Recently moving into the development stage of its Riverina gold mine has not deterred Ora Banda from simultaneous exploration works, as it seeks to have a well-endowed ore reserve by the time the mine goes into production.

Gold developer Ora Banda Mining (ASX:OBM) has set a 2025 target for 100,000 ounces per annum (ozpa), which is currently underpinned by an upgraded ore reserve of 73,000oz @ 4.3g/t.

Final results from Phase 1 drilling at Riverina have returned significant intercepts around the Main lode, including 3.8 @ 20.3 grams per tonne (g/t) at Main Lode East and 4.4m @ 22.9g/t at Murchison.

Perhaps more exciting is the nearby Reggie Lode, ~80m east of Murchison, which is emerging as a key target for mineralisation extension after an initial hit of 3.6m @ 11g/t.

“The significant intersection on the Reggie Lode of 3.6m @ 11.0g/t is exciting, as this is an emerging lode located east of Murchison with no deep drilling,” Ora Banda boss Luke Creagh said.

“This lode would be accessed off the same decline as Main and Murchison lodes, demonstrating further potential of resource and production growth once we commence targeting this lode with underground drilling in FY24.

“Riverina remains open at depth on multiple lodes, and with diamond drilling already commenced, it will be interesting to see the results of Phase 2.

“The final round of assay results for Phase 1 Riverina underground drilling continue to improve and extend the Riverina mineralised system, and we are looking forward to further results with the Phase 2 program underway.”


More digging

As Ora Banda moves into the development and expansion stages at Riverina, it has turned its pickaxe to nearby historical deposits in efforts to find its next underground mine.

“With the commencement of the Riverina underground mine in May, our exploration team is now focussed on finding the next potential high-grade underground mine, with encouraging results from both Missouri and Federal Flag,” Mr Creagh said.

He noted that at the Missouri Lode, first-time deep drilling showed positive results from two initial holes.

“We have drilled two holes at Missouri, intersecting 2m @ 7g/t at a depth of about 350m.

“This is the deepest hole drilled to date, and significantly enhances the search window and the underground potential of the deposit,” he said.

The search window now extends along strike from Missouri to Sand King and down-plunge at Missouri.

Further drilling at the lode is planned for the June quarter.


Lithium too?

At Federal Flag, which recently intersected lithium as part of its gold-finding efforts, moves are being made to find upside potential for mining both lithium and gold.

Ora Banda said it would continue to investigate the potential for the two styles of mineralisation to have complementary geometrics for possible future open pit mining.

“Along with other high priority targets, Ora Banda will focus its current exploration efforts into the potential of both lithium and gold mineralisation at the Federal Flag prospect,” the company stated.



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

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