Blockbuster gold discovery for Ora Banda near | Australian Markets

Ora Banda Mining has again struck gold, with a stellar set of high-grade intercepts at its latest discovery, Little Gem, south of its Riverina gold camp, exterior Kalgoorlie.

The company is gushing over its latest discovery outcomes, stating the drilling has exhibited thick, wealthy lodes of gold and sparked an instant 16-hole follow-up marketing campaign.

The drill program will now pepper a 4.7-kilometre gold pattern rising south of Ora Banda’s flagship Riverina mine, stretching all the way in which from its British Lion deposit south via Little Gem to its 32,000-ounce Sunraysia deposit.

The star of the drilling program is a deep intersection at Little Gem, which slammed into two monster lodes, delivering a hefty 22.7 metres at 5 grams per tonne (g/t) gold from 481m – together with a scorching 6.2m at 10.8 g/t. An extra 10.9m at 6.4 g/t was delivered 40m additional downhole.

The intercepts have been half of a five-hole affirmation program after a discovery at Little Gem final month. The company says its outcomes show the prospect’s carbonate-hosted gold system is important, probably stretching more than 1.6km in strike and plunging to depths untested exterior the close by Riverina underground mine.

A success some 250m up-dip tagged the identical lodes with stable outcomes reminiscent of 4m at 4.1 g/t, hinting at continuity nearer to floor.

Ora Banda’s geologists have assays from three additional holes due by late April however are already buzzing about a game-changing discover which may tie Little Gem’s high-grade carbonate models to related wealthy zones at Sunraysia, 4km south, the place historic hits reminiscent of 2m at 28.6 g/t are set to be additional examined.

These latest discovery intercepts at Little Gem are landmark as a result of they open our eyes to a new 4.7km long goal zone that runs all the way in which from Sunraysia to British Lion. To put this into context, that is more than double the present strike size of the recognized Riverina orebody. Consequently, we’ve dedicated to a precedence 16-hole starter drill program which is able to check the carbonate horizons alongside the 4.7km strike and down to a depth of 400m. We’re very a lot wanting ahead to seeing what this program delivers.

As Creagh urged, the company will waste no time rolling out a 7300m diamond drilling blitz over the approaching 10 weeks, some 25km north of Ora Banda’s 1.2-million-tonne each year Davyhurst mill, which is charging towards its 150,000-ounce annual gold manufacturing goal.

The company says it’s on track to attain its manufacturing objectives, fueled by file gold costs hovering about $4650 per ounce and a fortified struggle chest exceeding $100 million, due to a latest $50m credit facility.

Ora Banda’s Riverina and Sand King underground mines are already pumping out high-grade ore, however Little Gem’s promising grades might turbocharge the pipeline of future mining alternatives the company has accessible, probably dwarfing close by Sunraysia’s modest 32,000-ounce useful resource.

This discovery lands sizzling on the heels of Ora Banda’s file half yr revenues of $186.4m and a $57.8m money pile – proving its high-grade underground strategy is a money-spinner.

The company has $41m earmarked for exploration this yr, together with an extra $16m from a $45m expenditure enhance introduced final month, giving it the firepower to totally pepper Little Gem with the drill bit.

If the upcoming assays and drilling affirm this 4.7km gold pattern, Ora Banda might be staring down a multi-year mine life extension, cementing its place amongst Australia’s elite gold producers.

With the Davyhurst mill buzzing at full blast and gold costs at all-time highs, the company could quickly need to consider increasing its milling capability to compensate for all the extra gold it retains on discovering.

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