High grade gold intercepts have continued to expand and enhance the underground mining potential of Ora Banda’s Riverina project in Western Australia.

This work has extended high-grade mineralisation since the last update in October by more than 100m to the south and 100m vertically, with results from 29 holes received to date from the 46-hole diamond drill program having doubled the depth of known mineralisation from 240m to 480m.

Notable results from the latest batch of drilling include 2.5m grading 29 grams per tonne (g/t) gold from a down-hole depth of 232m (RVDD22024), 2.4m at 26.4g/t gold from 320.6m (RVDD22026) and 1.2m at 51g/t gold from 257.8m (RVDD22032) in the Main Lode East, 2m at 13.2g/t gold from 330m (RVDD22014) in Main Lode West and 1m at 40.3g/t gold from 171m (RVDD22017) at the Murchison Lode.

Ora Banda Mining (ASX:OBM) added that visible gold has been noted in the deepest holes at all three lodes and that the exploration window and plunge continuity at depth remains untested at both Main Lode East and Main Lode West.

Drilling has also struck the parallel Reggie’s Lode at depth with hits of 0.7m at 4.2g/t gold and 0.5m at 6.9g/t gold.

“The drilling of Riverina as a high-grade underground target continues to impress, with the consistency of the mineralised structures and high-grade tenor giving us confidence that this is a large-scale system,” managing director Luke Creagh said.

“We are excited by the results so far, as well as the positive impact these drill programs are expected to have on the underground resource estimate, which is on track to be updated in the March quarter.

“With that in mind, we are in a good position for a mining investment decision in H2 of FY23, which could potentially deliver high grade underground ore to increase our production profile.”

Expanded drill program

Current drilling has further proven the strike continuity of the Main Lode structure, which consists of the parallel East and West lodes, for more than 1km and demonstrated that the system is open in all directions including high grade intercepts at depth.

Drilling at the Murchison Lode, which was not targeted historically, has also identified a new, narrow and high-grade vein extension in deeper drilling that runs parallel to the Main Lode.

With the success of the 46-hole program totalling 13,046m to date, the company made the decision to drill an additional eight holes, which have yet to be drilled.

A Phase 2 drill program is also being designed to help Ora Banda accelerate a potential mining decision.

Ore from the Riverina system has previously been processed at its Davyhurst processing plant, which produced 13,661oz of gold during the September 2022 quarter.

The company has also maintained its guidance of between 56,000oz and 61,000oz of gold production at an all-in sustaining cost of $2,175 to $2,275 per ounce due to improved operational performance, a strip ratio reduction at Missouri in H2 and the mined grade improving at depth.

 

 

 

This article was developed in collaboration with Ora Banda Mining, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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