Orange Minerals NL : Excellent Drill Results at Calarie

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ASX CODE : OMX

4 April 2022

ASX Release

EXCELLENT DRILL RESULTS FROM PHASE 1 DRILLING AT CALARIE PROJECT

HIGHLIGHTS

• n Orange Minerals has received excellent gold assays results from the Phase 1 drilling programme at Calarie.

• n In December 2021 ten RC holes totalling 1,044m were completed at Calarie - outstanding results received include:

  • o 21m @ 4.5g/t Au from 34m in OCRC006

    § Including 1m @ 48.77g/t Au from 42m

  • o 14m @ 3.4g/t Au from 112m in OCRC003

  • o 5m @ 13.5g/t Au from 143m in OCRC008

  • o 2m @ 5.1g/t Au from 94m in OCRC009

• n Results validate outstanding historical results and confirm that mineralisation is open both along strike and at depth.

• n Planning for a Phase 2 drilling programme is underway at Calarie, and work will be initiated to calculate a maiden Resource.

Orange Minerals NL (ASX: OMX) ("Orange" or "the Company") is pleased to announce that it has received assay results from the Phase 1 drill programme at Calarie.

Excellent assay results include:

• • 14m @ 3.4g/t Au from 112m in OCRC003,

• • 21m @ 4.5g/t Au from 34m in OCRC006,

• • 5m @ 13.5g/t Au from 143m in OCRC008,

• • 2m @ 5.1g/t Au from 94m in OCRC009.

Commenting on the drill results from Calarie, Managing Director David Greenwood stated

"These first phase drilling results are extremely encouraging; they both verify a number of historical holes at Calarie and also provide us with confidence that mineralisation continues both at depth and along strike."

25 Colin Street, West Perth WA 6005

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Ten RC drill holes totalling 1,044 metres were completed at the Calarie Project in NSW in December 2021(Figure 1). Assay results from these drill holes have recently been received. Significant assay results received are summarised in Table 1 below and detailed in Appendix 3, and historical significant intercepts are tabled in Appendices 1 and 2.

Figure 1- Location drill holes Calarie Project

SIGNIFICANT INTERVALS - CALARIE RC PROGRAM
0.5g/t Au Cut-off (max 3m internal dilution)
Hole Id	From (m)	To (m)	Interval (m)	Au (g/t)
OCRC001	51 67	52 70	1 3	0.81 1.53
OCRC002	Hole Abandoned - No Intercept
OCRC003	112 126 14 3.40
including	118 121 3 9.10
OCRC004	20 42 31 43 11 1.36 1 0.50
OCRC005	18 19 1 1.09
OCRC006	34 55 21 4.54

including	35	43	8	9.37
OCRC006	96	97	1	0.50
OCRC007	21	27	6	0.96
80	81	1	1.17
OCRC008	143	148	5	13.53
including	143	146	3	21.33
OCRC009	94	96	2	5.05
OCRC010	44	49	5	0.90

Table 1- Significant drill results Orange Minerals

About the Calarie Gold Project

• • Calarie is a mining lease (ML739) and two exploration licences (EL8555, EL8580) that form a 70% earn-in joint venture with Godolphin Resources Limited (see Figure 2).

• • The project area is located immediately north of Forbes in Central NSW.

• • The Calarie area was an underground gold mine that produced approximately 39,000oz at 22g/t gold from 1896 to 1908.

Geology

The Calarie Project area is dominated by two groups of rocks (Ordivician Volcanics and Silurian Volcanics and sediments). The Ordivician group consists of the Junee - Narromine andesitic volcanic arc that includes the Parkes and Nash Hill volcanics. The Ordivician - Silurian sediment sequence east of the volcanic arc include linear belts of intermediate volcanics including the Daroobalgie Volcanics Cotton Formation and Calarie Sandstone.

Gold mineralisation at the Calarie Mine is structurally controlled along the extensive NNE trending Parkes - Forbes belt or Parkes Thrust. The deposits are hosted in strongly deformed linear belts of Ordivician volcanics and predominantly occur close to the volcanic / sediment contact. Historical drilling has shown that the western contact of the Daroobalgie Volcanics dips at 70o west and is strongly altered and mineralised. Significant operating mines and past producers include the Tomingley Mine (Orogenic), London - Victoria Mine (Orogenic) and Peak Hill (High Sulphidation - Epithermal).

Figure 2- Tenement Holding

Technical Statement

Gold assay results have been received for the initial program of ten Reverse Circulation holes at the Calarie deposit. The holes targeted the main zone of primary mineralisation between 6310157N and 6309956N, that extends over a known, north - south strike length of 600m in ML739. The holes were drilled adjacent to historical drill lines with depths between 66 to 198m. Workings associated with the old Lachlan mine were intersected in four of the holes (OCRC001: 42-43m, OCRC003: 120-123m, OCRC004: 28-30m and OCRC007: 42-43m). OCRC002 was abandoned at 36m due to collar problems and redrilled as OCRC003. Significant gold mineralisation was intersected in all drill holes (see Table 1.0). Drillhole sections are displayed in Figures 3 - 5. Historical drillhole gold grade * metres is displayed in Figure 6. Historical hole data is included in Appendix 1 and 2.

Figure 3 - Calarie Oblique Section A