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Gold exploration and development company, Ora Banda Mining Ltd (ASX: OBM) based in Perth, Australia, is engaged in carrying out high-impact exploration & mine planning at its large ground holding in the bountiful region of Eastern Goldfields in Western Australia. The primary objective of these programs is expansion and upgradation of the current resource estimate while outlining a well-defined 5-year mine plan with open pit and underground mining operations.
The three priority targets, Siberia, Riverina and Waihi, continue to return impressive results, primarily keeping Ora Banda’s momentum at full tilt while it aims to shortly enter into production. Recently on 24 December 2019, Ora Banda announced further high-grade results from its Waihi Resource Definition and Metallurgical Drilling Programs including-
· 19.0m @ 24.5g/t from 63m, including 6.4m @ 71.6g/t;
· 18.0m @ 8.9g/t from 77.0 metres, including 8.0m @ 11.4g/t & 2.0m @ 30.5g/t;
· 10.0m @ 14.1g/t from 133.0 metres;
· 5.0m @ 10.2g/t from 83.0 metres, including 4.0m @ 12.6g/t;
· 19.0m @ 2.5g/t from 103.0 metres, including 9.0m @ 4.3g/t; and
· 14.0m @ 3.0g/t from 35.0 metres, including 6.0m @ 5.9g/t.
The main aim of drilling at Waihi was delineating and upgrading an optimal open pit Mineral Resource. This is to be followed by testing the potential for additional open pit and underground resource extensions at depth. The program has now come to an end with 80 holes completed for 9,507 metres, of which 11 holes for 1,575 metres currently await assay return from the lab.
The Waihi mineralisation model is being reinterpreted based on the refined geological insights obtained from recent drilling and an updated resource estimate for this deposit is scheduled to be delivered by January 2020.
Of particular significance in these assay results is hole WHRC19089 that returned 10.0m @ 14.1g/t from 133.0 metres. This hole targeted and successfully intersected the down plunge continuation of the high grade Homeward Bound shoot which remains open beyond this point. A further two holes that currently await assay return have been drilled below and down plunge of holes WHRC19089.
Ora Banda is well funded with strong cash of $20.64 million as at September 30, 2019, which would be optimal to carry out further resource drill out activities, complete Definitive Feasibility Study (DFS) and regional exploration programs over the next 12 months.
In addition, the company informed that project work is also ongoing at Riverina with five metallurgical holes drilled and assayed, allowing the test work program to proceed. Recently, Riverina Mineral Resource, as announced on 2 December 2019, was revised to 3.8Mt @ 2.3 g/t for 278k ounces of contained gold including an open pit Mineral Resource of 3.1Mt @ 1.8 g/t Au for 183 ounces of contained gold. The following metallurgical sampling results were excluded from 2 December 2019 Riverina Mineral Resource update –
· 2.0m @ 22.1g/t from 28 metres;
· 8.9m @ 2.6g/t from 30 metres.
Stock Performance: Ora Banda Mining has a market capitalisation of approximately AUD 96.76 million with ~ 586.42 million shares outstanding. On 24 December 2019, the OBM stock was trading higher at AUD 0.170, zooming up 3.03% by AUD 0.005 with ~ 288,892 shares traded.
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