Image Sourced ShutterStock
The Market Herald - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Ora Banda receives high-grade assay results from previous drilling programs at its Davyhurst Gold Project
  • First assay results show numerous high-grade results including 23 metres @ 9.1 g/t gold from significant extensional drilling at the Waihi Orebody
  • Resource drilling is ramping up with two drill rigs active at the Waihi and Riverina prospects

Ora Banda Mining has received high-grade assay results from previous drilling programs at its Davyhurst Gold Project in Western Australia.

These notable results demonstrate the high-grade nature of the gold mineralisation at key development deposits and the potential of the broader project area.

The Waihi complex is located three kilometres west of the Davyhurst Mill and comprises of an advanced open pit and underground mining target comprised of the Waihi, Homeland Bound and Golden Pole Lodes.

Waihi currently hosts a near surface mineral resource of 914,000 tonnes @ 2.4 g/t gold for a total of 71koz however, these lodes remain largely unexplored at depth.

Hole WHDD003 returned 23 metres @ 9.1 g/t from 128 metres and intersected the Homeward Bound ore shoot at depth and down plunge.

Ora Banda will now look to follow up this intersection both up and down plunge.

Hole WHDD006 returned 15 metres @ 5g/t, including 7 metres @ 9.5g/t from below the central Waihi North open pit.

Further resource definition and extensional drilling is planned and Ora Banda is continuing to evaluate the combined open pit mining potential for Waihi North and Homeward Bound.

Assay results from a further six holes drilled beneath Waihi North, Waihi Central and Waihi South have also been received.

Ora Banda’s diamond drilling program at Waihi has also begun with five pre-collars being completed and coring commencing. The first hole drilled will test the down-plunge extensions below the historical Golden Pole workings.

The Riverina project is located approximately 48 kilometres from the Davyhurst Processing Plant.

Riverina hosts three significant gold lodes: Main, Murchison and Reggie, and resource definition drilling has begun with 3412 metres of the planned 6200 metres being completed so far.

Resource drilling is currently focusing on infill within a specific one kilometre long section of the overall Riverina system where there is an existing mineral resource of 2.6 million tonnes @ 2.5 g/t gold for 205,000 ounces.

“These drilling results represent a positive start to the Company’s resource drilling and exploration activities and we are particularly encouraged by the high-grade nature of the Waihi intersections,” Ora Banda Managing Director David Quinlivan said.

“With the drill rigs now active at both Waihi and Riverina we are looking forward to the continued advancement of these project areas and a steady stream of news flow as exploration activity progresses.”

Ora Banda shares are unchanged from Friday’s close trading for 14.5 cents with a market cap of $70.53 million.

OBM by the numbers
More From The Market Herald