A comprehensive exploration campaign has paid off for Ora Banda Mining with the company revealing it has doubled the underground mineral resource at its Riverina gold system to more than 300,000 gold ounces.
The gold producer also announced a maiden ore reserve for the Riverina system near Kalgoorlie of 73,000 ounces at a solid grade of 4.3 grams per tonne gold with an additional reserve only limited by drilling density at the site.
The updated underground resource is now at a robust 303,000 ounces at a grade of 4.1 g/t gold. The maiden reserve supports the company’s 2025 financial year production target of 100,000 ounces per annum.
Ora Banda Mining Managing Director, Luke Creagh said: “We are very excited by the increase of the Riverina underground resource and maiden reserve position. This update is a game-changer for the company because, subject to final investment decision, we have a genuine pathway to greater than 100kozpa that is backed by reserves.”
Last 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.
Ora Banda says the maiden reserve is primarily made up of the Main Lode mineralisation only, with the Murchison lode making up less than 3 per cent of the reserve due to it having an inferred classification in the resource. Conversion from resources into reserves is a key component of the in-fill grade control drilling.
Recent assay highlights from drilling at the company’s Main Lode East prospect showed some impressive grades including a 2m hit at 49.8 grams per tonne gold from 163m.
Additional results from Main Lode East showed another 2m hit going 20.2 g/t gold from 276m containing 1.5m at 27.53 g/t gold from 276.6m. Ora Banda also hit a 3.6m intercept reading 10.4 g/t gold from 210m including a 0.5m hit at an impressive 70.38 g/t gold from 213m.
A phase 2 diamond drilling program is expected to take place next month with the Riverina mineralised system remaining open in all directions including at depth.
The Goldfields producer says the case for the final investment decision is expected to be presented to the Ora Banda board in the March quarter and is expected to include consideration of inferred material that will convert to reserve following more drilling in addition to resource extensions.
A mining commencement notice was submitted to the WA Department of Mining, Industry Regulation and Safety on last week with mining able to commence 45 days later subject to approvals.
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By Matt Birney
