Ordell Minerals Limited (ASX: ORD) – Advancing the Barimaia Discovery New 5,000m Drilling Program Commences at Barimaia Gold Project, WA
- Noel Ong
- Jul 4
- 7 min read
Announcement
From Prospectus to Progress: 🆕 IPO Review
ASX Snapshot – Ordell Minerals Limited (ASX: ORD)
ASX Code: ORD
Listing Date: 19 July 2024
IPO Offer Price: $0.20
Current Share Price (as at 27th of June 2025): $0.40
Market Capitalisation (as at 27th June 2025): $14.58M million
Industry Group: Materials
A New Chapter at Barimaia – 5,000m Drilling Campaign Underway
Ordell Minerals Limited (ASX: ORD) has announced the commencement of a new 5,000m multi-rig drilling campaign at its flagship Barimaia Gold Project in the Murchison region of Western Australia. Since its ASX debut in July 2024, the Company has progressed Barimaia from concept to active and high-impact exploration, preparing for a gold discovery.
The Barimaia Project, adjacent to Ramelius Resources’ Mt Magnet mill, is well positioned within one of Australia’s most productive gold belts. Drilling efforts to date have revealed both scale and grade, particularly across the McNabs and McNabs East Prospects, and momentum is building (Figure 1).
Figure 1: Location of the Barimaia Project and other nearby deposits in the district. (source: ORD)
What Has Ordell Done Since Listing?
Since its ASX debut, Ordell has executed a pipeline of exploration activities that have progressively expanded the Barimaia Gold Project’s scale and potential:
✅ Aircore Drilling Success: Doubled the known extent of the Barimaia granodiorite host from 3km to over 7km of strike, identifying multiple new anomalous zones (Figure 2).
Figure 2: Plan view showing prospects and recent aircore drilling highlighting significant strike extent of interpreted Barimaia Intrusion. The target footprint of the intrusion has more than doubled. (source: ORD)
✅ High-Grade Intercepts at McNabs East:
22.7m @ 4.09g/t Au from 71.3m (24BADD004)
29m @ 2.52g/t Au from 81m (24BARC083)
17m @ 2.25g/t Au from 86m (25BARC116)
10m @ 4.24g/t Au from 44m (25BARC114)
✅ Shallow High-Grade Gold – Towards The Furnace:
4m @ 9.62g/t Au from 59m (24BARC102)
4m @ 7.97g/t Au from 56m (25BARC132)
1m @ 23.61g/t Au from 67m (25BARC128)
The current drilling phase, running through to July 2025, aims to extend known mineralisation, define new zones, and systematically follow up on the recent aircore discoveries – particularly across the +200m-wide granodiorite intrusion, both laterally and at depth, with a clear focus on extending known mineralisation and initiating first-pass drilling into newly identified zones (Figure 3).
Figure 3: Section 585,590E showing proposed diamond drill hole traces. The felsic intrusion is over 200m wide however, the exact orientation of the contacts is unclear due to the lack of drilling into the contact zones. Note the large area untested by drilling on the southern side of the intrusion at shallow depths. (source: ORD)
Managing Director Michael Fowler commented,
“Our focus will be to build on our growing understanding of the mineralised system with the dual objective of testing extensions of the known mineralisation and making new discoveries.”
Barimaia’s District Context – A Strategic Location for a Gold Discovery.
The proximity of Barimaia to producing operations like the Eridanus Deposit (~6km away, 1.2Moz Au resource; Ramelius Resources) and several operating mills places Ordell in a prime development corridor. The scale and geometry of the Barimaia system are showing early signs of being analogous to Eridanus, offering potential for future open-pit and underground development options.
Ordell’s interest in Barimaia (80.3%) was acquired from Genesis Minerals (ASX: GMD), who retain an 8% shareholding in ORD, adding weight to the strategic value of this asset.
In addition, Ordell expanded its project pipeline by consolidating the Goodia Project, near Norseman, and planning reconnaissance at Fisher South, adding further depth to its exploration portfolio (Figure 4).
Figure 4: Ordell Minerals Project locations in Western Australia. (source: ORD)
Use of IPO Funds – Summary (Actual vs Budget)
As of 31 March 2025, Ordell Minerals (ASX: ORD) has provided a transparent breakdown of how it has deployed capital raised from its IPO. Of the $2.26 million allocated to exploration at the Barimaia Gold Project, $1.215 million has already been spent, reflecting the Company’s focus on advancing its flagship asset.
Expenditure at the Goodia and Fisher South projects was modest, with $46,000 spent on each, preserving funds for future targeted campaigns. Administrative costs came in at $653,000, well within the $1.39 million budgeted, and IPO-related expenses totalled $668,000, close to the original estimate of $696,829. Notably, the $527,071 earmarked for working capital remains untouched.
Overall, this measured and prioritised use of funds highlights Ordell’s disciplined approach to exploration and capital management, ensuring that every dollar is directed toward value-generating milestones.
Share Price Performance Since Listing
Ordell Minerals Limited (ASX: ORD) listed on the ASX on 19 July 2024 at an IPO offer price of $0.20. Since then, the Company has attracted growing market attention on the back of strong exploration progress at its Barimaia Gold Project. The share price rallied sharply in March and April 2025, driven by high-grade drill results and the expanding footprint of the Barimaia granodiorite system, peaking above $0.70 (Figure 5).
While some profit-taking followed in May, the stock has since stabilised, and as of 23 June 2025, ORD is trading at $0.47 — more than double its listing price. The chart reflects a classic discovery-driven re-rating: a steep upward trend supported by news flow and drilling milestones, with consolidation forming a new base for the next phase of exploration.
For a junior in the Materials sector, ORD’s trajectory highlights the market’s appetite for well-executed, geology-led stories.
Figure 5: ORD’s Share price as of 23 June 2025 (source: ASX)
Samso Concluding Comments
Ordell Minerals is not your ordinary IPO. Sometimes you want to read through the smoke and see what is inside the company. Genesis Minerals holds an 8% shareholding in the company, and the main project, the Barimaia Gold Project came from Genesis. Genesis is a 4.9B market capitalisation company that would have been a good buy when it was about 30 cents.
What Ordell has shown in under two years post-listing is a textbook buildout of geological confidence. The current 5,000m drilling campaign is a meaningful step that could move the needle. Results from this round will determine just how close Ordell is to defining a significant resource, and with drilling underway on both flanks of McNabs East, we are watching closely.
What does this mean for retail investors like Samso? I am sure that if this drilling program had success, the night of an AUD $4B MC company will be behind pushing for defining the gold discovery.
This is a definite DYOR, and I would even be contemplating keeping this close to the trigger. The management in Genesis has built an AUD 4B MC company from scratch, so Ordell may just be the next one.
The Samso Way – Seek the Research
Ordell Minerals is an example of a well-structured explorer executing a clear, geology-led strategy. Investors watching the Barimaia narrative unfold have been rewarded with data-driven milestones—growing mineralisation zones, strategic drilling campaigns, and geological parallels to producing deposits like Eridanus. This is exactly the kind of story that rewards those who take the time to Seek the Research.
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