Add the chocolate chips and sweetened condensed milk to a medium saucepan and stir with a silicone spatula.
Set the heat to low (or just a little bit higher than low) and melt the chocolate chips and sweetened condensed milk together, stirring often to help the chocolate melt evenly.
Once the mixture is smooth and uniform, remove from the heat and add in the vanilla and orange extracts. Fold them in until fully incorporated.
Transfer the mixture to a heatproof bowl and wrap with plastic wrap. Press the plastic wrap down against the surface of the chocolate; this prevents the cooling chocolate from forming a “skin.”
Transfer the covered bowl to the refrigerator and chill for approximately 2 hours, or until the chocolate is firm but still scoopable.
Once the chocolate is set, remove it from the refrigerator and use a #40 cookie scoop (1 ½ tablespoons) or a heaping tablespoon to form balls of chocolate.
Roll each ball between your hands until it is smooth and spherical.
Add powdered sugar (and/or cocoa powder) to a shallow bowl and drop the balls into it, tossing them to coat.
Place the coated balls on a parchment lined tray, plate, or in a cookie tin.
Repeat until all of the chocolate has been shaped and rolled in the powdered sugar.
Keep the truffles refrigerated until they are ready to serve. They should be served chilled, and kept refrigerated most of the time; they will soften considerably at room temperature.
Microwave method:
Add the chocolate chips and sweetened condensed milk to a microwave-safe bowl. Stir gently.
Heat in 30 second intervals, stirring in between each interval to help the chocolate melt. This should take no more than 3-4 sessions.
Note: Be careful to not overheat the chocolate, as overheating can cause it to “seize” and become hard, which does not make for good truffles.
As soon as the chocolate melts completely when being stirred, add the vanilla and orange extracts and stir to combine.
Cover the bowl tightly with plastic wrap, pressing it down onto the surface of the chocolate to prevent a “skin” from forming as it cools.
Chill in the refrigerator for 2 hours, or until firm, yet scoopable.
Scoop, shape, and roll the truffles as outlined in the main recipe above.
Notes
Storage: Transfer leftovers to an airtight container and store in the refrigerator for 1-2 weeks, or in the freezer for up to 3 months. These keep very well and hold their shape as long as they remain chilled; do not keep them at room temperature for any more than 1-2 hours (if serving at a party). As a food gift: Line a pretty cookie tin with colorful parchment paper, and fill it with truffles. Instruct the recipient of your gift to keep them refrigerated. If you chill for too long or your chocolate is too hard: If you accidentally forget about the chilling bowl of chocolate, or you find it too hard to scoop (this can happen depending on the brand of chocolate chips, if you used the microwave method, or if you chilled them for more than 2 hours), you can still rescue the batch! You can either leave the bowl out at room temperature for 2-4 hours to soften, OR you can reheat the mixture on the stovetop (I wouldn’t recommend the microwave; it’s too easy to overheat the chocolate at this point), then cover and chill again for 2 hours (or until firm, yet scoopable).
Variations:
Peppermint chocolate truffles: Use 1 tablespoon of peppermint extract instead of orange.
Raspberry chocolate truffles: Use 1 tablespoon of raspberry extract (or bakery emulsion) instead of orange extract.
German chocolate truffles: Omit the orange extract and use 2 teaspoons of coconut extract instead. Roll in toasted shredded coconut.