JOHANNESBURG (miningweekly.com) – ASX-listed Orion Gold has started its maiden drilling programme at the Marydale gold project and the historical Prieska Copper (PC) zinc/copper project, in South Africa’s Northern Cape, the company reported on Thursday.
The Marydale project is a virgin gold discovery of possible epithermal origin, located about 60 km from the historical PC project, in the Areachap belt. Drilling would test the geological model for the mineralisation by in-filling historical drilling at the project with oriented core drilling.
Drilling was also under way at the PC project, focusing on near-surface mineralisation.
Meanwhile, Orion also reported that it had received commitments from investors to raise $0.3-million by way of placement of 20-million fully paid ordinary shares at $0.015 a share.
The placement followed the company’s announcement last month, that under the terms of the agreement for the sale of the Eastern Goldfields project, it had issued 33.3-million shares to Eastern Goldfields to raise $0.5-million.
The proceeds would be used to progress drilling and exploration work as part of due diligence being undertaken on the Areachap project, to progress exploration work at Connors Arc, in Queensland, and for working capital purposes.