Orange Minerals NL announced a maiden JORC 2012 Inferred Mineral Resource Estimate (MRE) for the Calarie Project in NSW. Following recent drill programmes completed by Orange at Calarie, a maiden MRE has been estimated and reported in accordance with the JORC Code (2012). Orange Minerals (Orange or "the Client") commissioned Geowiz Consulting (Geowiz) to prepare the MRE for the Calarie Gold Deposit, located near Forbes in central NSW.

The Calarie MRE was estimated using ordinary kriging for Au. The MRE is reported above a cut-off grade of 0.3 g/t Au within an optimised open pit shell. The MRE has been classified as Inferred only in accordance with the JORC Code1 and is therefore suitable for public release.

A total of 154 Reverse Circulation (RC) drillholes (11,926m) and 32 Diamond (DDH) drillholes (4,764) were used to define the Calarie deposit for a total of 16,690m of drilling. A pit optimisation was run using a Au price of AUD 2,700 per ounce. The block model was reported inside the pit shell to determine that blocks >0.3 ppm Au have reasonable prospects of future economic extraction by surface mining.

The MRE has been classified as Inferred based on the guidelines specified in the JORC Code. The deposit appears to be of sufficient grade, quantity, and coherence to have reasonable prospects for eventual economic extraction. Ground exploration activities are currently focussing to the northeast along strike of the ML at Calarie targeting the sheared (Parkes Fault) contact between the Late Ordovician to Early Silurian Cotton Formation sediments and the North Parkes Volcanic Group.

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

In addition to historical exploration work including drilling, two drill programmes have been completed by Orange since listing in December 2021. An RC drill programme of ten holes totaling 1,044 metres was completed in December 2021, and a diamond drill programme consisting of five holes totaling 1,170 metres was completed in September 2022. 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 70 degrees to the 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).