Ora Banda Mining Limited (ASX: OBM) has announced a highly encouraging next round of results from its resource definition drilling program at Waihi in WA.
The company said that significant high-grade results continue to be reported from Waihi Phase 1 resource definition drilling.
Outstanding result returned include 23.0m @ 6.2 g/t from 57m & 17.0m @ 6.7 g/t from 77m; 1.6m @ 36.3g/t from 219.0 metres, including 0.65m @ 91.3g/t; 6.0m @ 5.5g/t from 107.0 metres; and 2.0m @ 13.0g/t from 56.0 metres
Ora Banda reported that it is well-funded to continue an aggressive drilling program at Waihi.
Waihi deposit
The Waihi Complex is located 3km west of the Davyhurst Mill and is an advanced deposit with substantial open pit and underground mining potential.
The Waihi Complex comprises the historical Waihi, Homeward Bound, and Golden Pole deposits with a published mineral resource of 914,000 tonnes @ 2.4g/t for 71,000 ounces.
Drilling at Waihi
The company had recently commenced both reverse circulation (RC) and diamond drilling (DD) operations at Waihi. OBM said that the drilling has been centred on the Waihi deposit with solid progress achieved.
The drilling was focused on delineating and upgrading an optimal open pit Mineral Resource with potential for further resource extensions at depth.
A total of 3,899 RC metres and 4,234 DD metres for 8,133 metres has been completed to date at Waihi from a total planned program of 9,845 metres.
High-grade results
The company reported high-grade results from the new batch of assays, especially from holes WHRC19003, WHDD018, WHRC19011, and WHDD0024.
Hole WHRC19003
The hole WHRC19003 was drilled into the host unit where the ore geometry has been influenced by a refolded fold. The intersection is related to the Homeward Bound structure, which contains a high-grade zone that displays a relatively short strike length but remain most continuous in its plunge direction, which is moderate to the north.
The company said that hole WHRC19003 returned 23.0m @ 6.2 g/t from 57m and 17.0m @ 6.7 g/t from 77m. Ora Banda said that mineralisation modelling continues with further drilling planned.
Hole WHDD018
The company announced that hole WHDD018 intersected 1.6m @ 36.3g/t from 219.0 metres. This quartz vein hosted intersection is hosted within a north south shear that dips steeply to the west. The hole was designed to test the down plunge continuity of a high grade gold shoot that plunges north out of the Waihi South pit.
Hole WHRC19011
Ora Banda reported that hole WHRC19011 returned 6.0m @ 5.5g/t from 107.0 metres, from a footwall structure that was intersected east of main Homeward Bound line of lode. The structure is poorly tested to the north and south, and further work is warranted.
Hole WHDD0024
OBM said that of interest in the latest batch of results is hole WHDD0024 that intersected 2.0m @ 13.0g/t in an RC pre-collar that targeted the Golden Pole lode.
This previously undiscovered hanging-wall structure is untested along strike for up to 270 metres (180m north & 90 metres south) and poorly tested beyond that.
The company said that a further 2,500 Waihi area samples are currently awaiting processing through the assay laboratory.
New results extend early results
The company reported that more recent drilling continues to infill and extend early results that intersected the Waihi and Homeward Bound ore shoots at depth down plunge of the existing open pit resources.
These earlier results include 23m @ 9.1g/t from 128 metres; 5.0m @ 19.2 g/t from 38 metres; 8.0m @ 4.2g/t from 36 metres; and 6.0m @ 4.7g/t from 57 metres.
Next steps
The company reported that it is planning to do the data evaluation and geological assessment of all deposits, including Waihi, followed by additional resource drilling and updated JORC 2012 compliant Mineral Resources.
OBM is also planning a regional exploration targeting for new green-fields deposits.
Management comments
Ora Banda Managing Director, David Quinlivan, said: “The strength of the Waihi drilling results to date continues to impress. Waihi is a high tenor ore system and the discovery of a previously untested hanging wall lode on the Golden Pole line of lode is exciting and demonstrates that the near mine exploration potential remains highly prospective.
Our drilling program at Waihi continues and we look forward to the next round of results from this program.”
