re: +22% chart breakout Fraser sounds interesting, base...

re: +22% chart breakout Fraser sounds interesting, base metals?


Lachlan Fold Belt Ground Acquisition Program
In 2004-2005, Oroya established exploration interests at Steiglitz, Gordon-Mt Egerton and Club Terrace near Lakes
Entrance/Gippsland in Victoria. With the current sharp rise in the gold price and the well-documented potential for
major gold deposits in the Lachlan Fold Belt of South-Eastern Australia, Oroya is expanding its exploration holdings
in the poorly explored goldfields of this region.
As at the date of this report, Oroya has applied for further tenure over prospective ground in both Victoria and New
South Wales and is continuing this process.
Oroya’s interest is mainly in the discovery of disseminated, sulphide-hosted gold mineralization associated with
antimony and/or arsenic in Ordovician - Devonian turbidites and volcanics. Although significant progress has been
made in the exploration and mining of such mineralization in the Lachlan Fold Belt in recent years, Oroya believes
that many areas have not been effectively explored. Quartz vein-hosted ‘Slate Belt’ style gold mineralization is a
secondary target type and widespread base metal potential also exists.
Western Australia
Mt Gibson Gold Project
Oroya completed the sale of the Mt Gibson Gold Project to Legend on 16 November 2005. Under the Terms of the
sale, Oroya received $250,000 cash as reimbursement of expenses and 30 million fully paid shares in the capital of
Legend which are escrowed in two tranches: 15 million shares for 12 months and 15 million shares for 18 months.
Additionally, $1.088 million cash was released to Oroya by Legend’s nominee replacing the Unconditional
Performance Bonds lodged by Oroya over Mt Gibson. Oroya is also entitled to a ‘milestone’ issue of a further 10 million fully paid shares in the capital of Legend upon completion of a bankable feasibility study or a decision to mine
or upon sale of Mt Gibson to a third party. As part of the sale agreement, Oroya retains the exclusive right to re-treat
the existing 4 million tonne dump leach at its sole risk and benefit for a period of 1 year.
Roe Hills (nickel and gold)
Roe Hills is located about 120 kilometres east-southeast of Kalgoorlie and 85 kilometres east of Kambalda in Western
Australia. The project covers a 36 kilometre long trend of ultramafic rocks demonstrated by previous exploration to be
highly prospective for both nickel sulphide and gold mineralization.
As announced to ASX on 1 June 2005, Oroya intersected nickel sulphide mineralization in 3 holes drilled at the Talc
Lake Prospect including a hanging wall intercept of 1.90 metres at 1.64% nickel (Ni) and 0.28% copper (Cu) from 131
metres (m) down hole.
The drilling confirms the potential of the target ultramafic rocks at Talc Lake for nickel sulphide accumulations. Talc
Lake lies on a 36 kilometre trend of prospective but poorly exposed ultramafic rocks that comprise the Roe Hills
Project, 85 kilometres east of the nickel mining centre of Kambalda and 120 kilometres southeast of Kalgoorlie,
Western Australia.
Drilling was undertaken to follow up a previous hanging wall nickel sulphide intersection of 0.5m at 6.15% Ni and
0.38% Cu from 155m in drill hole ROE114 and to also test the ultramafic/basalt contact as highlighted by an
intersection of 1m at 0.6% Ni from the same hole.
Oroya recently completed down-hole transient electromagnetic surveys (DHTEM) on the recent holes and identified
off-hole conductors which may represent nickel sulphide mineralization. Further work is planned for the project.
Mt Gibson South (Oroya 100%)
Oroya holds 2 exploration licence applications at Mt Gibson South covering prospective extensions to the regionalscale
structures which control mineralization at Mt Gibson.
Bolgart (Oroya 100%)
Bolgart is located about 100 kilometres northeast of Perth in Western Australia and comprises an exploration licence
application over ultramafics considered prospective for nickel mineralization.
Fraser Range (Oroya 100%)
The company holds four exploration licence applications in the Proterozoic Fraser Complex in the Eastern Goldfields,
which is prospective for base and precious metals.
Fraser Range Building Stone
Oroya retains the rights to a royalty on Dimension Stone production from an area of “mutual interest” in the Fraser
Range region of Western Australia. No royalty payments were received during the Half-year.
Sand Dune (Oroya 10% free-carried)
St Barbara Mines Limited has acquired the interests of National Institute for Metal Exploration Pty Ltd in the Sand
Dune project. Oroya is free-carried with a 10% interest to a decision to mine in the project. There has been no
substantive work reported to Oroya for the project. (from recent 1/2 yearly report)