Cloncurry
Project
Orion Gold NL (‘Orion Gold’) is an Australian gold exploration company focused on delivering value to shareholders through the successful exploration of the Company’s highly prospective tenement holdings shown in figure 1.
The Top Camp / Iron Ridge exploration project is located near Cloncurry in north-western Queensland. The Company’s joint venture partner, Queensland Mining Corporation Limited (‘QMC’) announced to the ASX on 21 December 2010, significant copper-cobalt drilling results from the Black Fort prospect at South Cloncurry, North Western Queensland, within the joint venture area.
QMC, as manager of the joint venture, may earn an 82.35% interest in the joint venture, which equates to a 70% interest in the Project (from 51%), by spending $350,000. Orion Gold is yet to be provided with information from QMC that will allow the Company to complete a review of any claim for earn in. Should QMC earn a 70% interest in the Project, Orion would then own 15% of the Project.