ORP is now trading ORPDA following 10:1 consolidation. Have run thru the size of some of the previous targets in earlier postings that ORP is drilling at Pungkut and it is apparent that they are very large.
Currently they are drilling on Tambang Hitam, probably on the fourth / fifth diamond hole (see previous postings). Then they move to Tambang Ubi. This has a surface signiture measuring 1000 m x 1200 m. and covers an underground mine that has 20 kms of underground workings down to about 200 m. and open at depth. The deposit sits under the peak of a small hill with mineralization covered by about 20-25 m of barren?? cover. Assuming the surface signiture of the mineralized area is 1000 x 1200m to a depth of 150m (possible open cut less 25m barren cover) = 375,000,000 tonnes (assuming a density of 2.5 t per cubic meter). This is a huge number. Assume further that the potential orezone is 20% of this number then we have 75,000,000 tonnes. The old mine ran at 5.2 g/t gold. Assume 3 g/t recoverable from open pit = 7,258,000 ozs.
Please DO NOT assume we are calculating a resource. We are LOOKING at potential volumes contained within individual targets. What is apparent is that these target volumes are VERY VERY large. Drilling these targets will confirm or deny the hypothesis. Even if my guesstimates are off massively the targets are still very large.
IMHO ORP upside resource potential is in the 3-10 million oz of gold range (maybe one reason why the failed Sons of Gwalia picked up the owner of the property for which the market assumed they massively overpaid). Assuming US$75 per drilled resource ounce the opportunity here is measured in the hundreds of millions of dollars and not the current valuation of A$12 million.
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