and minerals.

It is anticipated that ORD will list on the ASX during July 2024.

Ordell Minerals

Ordell Minerals is a strategic metals business building sustained exploration success to create long term value in an environmentally and socially responsible way.

www.ordellminerals.com.au

 

[Dona Ferentes]

Listing date	16 July 2024 #
Company contact details	https://www.ordellminerals.com.au/ Ph: +61 408 447 493
Principal Activities	Mineral exploration and mining
Issue Price	AUD 2.00
Issue Type	Ordinary Fully Paid Shares
Security code	ORD
Capital to be Raised	$6,000,000
Expected offer close date	27 June 2024
Underwriter	N/A

 

[Dona Ferentes]

ORD has been on market for 6 days, and run well; listing at 20c (not 2 bucks as on ASX announcement ) and has moved up to 27c .

The founding team behind gold miner Genesis Minerals returns, bringing an
advanced WA gold and lithium exploration portfolio to market.

Highlights:
• New gold explorer lists on ASX raising $6 million (30m shares at $0.20) (before costs).
• Ordell’s key asset is an 80% interest in the Barimaia Gold Project, located in the Murchison region of Western Australia, which is an advanced gold exploration asset with significant historical drilling results.
• Barimaia hosts an extensive and underexplored gold system, with historical RC drilling returning significant results including:
o 15m @ 11.4g/t Au from 74m
o 17m @ 3.4g/t Au from 49m
o 19m @ 1.5g/t Au from 18m
o 5m @ 4.0g/t Au from 43m
o 70m @ 0.7g/t Au from 59m
• Ordell’s experienced board of directors includes former Genesis Minerals Limited (ASX:GMD) Chair Tommy McKeith and former Managing Director Michael Fowler.
• Highly leveraged to exploration success, with a market capitalisation of ~$10m at listing.

Ordell acquired its 80.2% interest in Barimaia from Genesis Minerals Limited (ASX: GMD) which is now a major shareholder of Ordell with an 8% shareholding upon listing. Barimaia was never systematically explored due to Genesis’ strategic focus on its assets in the Leonora region.

Ordell has reunited key members of the team that oversaw the significant growth of Genesis between 2016 and 2021, including former Genesis Chair Tommy McKeith and former Managing Director Michael Fowler, who will be working to progress the exploration of Barimaia.

 

[Dona Ferentes]

Maiden drilling program has commenced at its flagship Barimaia JV Gold Project, located in the Murchison region of WA.​

The Phase 1 drilling program will comprise approximately 2,600m of Reverse Circulation drilling along the currently defined 2.5km strike extent of gold mineralisation at Barimaia, with the aim of in-filling and extending areas of known high-grade gold mineralisation.

The Barimaia Project hosts similar geology (including interpreted felsic intrusion host rocks) to Ramelius Resources’ Eridanus gold deposit, which hosts a current JORC Resource of 21Mt @ 1.7g/t Au for 1,200,000oz of contained gold, with an additional +300,000 ounces of gold mined from the open pit.

$0 26 ... worthy of Aug tip?

 

[Dona Ferentes]

$0.245 now

Quarterly out

BARIMAIA GOLD PROJECT
• 2,600m Phase 1 Reverse Circulation drilling program completed at Barimaia in August, with results including:
o 21m @ 1.60g/t Au from 62m 24BARC056
o 36m @ 0.85g/t Au from 50m 24BARC057
o 5m @ 4.49g/t Au from 21m 24BARC060
.. Including 2m @ 9.06g/t Au from 23m
o 14m @ 1.67g/t Au from 25m 24BARC053
o 10m @ 2.06g/t Au from 11m 24BARC066
o 27m @ 0.70g/t Au from 77m 24BARC053
.. Including 11m @ 1.20g/t Au from 77m
o 11m @ 1.38g/t Au from 20m 24BARC065
o 7m @ 2.05g/t Au from 97m 24BARC050
• Phase 2 RC drilling program of ~3,000m commenced in September to follow-up positive Phase 1 results at the McNabs East Prospect with results expected in November.
• The Phase 2 program was centred on holes 24BARC056 (21m @ 1.60g/t Au from 62m) and 24BARC057 (36m @ 0.85g/t Au from 50m) that intersected a zone of gold mineralisation over 50m wide on section.
• Primary mineralisation in the McNabs East area shows strong similarities to the geology at Ramelius Resources’ nearby Eridanus deposit.

CORPORATE
• Ordell Minerals Limited commenced trading on the ASX on 19 July following a successful $6 million Initial Public Offer
• Cash on hand of $5.1 million at Quarter-end.

 

[Dona Ferentes]

Shallow, High-Grade Gold Mineralisation Intersected at Barimaia Gold Project​

Results from Phase 2 drilling confirm McNabs East as a high-priority target for follow-up exploration, with diamond drilling to commence in November
Key Points:
• Significant results received from the second phase of shallow Reverse Circulation drilling at the McNabs East Prospect at the Barimaia Gold Project in Western Australia, including:
o 29m @ 2.52g/t Au from 81m 24BARC083
 Including 1m @ 47.5g/t Au from 107m (visible gold present)
o 4m @ 9.62g/t Au from 59m 24BARC102
 Including 1m @ 32.7g/t Au from 60m
o 25m @ 1.50g/t Au from 56m 24BARC087
o 5m @ 4.61g/t Au from 61m 24BARC104
 Including 1m @ 19.6g/t Au from 64m
o 16m @ 1.23g/t Au from 5m 24BARC103
o 15m @ 1.24g/t Au from 30m 24BARC079
o 2m @ 6.62g/t Au from 42m 24BARC097
o 7m @ 1.69g/t Au from 73m 24BARC079
• Extensive zone of gold mineralisation now defined at McNabs East at shallow depths (typically <80m vertical) over a strike length of +1,000m and remains open along strike and untested at depth.
• The recent shallow drilling at McNabs East was completed on ~100m-spaced sections to continue the first-pass test of the Barimaia felsic intrusion.
• Primary mineralisation in the McNabs East area is associated with an interpreted granodiorite intrusion, strongly supporting the potential for Eridanus-style deposits at Barimaia.
• Diamond drilling planned for November to obtain structural and lithological data at McNabs East, which will be followed by extensional and in-fill RC drilling in the March 2025 Quarter.

 

[Dona Ferentes]

and 60% up

 

[houtman]

An interesting company @Dona Ferentes.

Fowler and McKeith both ex-Genesis, Genesis has 8%, board and management 13% shares on issue.

Current EV of about $10m with probably about $4m cash.
Low shares on issue.

Looking for an Eridanus look-a-like.

Ticks boxes.