Further High-Grade Assay Results Boosting Ora Banda Mining’s Hopes

  • Jan 21, 2020 AEDT
  • Team Kalkine
Further High-Grade Assay Results Boosting Ora Banda Mining’s Hopes

Perth-based Australian gold exploration and development company, Ora Banda Mining Limited (ASX:OBM) is a uniquely positioned gold exploration and development company in the metals and mining sector engaged in exploration and development of gold deposits. OBM 100% owns the Davyhurst Gold Projects.

The company holds 100% interest in around six projects including 112 tenements (1,336 km2), namely,

  • Davyhurst,
  • Riverina,
  • Mulline,
  • Siberia,
  • Mt Ida and
  • Lady Ida Projects

The Company’s Davyhurst Project is located in the highly prospective Eastern Goldfields region of Western Australia which is a host to multiple gold deposits.

Ora Banda’s predecessor Monarch Gold Mining Ltd consolidated the fractured tenement holding during 2002 and 2006, but no exploration was carried out, which served as an opportunity to establish a sustainable mining operation for Ora Banda.

To get a drone’s view of Ora Banda Mining’s activities during the last year, follow: Looking back on Gold explorer, Ora Banda Mining’s performance in 2019

The Company recently received further results from its Waihi resource definition and metallurgical drilling programs that were centred on:

  • delineating and upgrading an optimal open pit Mineral Resource and
  • testing the potential for further open pit and underground resource extensions at depth.

The completion of the Phase 1 drilling comprising of a total of 65 RC holes (6 313 m) and 15 diamond drill holes (3 656 m) of the Waihi resource definition drilling program, all assay results that were returned are as follows:

  • 0m @ 3.79 g/t from 30m, including 22.0m @ 5.0 g/t
  • 0m @ 3.44 g/t from 75m
  • 0m @ 5.25 g/t from 64m, including 6.0m @ 9.0g/t & 10.0m @ 5.3g/t
  • 0m @ 4.31 g/t from 17m
  • 0m @ 1.47 g/t from 50m
  • 0m @ 11.18 g/t from 79m
  • 0m @ 10.65 g/t from 80m

David Quinlivan, Ora Banda Managing Director said:

Among the assay results, hole WHDD026 is of specific significance and returned results of 2.0m @ 7.9g/t from 205.0 metres. The down plunge continuation of the high grade Homeward Bound shoot which remains open beyond this point was targeted and successfully intersected by the hole.

Moreover, the plunge continuation continues to be a focus for forthcoming exploration activities. OBM is fast forwarding towards production at its expansive gold tenure in Western Australia through its 100%-owned Davyhurst Project.

Post relisting of its securities on 28 June 2019 with the completion of its $30 million recapitalisation process, OBM had emerged into a new phase and focussed on unlocking value from its strategic landholding through high impact exploration, resource definition and detailed mine planning.

Currently, OBM is engaged in finalising the updating of the Waihi resource model and Mineral Resource estimate with the full suite of information obtained from Phase 1 of the resource upgrade program with completion targeted for the end of January.

Figure Homeward Bound Long Section (Source: Company's Report)

Previously during December 2019, significant high-grade results were returned by the Waihi metallurgical and exploration samples gathered from the drilling programs with 80 holes completed for 9,507 metres.

Let’s get to know about OBM’s Waihi Deposit:

  • Comprises the historical Waihi, Homeward Bound and Golden Pole deposits with a published mineral resource (2007) of 914,000 tonnes @ 2.4g/t for 71,000 ounces;
  • The Waihi South and Golden Pole were initially mined in the early 1900s as high grade underground mines to a maximum depth of 190 metres, targeting steeply dipping, north plunging shoots, where
  • Golden Pole Mine produced approximately 81,000 tonnes @ 29.6g/t for 77,000 ounces;
  • Around 740,000 tonnes @ 2.40g/t Au for 56,000 ounces was extracted via open pit methods at the Waihi deposit with mining reaching a maximum depth of 90 metres in the late 1990s;

OBM has recovered all the available historical mining records for the Golden Pole underground mine and the survey plans and stoping records have been utilised to reconstruct the historical mine in a three-dimensional model while the open pit survey records were retained by the Company.

A detailed review of the Waihi deposit was recently undertaken by a consultant structural geologist which included examining the newly collected core samples. This has greatly assisted OBM in the ongoing development and advancement of a structurally dominated mineralisation model and remains the ongoing focus for the Company’s geologists involved at Waihi.

The Company looks forward to exploration opportunities for this deposit that continue to be promoted and considered.

The OBM stock was noted trading at a price of $0.165, with a market capitalisation of $99.69 million. The stock has delivered 13.33% returns during the period of last six month till 20 January 2020.


Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK