Ord River Resources (ASX: ORD) has decided to narrow its focus to gold based on the exploration upside at its 101,300 ounce Suplejack gold resource in northern Tanami in the Northern Territory.
ORD is looking at expanding its gold thrust either at the Suplejack resource or farm-ins to other gold projects in the region aiming to be in gold production within three years.
Intriguingly, the Suplejack project is located 30 kilometres north of Tanami Gold’s operating Groundrush Gold Mine & 10 kilometres north of ABM Resources’ (ASX:ABU) Hyperion Gold project.
A ten-hole drilling program, aimed at extending the identified gold resources at the Tregony prospect, was completed during August 2012 which resulted in a mineral resource of 2.44 million tonnes at 1.29 g/t gold for 101,300 ounces contained gold.
This was an 84 per cent increase in gold resources. Based on this, ORD's managing director Frank Zhu is confident it is likely that further exploration along the mineralised Suplejack shear zone will add further gold resource ounces.
The Tanami region is known for its prospectivity for gold and gold discoveries albeit not without its challenges.
This means ORD will likely explore options to realise value from its interests in the SARCO bauxite and alumina project in Laos (SARCO Interests).
This will include sell, farm-out or realise value from its SARCO Interests.
SARCO is a joint venture between ORD (49%) and NFC-China (51%). SARCO has a gross JORC resource of 226 million tonnes, 69 million tonnes measured in two tenements, LSI and Yuqida.
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