Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Significant high-grade results have been returned from initial resource definition drilling at Ora Banda’s Waihi Complex
  • Outstanding results of almost 20 grams per tonne of gold have been returned
  • Ora Banda is well funded to continue its aggressive drilling program
  • Shares are up 5.71 per cent, trading for 18.5 cents apiece

Ora Banda Mining has received the first assay results from its initial resource definition drilling program at Waihi.

The Waihi Complex is located three kilometres west of the Davyhurst Mill and is an advanced deposit with substantial open pit and underground mining potential.

The Complex comprises of the historical Waihi, Homeward Bound and Golden Pole deposits with a mineral resource of 914,000 at 2.4 grams per tonne (g/t)for 71,000 ounces.

Waihi South and Golden Pole were initially mined in the early 1900s as high grade underground mines to a maximum depth of 190 metres.

The Golden Pole Mine produced approximately 81,000 tonnes at 29.6 g/t for 77,000 ounces and in the late 1990s a further 740,000 tonnes at 2.40 g/t for 56,000 ounces was extracted.

A structural geologist has also recently undertaken a detailed review of the Waihi deposit and all newly collected core samples.

While this work remains ongoing it has already assisted with the development and advancement of a structurally dominated mineralisation model for Waihi.

Initial reverse circulation and diamond drilling programs at Waihi have focused on upgrading and extending the existing Waihi Main Shoot mineral resource.

The extensional drilling program includes infill around hole WHDD003 which intersected the Homeward Bound ore lode at depth and down plunge of the existing open pit.

Outstanding results include 5 metres at 19.2 g/t gold from 38 metres, 8 metres at 4.2g/t gold from 36 metres, and 6 metres at 4.7g/t gold from 57 metres.

“Drilling completed to date at Waihi has provided us with a greater geological understanding of this deposit,” Managing Director David Quinlivan said.

“These significant initial results build on our comprehensive historical data set and it is pleasing to see such strong results continuing to enhance the open pit and underground mining potential of the area,” he added.

Ora Banda shares are up 5.71 per cent, trading for 18.5 cents apiece at 12:26 pm AEDT.

OBM by the numbers
More From The Market Herald
The Market Herald Video

" Woomera Mining (ASX:WML) appoints Jason Livingstone as new Managing Director

Mineral explorer Woomera Mining (ASX:WML) has appointed Jason Livingstone as its new Managing Director, effective from…
The Market Herald Video

" Stanmore Resources (ASX:SMR) gains full ownership of SMC, posts record EBITDA

Stanmore Resources' (ASX:SMR) subsidiary Dampier Coal has signed a share sale agreement with Mitsui to acquire…
The Market Herald Video

" Calidus Resources (ASX:CAI) eyes $20m to accelerate lithium & gold exploration

Calidus Resources (ASX:CAI) has received firm commitments to raise $20 million via a share placement.
The Market Herald Video

" Elmore (ASX: ELE) enters offtake agreement for newly-acquired Peko project

Elmore (ELE) subsidiary Peko has struck an ore sales agreement with Hong Kong-based Royal Advance to ship high-iron concentrate magnetite product to China.