Siberia, Riverina and Waihi Boosting Ora Banda’s Exploration Momentum in Eastern Goldfields

  • Nov 27, 2019 AEDT
  • Team Kalkine
Siberia, Riverina and Waihi Boosting Ora Banda’s Exploration Momentum in Eastern Goldfields

Ora Banda Mining Ltd (ASX: OBM) is a gold exploration and development company based in Perth, conducting high-impact exploration & mine planning at its large scale gold landholding in the highly-prospective Eastern Goldfields region of Western Australia, comprising 6 projects covering 1,336 km2 along a 200 km strike on the greenstone belt. The company is well capitalised with strong cash balance of $20.64 million as at 30 September 2019, to aggressively continue its planned resource drill out, Definitive Feasibility Study (DFS) and regional exploration programs over the next 12-month period.

The key objective of these programs is to expand and upgrade the known resources and subsequently outline a well-defined five-year mine plan that would include both open pit and underground mining operations.

What is keeping the Ora Banda’s momentum at full tilt while it pursues and expedites exploration activities to shortly enter into production? It’s the three of the five key priority targets- Siberia, Riverina and Waihi, located within different project areas, that continue to return impressive results.

Moreover, Gold prices have been trending at near record highs of +AUD 2,000 per ounce that is extremely advantageous for the ASX gold mining stocks, especially aspiring miners that are utilizing the leverage to develop gold prospects.

Let’s look at the latest happenings at the three priority development targets with significant open pit and underground potential.

Waihi, Siberia and Riverina (L-R)

Waihi

The three historical deposits within the Waihi region include Homeward Bound, Waihi and Golden Pole with 914,000 tonnes @ 2.4g/t for 71,000 ounces of published mineral resource. On 22 November 2019, the company posted new set of results from its Waihi Phase 1 Resource Definition Drilling Program. The results included 14.0m @ 18.3 g/t from 97m including 6.0m @ 41.9 g/t; 19.0m @ 1.7g/t from 89.0 metres; 20.0m @ 1.8g/t from 152.0 metres, including 11.0m @ 2.3g/t; 12.0m @ 1.8g/t from surface and 5.0m @ 3.5g/t from 17.0 metres.

The main focus of drilling at Waihi was delineation and upgradation of an optimal open pit Mineral Resource and testing potential for further open pit and underground resource extensions at depth. Since July 2019, new RC drilling of 5,012 metres and 3,657 metres of new diamond drilling has been completed with the current phase almost nearing completion.

The Waihi mineralisation model is being reinterpreted on the basis of a refined geological understanding obtained from recent drilling while the company is also aiming to update resource estimate for Waihi by January 2020.

In addition to the ongoing drilling, 4 diamond drill holes have successfully returned core samples that would be utilised in the metallurgical gold recovery test work program for this prospect with the core being processed for testing.

Lastly, Ora Banda is also getting on with near mine exploration planning in the Waihi region.

Siberia

Ora Banda’s Siberia prospect incorporates both the Sand King and Missouri open pits where Entech Pty Ltd, an independent and internationally recognised mining consultancy, specialising in open pit gold mining in the Eastern Goldfields region, was engaged to undertake a re-optimisation and design review. Entech estimated (as announced on 12 November 2019) a combined Open Pit Ore Reserve estimate for the Sand King and Missouri deposits of 2,800,000 tonnes at LOM average grade of 2.3 g/t Au for 210,000 ounces Au, consistent with the 2017 Ore Reserve estimate, but representing 42% increase in the open pit Ore Reserve at Siberia including-

  • Missouri Reserve increased 41% to 120,000 ounces, up from 85,000 (December 2016)
  • Sand King Reserve increased 43% to 93,000 ounces, up from 65,000 (January 2017)
Riverina The main Riverina deposit is an advanced target with a current Mineral Resource of 2.6 Mt @ 2.5 g/t Au for 205,000 ounces, with a high proportion of oxide tonnes defined.

On 8 October 2019, Ora Banda announced the final set of results from Phase 1 resource definition drilling at Riverina that was very successful and enhanced the potential of an open pit development at this prospect.

Multiple Strong Assay Results include:

  • 4m @ 10.8g/t from 102m; 2m @ 17.7g/t from 112m; 5m @ 4.1g/t from 97m and 3m @ 5.2g/t from 73m.
  • Previously released Phase 1 highlights include 6m @ 13.4g/t from 65m; 4m @ 11.8g/t from 105m; 4m @ 6.2g/t from 121m and 5m @ 4.1g/t from 46m.

Ora Banda’s geologists have commenced work on the Mineral Resource Estimation update which was scheduled to be delivered in November 2019. Meanwhile, Phase 2 drill planning remains ongoing.

Stock Performance: OBM has a market capitalisation of around AUD 87.04 million with approximately 543.98 million shares outstanding. On 27 November 2019, the OBM stock settled the trading at AUD 0.165, climbing up 3.125% by AUD 0.005.


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