Ora Banda (ASX:OBM) identifies new drill targets at Callion; drill planning underway

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Ora Banda (ASX:OBM) identifies new drill targets at Callion; drill planning underway

OBM exploration deposit area
Image source: OBM Announcement 29/04/2022 

Highlights

  • Ora Banda has identified five new drill targets through mapping and rock chip sampling at the Greater Callion area.
  • OBM has reported a Mineral Resource Estimate of 680,000 t @ 4.9 g/t Au for 107,000 oz Au for Callion.
  • OBM is planning an RC drilling program to test these targets in early FY23, while a first-pass drilling program has kicked off to the northwest of the main Callion deposit.

In the latest key development, Ora Banda Mining Limited (ASX:OBM) has announced multiple new targets for drilling at the Greater Callion deposit. The Callion deposit is located 14 km southwest of the 1.2Mtpa Davyhurst processing plant.

OBM has been actively engaged in exploring the Great Callion region since 2021. The Company has been aiming to find another high-grade Callion-style deposit.

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OBM’s Callion deposit results

Greater Callion – Glasson Area (Source: OBM Announcement 24/05/22)

Five new targets identified

OBM had collected mapping and highly promising rock chip samples in the Greater Callion area, which have helped in identifying five new targets. The Company plans to drill these targets in early FY23.

As the five initial priority targets have been continued, work continues to further define geological and structural settings of these gold occurrences. OBM believes that this will help in designing the drill program.

OBM looks to test these bedrock targets once a reverse circulation (RC) drill rig is available on the site in early FY23.

RELATED ARTICLE: Ora Banda (ASX:OBM) prepares to gain ground after a strong March quarter

In the meantime, a first-pass drilling program has been initiated to the northwest of the main Callion deposit through an air-core (AC) rig.

OBM’s Callion deposit results

Source: OBM Announcement 24/05/22

Testing of additional targets

OBM aims to test additional targets in the Greater Callion area along with a prospective area north of Lady Gladys, which is a part of the Mulline Trend.

This drilling aims to test for the near-surface expression of any potential gold mineralisation in these areas. Assuming success, follow-up RC drilling to test bedrock targets will follow.

The historical Callion mine has a gold endowment of around 200,000 ounces at an average grade of 6.4g/t. This further includes the total historical production of 280Kt @ 10.2 g/t Au for 91,650oz of contained gold. 

RELATED ARTICLE: Ora Banda (ASX:OBM) closes AU$20 million equity raising

OBM’s Callion deposit results

Regional Location Map with current Resource and Reserves (Source: OBM Announcement 23/05/22)

Following on from extensive resource definition drilling undertaken by OBM, the Company released an updated Mineral Resource Estimate of 680,[email protected] g/t Au for 107,000 oz Au for Callion.

Highly encouraging rock chip sample results

OBM’s focus on exploration of the Callion deposit was renewed in 2021, and the Company concluded a large rock chip and mapping program in December 2021 and January 2022.

The results have been recently received, and numerous highly encouraging rock chip sample results were returned. These results suggest the existence of multiple high-grade and small- to medium-sized targets that can be explored in the Callion area. Several of these targets have been poorly tested or have never witnessed drilling in the past.

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OBM’s Callion deposit results

Source: OBM Announcement 24/05/22

OBM has identified the following areas as priority drill targets on the basis of the work completed to date and historical reports:

OBM’s Callion deposit results

Source: OBM Announcement 24/05/22

AC drilling program commenced

OBM has initiated a first-pass AC drilling program over the Callion North/Callion Queen area to test for near-surface high-grade gold mineralisation. Significant quartz veining and some alteration at and close to a Granodiorite/Basalt contact have been noted through initial logging at Callion.

OBM extended this program across Lady Kate with a small number of holes designed to test the potential for a high-grade vein recently exposed by near-surface prospecting. The results for this are yet to be received.

RELATED ARTICLE: Ora Banda (ASX:OBM) on fast track with recent capital raising and exploration progress

OBM stock was noted at AU$0.037, up by 5.714% on 24 May 2022.

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