As Ora Banda Mining (ASX: OBM) fast tracks its activities for near term-production of gold at its expansive ground holding in Eastern Goldfields of Western Australia, the Waihi Resource Definition Drilling Program continues to fuel the momentum with consistently encouraging results. It all began in June 2019 when the company embarked on an exciting exploration journey post its $ 30-million recapitalisation process in June 2019.
Ora Banda’s portfolio comprises 6 projects where in the key focus has mainly been on 5 advanced priority targets including Riverina, Waihi, Callion, Siberia and Golden Eagle, around 9.2 Mt @ 2.8 g/t for 840 koz of Resource contained in them. There is also an existing Davyhurst Processing Hub within the area.
The company is actively carrying out high-intensity exploration, resource definition and detailed mine planning programs and working towards kickstarting production at 1.2Mtpa processing rate from these 5 priority targets. The plan is to produce ~100,000 oz of gold per annum starting 2021.
High Grade Assay Results Continue at Waihi
Ora Banda recently announced, on 22 November 2019, the next round of results from its Waihi resource definition drilling program that focussed on delineating and upgrading an optimal open pit Mineral Resource and testing the potential for further open pit and underground resource extensions at depth. A total of 5,012 metres of new RC drilling and 3,657 metres of new diamond drilling has been completed to date at Waihi since 1 July 2019 and the current phase of this drilling program is approaching completion.
Results returned include 14.0m @ 18.3 g/t from 97m including 6.0m @ 41.9 g/t and,
- 0m @ 1.8g/t from 152.0 metres, including 11.0m @ 2.3g/t.
- 0m @ 1.7g/t from 89.0 metres.
- 0m @ 1.8g/t from surface.
- 0m @ 3.5g/t from 17.0 metres.
Based on a refined geological understanding obtained from recent drilling, Ora Banda is reinterpreting the Waihi mineralisation model and targeting to deliver an updated resource estimate for the same by January 2020. In addition to the ongoing resource definition drilling at Waihi, 4 diamond drill holes have successfully recovered core samples (currently being processed for testing) for a metallurgical gold recovery test work program at this target.
The 3 main focus areas of the near mine exploration planning in the Waihi region currently underway include-
- Down plunge continuation of the high-grade Homeward bound mineralisation to the north and at depth of the current drilling area,
- Area to the south of and along strike from the historical Golden Pole mine, and
- Follow up on hole WHDD0024 that intersected 2.0m @ 13.0g/t in a RC pre-collar that targeted the Golden Pole lode.
“We are very pleased that the excellent run of high-grade drilling results at Waihi has continued, and we look forward to incorporating these into an expanded resource update. We also maintain a strong interest in the near mine exploration potential of the Waihi deposit, and remain keen to pursue some of the significant intersections that remain open for possible mineralised extensions.” - David Quinlivan, MD at Ora Banda.
The Waihi Complex comprises the historical Waihi, Homeward Bound and Golden Pole deposits with a published mineral resource of 914,000 tonnes @ 2.4g/t for 71,000 ounces where a consultant structural geologist recently completed a detailed review examining the newly collected core samples. The input was a significant contribution to the ongoing development and advancement of a structurally dominated mineralisation model and the work remains ongoing.
Given the potential of the deposit, Ora Banda continues to promote and consider further exploration opportunities at Waihi.
Read more: Consistent High-Grade Results at priority target Waihi (7 November 2019); High-Grade Results from Resource Drilling at Davyhurst project’s Waihi prospect (30 October 2019)
Stock Information: The market capitalization of OBM is around AUD 92.48 million with ~ 543.98 million shares outstanding. On 22 November 2019, the OBM stock settled the day’s trade at AUD 0.170. The stock has delivered a good positive return of 6.25% in the last six months.
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