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Ora Banda lights up southern extension of Riverina gold deposit

Ora Banda Mining has landed multiple, wide drill intercepts along a one-kilometre strike south of its main Riverina gold deposit, located 48 km north-northwest of its Davyhurst mill in WA.  Riverina already has a total resource of 280,000 contained ounces of gold albeit an upgrade is almost certain now with new hits like 13m at 4.59 g/t gold from 63m, including 3m at 10.1 g/t gold.

Other results from the phase one Riverina South RC drilling program are 13m grading 3.23 g/t gold from 37m, including 2.0m at 15.8 g/t; 16m going 2.53 g/t gold from a shallow 16m and 3.0m at 10.55 g/t gold from 76m.  Ora Banda drilled 32 holes for a total of 3,639m to a maximum depth of 150m down hole with management now planning to commence follow up drilling at the prospect by mid-May.

The company also said it has reached agreement with the owners of the Riverina pastoral lease, Zenith Australia Investment Holding Pty Ltd, to extend its exploration and mining activities to land upon which the Riverina Station homestead and associated site infrastructure is located.  The site sits adjacent to its Riverina South prospect and was previously within an exclusion zone.

Ora Banda has also acquired the homestead buildings and other site infrastructure which it plans to use to service its future exploration and mining operations in the area.

Ora Banda Mining Managing Director, David Quinlivan said: “These initial wide spaced drilling results are an exciting jumping off point for our ongoing search for new, near surface, oxide gold resources. We look forward to commencing the Phase 2 drilling program in the near future. I would also like to thank the Riverina Station owners’ team for working proactively with the Company to achieve an outcome that benefits both parties.”

Ora Banda Mining already boasts almost 2 million ounces of gold in its resource armoury across the Davyhurst and Mount Ida gold projects and its Riverina South discovery could well tip Ora Banda over that rarefied benchmark.  The ledger currently stands at a total measured, indicated and inferred mineral resource of 23.4 Mt at 2.6 g/t for 1.98 million ounces gold.

 

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

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Total Shareholder Return as at 29/05/20

1 year TSR5 year TSR
75thOra Banda Mining135%-2%
457thJupiter Energy-11%-39%
668thPeninsula Energy-44%-32%
671 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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47th↑Ora Banda Mining$38.7m
61st↓Peninsula Energy$9.5m
62nd↑Jupiter Energy$9.0m
67th↑Pelican Resources$3.9m
68th↑Kalia$3.8m
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