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Summary
- Ora Banda Mining has completed Phase 2 RC drilling program comprising of 68 holes for 7,338 metres at its Riverina South project.
- Some of the significant assay results obtained for all holes returned with results including:
- 12.0m @ 6.4 g/t from 56m (Including 7.0m @ 10.5 g/t)
- 8.0m @ 7.7 g/t from 16m (Including 4.0m @ 14.5 g/t)
- 13.0m @ 3.2 g/t from 106m
- 10.0m @ 4.1 g/t from 115m (Including 2.0m @ 14.3 g/t)
- The results from the drilling program validate the extension to Riverina Main Lode mineralisation into the Riverina South area, and mineralisation remains open along strike.
- OBM is currently progressing with resource modelling, and resource estimation work is scheduled to complete in September 2020.
Gold exploration and development company, Ora Banda Mining Limited (ASX:OBM) owns some very well prospective lands in the highly productive Eastern Goldfields region of Western Australia. OBM owns 100% of the Davyhurst Gold Project, which is a host to multiple gold deposits.
Previous Update: Ora Banda Announces Successful Completion of Retail Entitlement Offer, New Shares to Commence Trading on 3 August 2020
Off late, OBM has received assay results from the Riverina South - Phase 2 infill reverse circulation (RC) drilling program focused on mineralisation in two discreet areas within the 1.0 km long target corridor:
- The area adjoining and immediately to the south of the main Riverina open-pit described in the recently completed Definitive Feasibility Study (DFS)
- The area around the British Lion Prospect located at the southern end of the target corridor
The Phase 2 infill reverse circulation (RC) drilling program totalling 68 RC drill holes for 7,338 metres is in pursuance with the successful exploration drilling program comprising of 32 RC drill holes for 3,639 metres completed earlier in 2020.
Results From the Program
The current program has lowered the drill hole spacing down to a maximum 40m x 25m in two discreet areas at Riverina South, which is immediately south of the proposed Riverina open pit and around the old workings associated with the British Lion prospect.
Assay results for all holes returned with results include the following:
Source: ASX Announcement
The assay results offer validation to the southern extensions of the Riverina Main Lode trending into the Riverina South area. Interestingly, multiple and consistent mineralised lodes in metabasalt, metasediment, and ultramafic host rocks are defined through the results received in the British Lion area.
These results continue to enhance the prospective nature of the area.
Significantly, the mineralisation along strike to the south and down dip remains open and forthcoming resource modelling, and estimation work is expected to ascertain the mining potential of these areas.
Furthermore, resource modelling is in progress at present, and OBM looks forward to concluding resource estimation work in September 2020.
Interesting Read: Ora Banda Set to Unlock Significant Value Of Its Strategic And Prospective Landholding, Davyhurst Gold Project
Potential at OBM’s Riverina Deposit
As set out in OBM’s recently completed DFS, the main Riverina deposit is scheduled to become a priority open-pit ore source and is a host to current Mineral Resource of 3.7 Mt @ 2.7 g/t Au for 322,000 ounces and an open-pit reserve of 1.4 Mt @ 1.8 g/t Au for 81,000 ounces.
The major attraction to make the deposit early ore source for OBM’s Davyhurst Project is the high proportion of oxide tonnes. Moreover, the main mining area hosts mineralisation system covering more than 1,000 metres in strike length in a north-south orientation and is approximately 300 metres wide, spread across three separate Lode systems, including:
- Main Lode
- Murchison Lode
- Reggie Lode
In addition to the scheduled resource estimation work, OBM has scheduled to commence open-pit mining at Riverina during the fourth quarter of the calendar year 2020.
Did you read: Ora Banda Mining Ready to Get the Boots on the Ground; Highlights Key Validations from DFS at Davyhurst Project
On 10 August 2020, OBM stock was noted at $0.385, with a market capitalisation of $290.17 million. Notably, the share has increased by ~121% during the last three months till 07 August 2020.
