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Gold exploration company, Ora Banda Mining Limited (ASX:OBM) has announced the next round of results from both reverse circulation (RC) and diamond drilling (DD) programs that have been particularly centred around the Waihi deposit, located within the broader Davyhurst Project area in the Easter Goldfields of Western Australia.
OBMâs Project Portfolio
From the total planned program of 9,845 metres at Waihi, a total of 4,234 DD metres for 8,133 metres and 3,899 RC metres has been completed till date.
Upgrading and delineating of an optimal open pit Mineral Resource has been the main emphasis of the current drilling operations with a potential for further resource extensions at depth.
Current drilling continues to expand initial results that intersected the Homeward Bound and Waihi ore shoots at depth below the existing open pit resources. These are as follows:
| Earlier Drilling Results | Announcement Date |
| 23m @ 9.1g/t from 128 metres (announced 29 July 2019) | 29 July 2019 |
| 5.0m @ 19.2 g/t from 38 metres | 14 October 2019 |
| 8.0m @ 4.2g/t from 36 metres | 14 October 2019 |
| 6.0m @ 4.7g/t from 57 metres | 14 October 2019 |
Read here: A Glance Through Ora Bandaâs Dynamic And Momentous September Quarter 2019
The latest noteworthy result has been from the hole WHDD0024 that intersected 2.0m @ 13.0g/t in a RC pre-collar targeting the Golden Pole lode . This hanging-wall structure, previously undiscovered, is untested along strike for up to 270 metres (180m north & 90 metres south) and poorly tested beyond that. Currently about 2,500 Waihi area samples are still pending for processing at the assay laboratory.
Waihi Deposit - Overview
The Waihi Complex, located 3km from the Davyhurst processing plant is one of the five priority exploration targets with both open pit and high-grade underground potential, presenting a near-term production opportunity. The deposit hosts three main lodes- the historical Waihi main, Homeward Bound and Golden Pole with 914kt @ 2.4g/t for 71koz of total mineral resource.
Waihi Area Location Plan
The Waihi South and Golden Pole, considered as high-grade underground mines were previously mined in the early 1900s to a maximum depth of 190 metres, targeting steeply dipping, north plunging shoots. Golden Pole Mine produced ~81kt @ 29.6g/t for 77koz. Subsequently in the late 1990s, around 740kt @ 2.40g/t Au for 56koz was extracted through open pit methods at the Waihi deposit with mining reaching a maximum depth of 90 metres.
Ora Banda recovered all available historical mining records for the Golden Pole underground mine while the survey plans and stoping records have been incorporated in the reconstruction of the historical mine in a 3D model.
Waihi was thoroughly reviewed by a consultant structural geologist, who also examined the newly collected core samples and drafted an input for the development of a structurally dominated mineralisation model. This work remains ongoing as the Waihi resource definition drilling program advances.
Further, Ora Banda is also exploring for additional exploration opportunities for this deposit.
Stock Performance
On 6 November 2019, the OBM stock price settled the dayâs trading at AUD 0.180, zooming up 5.88% by AUD 0.010. OBM has also delivered positive returns of 6.25% year to date and 3.03% in the last one month. Ora Banda Miningâs market capitalisation is around AUD 92.48 million.
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