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Gold Exploration company, Ora Banda Mining Ltd (ASX: OBM) has announced the first set of results returned from the Riverina South Phase 1 Exploration reverse circulation (RC) drilling program as:
- 13.0m @ 4.59 g/t from 63m (Including 3.0m @ 10.1 g/t)
- 13.0m @ 3.23 g/t from 37m (Including 2.0m @ 15.8 g/t)
- 16.0m @ 2.53 g/t from 16m
- 3.0m @ 10.55 g/t from 76m
A highly-prospective 1-km long strike extension corridor was targeted under this drilling program. It is located to the south of the main Riverina mining region that has primarily been the centre of resource development works to date (referring to the Figures 1 & 2). Around 32 drill holes for 3,639 metres were completed, reaching a maximum depth of 150 metres, and all results have been received. Also, the first pass wide spaced drilling was conducted on 80 metre line centres and started at the south of the proposed Riverina open-pit, thereafter, taken further to the south to the British Lion prospect.
Source: Company’s Update 9 April 2020
This recently completed drilling program has not only discovered higher mining potential at the south of the Main Mining Area at Riverina (referring to Figures 2 & 3) but also further improved the prospectivity of a 1-km zone which is located between the Riverina Main Mining region and the British Lion prospect.
Source: Company’s Update 9 April 2020
There has also been some Historical Drilling conducted in this region and the results from the same include”
- 14m @ 3.2g/t from 52m
- 4m @ 5.3g/t from 59m
- 18m @ 2.4g/t from 12m
- 4m @ 3.2g/t from 35m.
Ora Banda Mining now plans to undertake a follow up drilling program, which would be Riverina South Phase 2 Exploration, whereby it will aim to close down the drill spacing to 40 metre line spacing. Some additional exploration holes have also been planned to cover potential strike variations and extensions. Exploration drilling is currently ongoing on the Mulline Trend.
Riverina Deposit – Overview
Riverina is one of the five priority mining targets, being Waihi, Riverina, Callion, Siberia and Golden Eagle, at the Davyhurst Project. The main Riverina deposit is at an advanced stage with a high proportion of oxide tonnes defined and presently has a total Mineral Resource of 3.8 Mt @ 2.3 g/t Au for 280,000 ounces. Besides, the main mining area within the Riverina deposit holds strike potential of more than 1,000 metres (with a width of ~300 metres).
Under the recent resource definition drilling, the main focus remained the larger tonnage potential of the hanging-wall Lode System which lies in the volcanic/meta-sedimentary sequence east of the Main Lode. The two main lode surfaces are Murchison and Reggie lode.
Ora Banda Mining is currently progressing with a Detailed Mining Study forthe Riverina Project. Once the mining study is completed, it is planned to be incorporated into the Definitive Feasibility Study (DFS) of the broader Davyhurst Gold Project.
It is also interesting to note that the Company has also executed an agreement with Zenith Australia Investment Holding Pty Ltd (Zenith), that owns the Riverina pastoral lease. Through the agreement, Ora Banda Mining has earned the ability to expand its exploration and mining activities to land including the area upon which the Riverina Station homestead and related site infrastructure is located.
Furthermore, Ora Banda Mining continues to advance Resource & Reserve definition drilling activities at other priority targets, with all presenting a near-term production opportunity. At the same time, a regional exploration program testing a number of advanced prospects and upgradation of the known resources are also ongoing to define a 5-year mine plan encompassing both open pit and underground mining operations.
Stock Performance: The OBM stock, with a market capitalisation of ~ AUD 85.03 million, is trading high at AUD 0.150, edged up 3.448% (AEST: 03:11pm), with ~ 787,920shares traded.
