Ora Banda doubles deposit depth following high-grade gold assays

Ora Banda Mining has extended mineralisation of its Riverina gold system by more than 100m to the south and 100m vertically with the deposit remaining open in all directions following positive assay results.

The company has completed 46 diamond drill holes for a total of 13,046m at the site near Kalgoorlie as Ora Banda explores the system for underground mining potential. The success has encouraged the company to expand the program to 54 holes for a total of 15,331m.

The latest results have doubled the depth of the known mineralisation at Riverina from 240m to 480m.

Assay highlights from drilling at the company’s Main Lode East prospect include 2.5m at 29 grams per tonne gold from 232m, a 2.4m intercept going 26.4 g/t from 320.6m and a 1.2m hit recording an impressive 51 g/t gold from 257.8m.

The Murchison lode continues to deliver impressive grades with 1m going an outstanding 40.3 g/t gold from 171m, a 0.9m hit at 30.5 g/t from 118.1m and 0.7m reading 26.1 g/t gold from 507.3m.

The Main Lode West prospect also produced a number of high-grade hits with a 2m intercept reading 13.2 g/t gold from 330m including 1m at 25.1 g/t gold from 331m in addition to 1.4m going 14.2 g/t gold from 578m.

Results have been returned from 29 holes with a further 17 holes currently being processed. Eight diamond holes remain to be drilled.

Ora Banda says the latest results are expected to have a positive impact on the upcoming underground resource estimate that is on track to be updated in the March quarter of next year. A decision to mine the Riverina system is predicted for the second half of the 2023 financial year that could potentially put the company on the path to increase its gold production.

Ora Banda Mining Managing Director, Luke Creagh said: “The drilling of Riverina as a high-grade underground target continues to impress, with the consistency of the mineralised structures and high-grade tenor giving us confidence that this is a large scale system.”

In April this year the company announced a strategic reset after a detailed review of its flagship Davyhurst mining and processing operations, about 120km north-west of Kalgoorlie.

Part of the new strategy for the company includes developing the Riverina underground complex based on the existing infrastructure in the area and the potential to simply develop a mine portal from the current open pit. Ore from Riverina has been processed at Davyhurst with recoveries of around 92 per cent.

The current program is the first diamond drilling exploration program in more than 12 months on the Riverina tenement package. If Ora Banda can continue its high-grade hits from the remaining assays and the additional eight diamond drill holes, the company could be well on its way to a mining decision to boost its Davyhurst production figures.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au