Source: Junjira Limcharoen, Shutterstock
Summary
- Ora Banda Mining Limited has received encouraging assay results from the infill drilling program continuing at the Riverina South to date, including
- 10.0m @ 10.8 g/t from 80m (Including 6.0m @ 17.3 g/t)
- 8.0m @ 9.9 g/t from 69m (Including 6.0m @ 13.0 g/t)
- 13.0m @ 3.8 g/t from 5m
- The infill drilling program started in January 2021 and is anticipated to conclude in mid-March.
- OBM has also received assay results returned from Riverina Underground, and this program is expected to conclude in early March.
Ora Banda Mining Limited (ASX:OBM) had reported encouraging results from the infill drilling program at the Riverina South Deposit that recommenced in December 2020.
Riverina and Riverina South overview plan (Source: ASX Announcement 08 March 2021)
Key Intercepts From Drilling
Lately, the Company has received additional assay results from the infill drilling program that recommenced in January 2021 at the Riverina South and Riverina Underground. The current results follow the previously announced results that included
- 3.0m @ 32.4 g/t from 34m returned from RVRC20180
- 5.0m @ 10.4 g/t from 21m returning from RVRC20193
- 5.0m @ 7.3 g/t from 51m returning from RVRC20109
OBM believes that the infill drilling at the deposit shall enable the Company to upgrade the inferred mineral resource of 650,000 tonnes @ 2.1g/t for 43,000 ounces to indicated.
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Moreover, OBM expects upgrading as well as the potential extension of the existing Riverina underground mineral resource of 728,000 tonnes @ 5.9g/t for 139,000 ounces through the Riverina Underground drilling.
Source: ASX Announcement 08 March 2021
OBM has aimed for a 1km long, highly prospective strike extension corridor through the Riverina South drilling program. This lies immediately south of the main Riverina mining, area and the Company initiated open pit mining here in October 2020. Significantly, the mine now offers the bulk of the mill feed to the Davyhurst 1.2Mtpa process plant.
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Oblique Long Section showing Riverina South Significant Intercepts (Source: ASX Announcement 08 March 2021)
The Riverina open-pit mine boasts a declared Ore Reserve of 1.4Mt @ 1.8g/t for 81,000 ounces.
The current drilling that was initiated in mid-January 2021 has continued through February and is anticipated to last till mid-March as 1,800 metres remain. The current phase is the third phase of the drilling that has occurred on the deposit and includes the historical British Lion mine.
Moreover, the present 10,600-metre program follows on from the Phase 1 exploration RC program that concluded in the early 2020 and Phase 2 RC program that resulted in the maiden Mineral Resource declaration.
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Composition of the Drill Program
The Company’s Riverina Underground drilling includes RC and Diamond drill program that aims for the Main lodes, and the drill program comprises 14 holes for 3,270m. The Company aims to enhance the resource classification and broaden the resource down plunge to the south and anticipate updating the underground resource following all assays' receipt.
The mineralisation in three separate Lode systems, namely the Main Lode, Murchison Lode and Reggie Lode, together comprise the main mining area at the Riverina deposit. The Company has slated open-pit mining at Riverina within two separate open-pits, and the Company has planned to reach a depth of around 110 metres below the present ground surface.
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Before 2020, there was an exclusion zone encompassing the Riverina Homestead that barred drill testing of the target but was later lifted in April 2020 and allowed drilling to test the complete length of the Riverina South target.
OBM plans to test several highly prospective areas at Riverina and shall continue to pursue its exploration efforts at the Riverina with an intent to generate encouraging results in the future.
OBM stock quoted at A$0.260 at A$206.34 million market capitalisation on 08 March 2021.
