Ora Banda reports further high-grade results from Waihi

Ora Banda Mining Limited (ASX: OBM) has announced further encouraging results from its resource definition drilling program at Waihi in WA.

The company reported that significant high-grade results continue from Waihi Phase 1 resource definition drilling.

Highlights include 14.0m @ 18.3 g/t from 97m including 6.0m @ 41.9 g/t; 20.0m @ 1.8g/t from 152.0 metres, including 11.0m @ 2.3g/t; 19.0m @ 1.7g/t from 89.0 metres; 12.0m @ 1.8g/t from surface; and 5.0m @ 3.5g/t from 17.0 metres.

PBM said that it is looking forward to incorporating these high-grade results into an expanded resource update targeted for January 2020.

The company also expressed confidence regarding the near mine exploration potential of the Waihi deposit.

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.

The Waihi South and Golden Pole were initially mined in the early 1900s as high grade underground mines to a maximum depth of 190 metres, targeting steeply dipping, north plunging shoots.

The Golden Pole Mine produced approximately 81,000 tonnes @ 29.6g/t for 77,000 ounces and in the late 1990s, a further 740,000 tonnes @ 2.40g/t Au for 56,000 ounces was extracted via open pit methods from the Waihi Main deposit.

Phase 1 drilling program

The company has commenced phase 1 drilling program at Waihi. The drilling focussed on delineating and upgrading an optimal open pit Mineral Resource and testing the potential for further open pit and underground resource extensions at depth.

Ora Banda reported that 5,012 metres of new RC drilling and 3,657 metres of new diamond drilling have now been completed in total at Waihi since 1 July 2019 and the current phase of this drilling program is nearing completion.

The company had previously reported high-grade assay results from holes WHRC19003, WHDD018, WHRC19011, and WHDD0024.

Further high-grade assays reported

OBM reported that drilling has returned further high-grade results from Waihi.

Significant intersections include14.0m @ 18.3 g/t from 97m including 6.00m @ 41.92 ppm (Hole WHRC19079); 20.0m @ 1.8g/t from 152.0 metres including 11.00m @ 2.26 ppm and 5.30m @ 1.41 ppm (Hole WHDD029); 19.0m @ 1.7g/t from 89.0 metres including 11.00m @ 2.25 ppm and 7.00m @ 1.82 ppm (Hole WHRC19073); 12.00m @ 1.78 ppm from surface including 3.00m @ 1.38 ppm and 4.00m @ 3.71 ppm (Hole WHRC19036); and 5.00m @ 3.53 ppm from 17.0m (Hole WHRC19039).

Updated resource estimate planned

The company announced that a reinterpretation of the Waihi mineralisation model based on a refined geological understanding obtained from recent drilling is in progress.

OBM said that an updated resource estimate for Waihi is targeted for completion in January 2020.

Core samples processed

Further to ongoing resource definition drilling at Waihi, four diamond drill holes have successfully recovered core samples for a metallurgical gold recovery test work program for this deposit.

The company said that this core is currently being processed for testing.

Near mine exploration

The company reported that near mine exploration planning in the Waihi region continues, with three main areas of focus.

The focus areas are, down plunge continuation of the high grade Homeward bound mineralisation to the north and at depth of the current drilling area; area to the south of and along strike from the historical Golden Pole mine; and follow up on hole WHDD0024 that intersected 2.0m @ 13.0g/t in a RC pre-collar that targeted the Golden Pole lode.

The company noted that the previously undiscovered hanging-wall structure near Golden Pol is untested along strike for up to 270 metres (180m north and 90 metres south) and poorly tested beyond that.

Next steps

The company announced that further work will include data evaluation and geological assessment of all deposits, including Waihi, followed by additional resource drilling and updated JORC 2012 compliant Mineral Resources.

The company said that it is also planning regional exploration targeting for new green-fields deposits.

Management comments

Ora Banda Managing Director, David Quinlivan, said: “We are very pleased that the excellent run of high-grade drilling results at Waihi has continued, and we look forward to incorporating these into an expanded resource update.

We also maintain a strong interest in the near mine exploration potential of the Waihi deposit, and remain keen to pursue some of the significant intersections that remain open for possible mineralized extensions.”

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