Tracing the Progress of Ora Banda at Waihi Project in 2020

  • Jun 23, 2020 AEST
  • Team Kalkine
Tracing the Progress of Ora Banda at Waihi Project in 2020

Summary

  • Waihi Prospect is a key part of the Ora Banda’s Davyhurst Gold Project with activities at the project returning significant results.
  • After receiving high-grade results at Waihi Prospect in December 2019, OBM reported additional high-grade results in first half of 2020.
  • In addition, Waihi’s Mineral Resource increased by 190% of contained gold.

A uniquely positioned gold exploration and development company, Ora Banda Mining (ASX:OBM) has been engaged in undertaking activities at its Waihi Deposit that consists of a historical Waihi, Homeward Bound and Golden Pole deposits.

Since the beginning of the year 2020, the Company has made significant progress at the Waihi Prospect, a key part of the Company’s Davyhurst Gold Project, located just 3.2 km from the Davyhurst processing plant.

Waihi Area Location Plan (Source: Company's Report)

Waihi Area Location Plan (Source: Company's Report)

Waihi South and Golden Pole were first mined in the early 1900s as high-grade underground mines to the maximum depth of 190 metres, where Golden Pole Mine generated around 81,000 tonnes @ 29.6g/t for 77,000 ounces.

Previous Update: Ora Banda Reports 46% Increase In The Underground Mineral Resource At Riverina Project

Moreover,

  • Approximately 740,000 tonnes @ 2.40g/t Au for 56,000 ounces was extracted via open-pit methods at the Waihi deposit with mining reaching a maximum depth of 90 metres
  • Ora Banda has recovered all available historical mining records for the Golden Pole underground mine

Waihi Reports Further High-Grade Assay Results

To start with, Ora Banda reported additional results from its Waihi resource definition and metallurgical drilling programs in January 2020 which focussed on:

  • Delineating and upgrading an optimal open-pit Mineral Resource
  • Testing the potential for further open-pit and underground resource extensions at depth

A total of 65 RC holes (6,313 m) and 15 diamond drill holes (3,656 m) were completed in Phase 1 of the Waihi resource definition drilling program, and all assay results were returned, out of which the most significant one was hole WHDD026 that returned 2.0m @ 7.9g/t from 205.0 metres. Results returned include:

  • 34.0m @ 3.79 g/t from 30m, including 22.0m @ 5.0 g/t
  • 34.0m @ 3.44 g/t from 75m
  • 21.0m @ 5.25 g/t from 64m, including 6.0m @ 9.0g/t & 10.0m @ 5.3g/t
  • 7.0m @ 4.31 g/t from 17m
  • 19.0m @ 1.47 g/t from 50m
  • 2.0m @ 11.18 g/t from 79m
  • 2.0m @ 10.65 g/t from 80m

WHDD026 targeted and successfully intersected the down-plunge continuation of the high-grade Homeward Bound shoot which remains open beyond this point, and the focus for further exploration work remains on the plunge continuation.

Interesting Read: Ora Banda Mining reports 60% upgrade in Davyhurst Gold project Ore Reserve; stock mounts 8.51%

Resource Increased by 190% to 206,000 oz Au for Waihi

In February 2020, the Company updated its Mineral Resource for the Waihi Prospect, which increased by 190% from 0.9 Mt @ 2.4 g/t Au for 71,000 ounces of contained gold to 2.46 Mt @ 2.6 g/t for 206,000 ounces of contained gold and the Company’s total Mineral Resource has accordingly increased to 23.8 Mt @ 2.6 g/t Au for 1.99 million ounces of contained gold.

The Company updated the Waihi Mineral Resource subsequent to the successful completion of a 65 RC drill hole and 15 Diamond drill hole resource definition and extensional drilling program by Ora Banda, and as a result of this focussed infill drilling program, the higher confidence Indicated component has increased by 107,000 ounces (170%) to 169,000 ounces.

Source: Company's Report

Source: Company's Report

The Company also declared that detailed mine design work has commenced with an aim to define the optimum economically viable mining envelope for an open pit at the prospect and additional workstreams including metallurgical tests, geotechnical studies, as well as environmental studies required for the approval process, had also commenced.

Details at: Ora Banda reports 190% increase in Mineral Resource at advanced prospect Waihi to 206,000 oz Au

Way Forward for OBM

The Company looks forward to planning the development of viable mining operations at Waihi on the basis of the excellent platform provided by this highly encouraging resource increase. Moreover, this result gives OBM a believer of Waihi being a key component in the start-up phase of the larger Davyhurst Gold Project.

OBM stock closed at $0.285 with a market capitalisation of $170.32 million on 23 June 2020.  

Please Note: All financials are in AUD, unless otherwise mentioned

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The article has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. All pictures are copyright to their respective owner(s). Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK