Total
0
Shares
Ora Banda Mining (ASX:OBM) - Managing Director, David Quinlivan
Managing Director, David Quinlivan
Source: HotCopper
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Junior gold explorer Ora Banda Mining (OBM) has upgraded the mineral resource at its Callion Project by 114 per cent today
  • After a big drilling program in the area, the mineral resource has been upgraded to 269,000 tonnes at 3.5 grams per tonne for 30,000 ounces of gold
  • Callion is part of the wider Davyhurst Project in Western Australia
  • Ora Banda said Callion is one of five priority drilling targets in the area due to historic mining at the prospect
  • Today’s mineral resource upgrade was taken on to give Ora Banda a better understanding of the geology of Callion
  • Shares in Ora Banda are trading over eight per cent higher today, currently worth 20 cents each

Junior gold explorer Ora Banda Mining (OBM) has lifted the mineral resource at its Callion Project by 114 per cent today.

The mineral resource has been upgraded to 269,000 tonnes at 3.5 grams per tonne for 30,000 ounces of gold. The previous Resource was 169,000 tonne at 2.6 grams per tonne for 14,000 ounces of gold.

The upgraded mineral resource comes after Ora Banda completed a 66-hole drilling program, under which the company drilled the project area for over 10,000 meters.

The program was made up of 42 reverse circulation (RC) holes for 5773 metres and 24 diamond drill holes for 4672 metres.

Ora Banda Managing Director David Quinlivan said: “We were initially drawn to Callion due to its relatively high grades and impressive production history.

“The Callion Mineral Resource is the final resource to be evaluated as part of the company’s reserve definition program for the Definitive Feasibility Study (DFS) and delivery of this study remains on schedule,” he continued.

Callion and Davyhurst

The Callion deposit is a part of the wider Davyhurst Project in Western Australia.

According to Ora Banda, the total mineral resource for Dabyhurst is now roughly two million ounces.

The Callion prospect is one of five priority mining targets part of the Davyhurst project and sits just 13 kilometres away from the Davyhurst processing plant.

Ora Banda said Callion has been mined by several companies since the early 1900s in both an underground and open-pit operation. Historically, the prospect produced 280,000 tonnes at 10.2 grams per tonne for 91,650 ounces of gold from open-pit mining and underground mining.

The mineral resource upgrade of Callion was taken on to give Ora Banda a better understanding of the geology of the prospect and provide additional drill support for a strong mineral resources estimate.

Shares in Ora Banda have gained 8.11 per cent today, currently trading for 20 cents each. The company has a $117.46 million market cap.

OBM by the numbers
More From The Market Herald

" Moho Resources (ASX:MOH) eyes $1.51m & enters agreement with Whistlepipe

Mining company Moho Resources (MOH) has completed a bookbuild to undertake a $1.51 million placement.
The Market Herald Video

" ASX debutant Eastern Metals (ASX:EMS) to develop former Kidman Resources’ projects

Eastern Metals (EMS) began trading on the ASX today after raising $6 million through its IPO.

" Desert Metals (ASX:DM1) highlights PGEs at Innouendy

Desert Metals (DM1) has identified platinum group elements (PGEs) at the Innouendy project in Western Australia.
Auroch Minerals (ASX:AOU) - Managing Director, Aidan Platel

" Auroch Minerals (ASX:AOU) to begin drilling at Ragless Range

Auroch Minerals (AOU) will begin a diamond drilling program at the Ragless Range zinc target at its Arden Project in South Australia.