Ora Banda Mining Ltd (ASX:OBM) (FRA:M6N) has delivered further strong Riverina South and Riverina Underground gold assay results from an infill drilling program that recommenced in January 2021 at the deposits near Davyhurst processing plant in Western Australia.
Assay results returned from Riverina South to date include:
- 10 metres at 10.8 g/t gold from 80 metres, including 6 metres at 17.3 g/t;
- 8 metres at 9.9 g/t from 69 metres, including 6 metres at 13 g/t; and
- 13 metres at 3.8 g/t from 5 metres.
Results from Riverina Underground include:
- 14 metres at 6.6 g/t from 148 metres, including 10 metres at 9 g/t;
- 6 metres at 10.1 g/t from 96 metres in the Hanging Wall Lode;
- 2 metres at 10.9 g/t from 126 metres; and
- 4 metres at 5.2 g/t from 88 metres.
“Solid basis for resource upgrades”
The Riverina South infill drilling is expected to allow the inferred mineral resource of 650,000 tonnes at 2.1 g/t for 43,000 ounces to be upgraded to the indicated status.
Riverina Underground drilling is expected to allow the upgrading and the potential extension of the current resource of 728,000 tonnes at 5.9 g/t for 139,000 ounces.
Ora Banda managing director David Quinlivan said: “These results continue to provide a solid basis for significant open pit and underground mineral resource upgrades at Riverina South.
“We accordingly have increased confidence that Riverina South has the potential to deliver both a substantial extension to current open pit mining operations and a new underground mining operation at Riverina.
“Numerous highly prospective areas remain to be tested at Riverina and we look forward to the ongoing exploration efforts at Riverina delivering exciting results into the future.”
Shares have been as much as 10.5% higher to 27 cents while Ora Banda's market cap is approximately $206.3 million.
Riverina South open pit
The Riverina South drilling program has targeted a 1-kilometre-long, highly prospective strike extension corridor immediately south of the main Riverina mining area.
Open pit mining commenced at Riverina South in October 2020 with the mine now providing the bulk of the mill feed to the Davyhurst 1.2 million tonnes per annum process plant.
The Riverina open pit mine has a declared ore reserve of 1.4 million tonnes at 1.8 g/t for 81,000 ounces.
The current program is the third phase of drilling at the deposit, with Phase 2 resulting in the declaration of the maiden mineral resource in October 2020.
Phase 3 is expected to be completed in mid-March with 1,800 metres remaining.
Riverina and Riverina South overview plan.
The drilling at Riverina Underground comprises an RC and diamond drill program targeting Main lodes which were mined from underground between the 1900s and 1930s and again in the 1980s.
Main lodes are two sub-parallel, sub-vertical mineralised shears with significant strike (>1000 metres) and depth (>250 metres) extent.
The drill program of 14 holes for 3,270 metres aims to increase resource classification and extend the resource down plunge to the south and is scheduled for completion in early March.
Ora Banda expects to update the underground resource following receipt of all assays.