ASX microcap Orexplore Technologies saw its share price climb more than 14% Tuesday after it announced a two-month drill-core scanning contract at Australian gold producer Wiluna Mining Corporation’s flagship Wiluna operation in Western Australia.
Orexplore, spun out from Swick Mining Services (now merged with DDH1 Drilling) and listed in Australia in January, said the circa-A$170,000 contract would see it scan and analyse at least 2000m of diamond core on site using its proprietary GeoCore X10 non-intrusive rock scanning technology and software. Orexplore will have one of its scanning technicians on site.
“The significance of the agreement is that it represents a fully commercial site deployment of Orexplore’s exploration value proposition that delivers improved rapid decision making from near-real-time field-based core analysis, that seeks to deliver time and cost savings across exploration programs,” Orexplore said.
“The in-field deployment of the patented GeoCoreX10 technology that combines high resolution 3D tomography with a large range of detected elements is a unique combination for the mining sector.”
Orexplore traded up to 12c, capitalising it at about A$10.9 million. Its share-price high for the year is 15c.