Valuable Dohne Merino sheep were stolen only to be fleeced for their wool and dumped 150km from where they were taken.
The sheep were found walking on Gundong Road, Tomingley, NSW about 15 kilometres east of the Newell Highway on April 20 at 8.30am.
NSW Police said the eartags had been removed and the sheep had been shorn after they had been stolen.
Rural Crime Investigators have confirmed that the sheep are the majority of the mob that were stolen from Lewis Ponds, near Orange sometime between March 30 and April 11. There are still sheep outstanding.
State Rural Crime Coordinator Detective Inspector Cameron Whiteside said police were committed to recovering the outstanding sheep and investigators had made a number of inquiries in the area over the weekend.
"We are confident that there is more than one person responsible for this theft, and that there are people out there that know exactly what has taken place," he said.
"While it is a positive that the majority of the sheep have been recovered, we strongly urge those involved to come forward before we knock on their door."