Ora Banda Mining Ltd (ASX:OBM) has made material progress toward an updated mineral resource estimate for the Riverina Gold Project in Western Australia's Goldfields with another set of high-grade results from deep within the main lode.
The main lode at Riverina consists of two parallel mineralised systems, 10-15 metres apart - Main Lode East and Main Lode West.
A third system, dubbed the Murchison lode, has also been identified as a narrow-vein, high-grade system, parallel to but at greater depths than the other two structures.
“We continue to be impressed from the results of the phase 1 drilling program at Riverina," Ora Banda Mining managing director Luke Creagh said.
"Each set of results has improved and extended the mineralisation, as well as giving us a greater understanding of the potential as a high-grade and multi-lode underground mine.”
Main Lode East, West and Murchison results
Results from these three mineralised systems include:
Main Lode East:
- 2.0 metres at 49.8 g/t gold from 162 metres;
- 2.0 metres at 20.2 g/t from 276 metres, including 1.5 metres at 27.5 g/t;
- 3.6 metres at 10.4 g/t from 210 metres, including 0.5 metres at 74.0 g/t;
- 1.8 metres at 18.2 g/t from 264 metres;
- 2.5 metres at 12.1 g/t from 328.2 metres, including 2.3 metres at 13.0 g/t;
- 4.8 metres at 6.0 g/t from 178 metres, including 2.1 metres at 12.6 g/t; and
- 1.4 metres at 14.2 g/t from 578 metres.
Main Lode West:
- 3.7 metres at 26.9 g/t from 202 metres;
- 2.8 metres at 16.8 g/t from 193 metres, including 2.2 metres at 21.0 g/t;
- 4.1 metres at 9.3 g/t from 285 metres, including 3.5 metres at 10.7 g/t; and,
- 6.3 metres at 5.9 g/t from 225 metres, including 3.5 metres at 9.5 g/t.
Murchison:
- 0.3 metres at 4.0 g/t from 197.5 metres;
- 4.0 metres at 39.0 g/t from 163.8 metres, including 3.8 metres at 41.3 g/t;
- 8.8 metres at 4.9 g/t from 191 metres, including 5.8 metres at 6.8 g/t; and
- 7.5 metres at 3.1 g/t including from 130 metres, including 6.5 metres at 3.4 g/t gold.
Mineral resource update later this month
“The next steps for us are to deliver the mineral resource update later this month, placing Ora Banda in a position to progress towards investment decision in this financial year,” Creagh continued.
“In addition to this, we are looking forward to commencing the phase 2 program to expand the mineralisation envelope.
“The results from Riverina are testament to Ora Banda’s 3-year strategy to create value by targeting high-grade underground ore to enhance our production profile and reduce costs.
“We have achieved outstanding results from Riverina and we consider this is early days in a potentially big system.”
OBM’s phase 2 diamond drilling program is schedule to resume in March, designed to continue exploring the Riverina mineralised system, which remains open at depth in multiple lodes.