Ora Banda Reports Continued High-Grade Assays From Drilling at Callion; Stock up 9% Midday

  • Mar 03, 2020 AEDT
  • Team Kalkine
Ora Banda Reports Continued High-Grade Assays From Drilling at Callion; Stock up 9% Midday

Gold exploration and development company, Ora Banda Mining Ltd (ASX: OBM) engaged in high-impact exploration & mine planning at its expansive land tenure in the highly prospective region of Eastern Goldfields in Western Australia, has announced further set of high-grade assay results from its Callion Resource Definition Drilling Programs.

Callion Resource Definition Drilling Programs

The primary objective of the drilling at Callion has been extension and upgradation of the current open pit Resource and delineating a maiden underground Resource. Ora Banda has concluded Phase 1 and Phase 2 at Callion with a total 53 RC (reverse circulation) holes (6,938 m) and 17 diamond tails (1,948 m) completed.

Underground Target Results returned include:

  • 8.0m @ 20.2 g/t from 118m
  • 8.0m @ 16.4 g/t from 139m
  • 10.0m @ 3.5 g/t from 158m
  • 1.4m @ 16.9 g/t from 179m, including 1.0m @ 22.6g/t
  • 2.6m @ 8.35g/t from 183m
  • 2.0m @ 9.68g/t from 124m

Open Pit target results returned include:

  • 2.0m @ 6.95 g/t from 109m
  • 7.0m @ 1.7 g/t from 102m, including 3.0m @ 3.34g/t

These results build on those announced on 28 January 2020 including -

Underground target results as:

  • 4.8m @ 34.4 g/t from 232m, including 0.3m @ 498.2g/t
  • 1.2m @ 15.7 g/t from 220m

Open Pit target results include:

  • 10.0m @ 8.0 g/t from 76m
  • 5.0m @ 3.3 g/t from 73m

Read More: Ora Banda Reports Maiden Assay Results from Phase 1 Of The Callion Drilling Program

The hole CNRC19032 that returned 8.0m @ 16.4g/t from 139 metres was particularly significant in this batch of results from the underground diamond drilling program as it targeted and successfully intersected the along strike continuation of the high-grade shoot associated with the historical main underground mining area. The hole will remain a key focus for further exploration activities.

Ora Banda has also outlined a conceptual development plan for the Callion deposit. The plan comprises an open pit cut back for re-building the underground access, rehabilitation of existing underground mine development where required to extract a number of high-grade zones that remain within the upper sections of the historical mine. After that, the company will focus on developing and extracting new high-grade regions below the existing mine workings.

David Quinlivan, Ora Banda Managing Director commented that the receipt of results from Callion would enable Ora Banda to move forward with the advancement of the Mineral Resource update for this deposit, with a high-grade nature that continues to shine through.

About the Callion Deposit

Callion is one of the priority targets located 13 km South West of the Davyhurst Processing Plant in Eastern Goldfields. Historically, different operators inlcuding Western Mining Corporation (1934-1959), Callion JV (late 1990s) and Croesus (2004-2005) undertook mining development activities at Callion.

Currently, the Callion open-pit encompasses ~650 m long to ~40 m deep, with the underground workings stretch till the southern end of the pit at a vertical depth of around 220 m below the surface. The total historic production noted as 135Kt at 4.1g/t grade for 17.6koz for open pit and underground mine delivering 146Kt at 15.8g/t grade for 74Koz for a total output of 280Kt at 10.2 g/t grade for contained gold 91,650 ounces.

Read: Ora Banda Investor Presentation February 2020

Stock Information: Ora Banda’s market capitalisation stands at ~ $ 90.9 million with ~ 586.42 million shares outstanding. On 3 March 2020, the OBM stock closed the day’s trade at $ 0.155, touching a high of $ 0.170 (up ~9%) midday with around 1.18 million shares traded.


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