Valuable Dohne Merino sheep were stolen only to be fleeced for their wool and dumped 150km from where they were taken from.
The sheep were found walking on Gundong Road, Tomingley, 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 a number of 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. We encourage those people to contact us," Detective Inspector Cameron Whiteside 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."
Detective Inspector Cameron Whiteside said said just on a week ago NSW Police reported on their Facebook page about the the theft of 100 sheep from Dry Creek Road, Lewis Ponds.
That post was shared more than 200 times and reached over 21,000 people.
"Thank you for the support as we are confident this has aided the return of the livestock," he said.
"While it has not been confirmed at this time, we believe the interest on social media, and subsequent media attention in relation to the theft has influenced the offenders to dump the sheep."
If anyone has any information could they please contact Crime Stoppers on 1800 333 000.