Discovery, high-grade hits grow more legs for Ora | Australian Markets

Ora Banda Mining has made a new gold discovery – together with one other set of blockbuster outcomes from deep drilling at its Riverina mine in Western Australia. The outcomes will even prolong the deposit’s mine life.

The company’s depth extension drilling program has continued to intersect high-grade gold for more than 300 metres under its present mine plan, additional extending the life of mine at its ever-refining Davyhurst operation.

Including to Ora Banda’s pleasure, a potential greenfields discovery at its Little Gem prospect, 2.5 kilometres south of Riverina, delivered extremely encouraging first-pass outcomes. A 4.6m hit at a juicy 7.6 grams per tonne (g/t), 5.3m at 3.3g/t and 4.4m at 3.4g/t gold have been all returned from the identical gap at round 250m downhole, suggesting a new multi-lode potential standalone discovery.

The outcomes stirred Ora Banda’s board into motion to log off on a main funding enhance for 2025 of $45 million useful resource enlargement investment that set out $16m for exploration and useful resource drilling and a $29m to fast-track mine enlargement.

The extra $45m will enhance exploration and useful resource drilling whole spend for 2025 to $41m. With the $29m in capital expenditure to assist growth at Riverina and Sand King, together with $10m for camp expansions, $10m for mine development and $9m for ancillary tasks.

The depth of the latest drilling program at Riverina reveals simply how huge the system is changing into. A high-grade shoot about 600m under the present workings returned distinctive grades together with a 2.9m hit at a bonanza 36.0g/t gold, a thicker 7.8m part operating 9.7g/t and 4m at an spectacular 14.2g/t.

The drilling marketing campaign is simply 50 per cent full and has already prolonged the project’s identified gold mineralisation to more than 1km in depth – a huge tick for the company because it continues its manufacturing mission to ship 150,000 ounces of gold this financial yr.

The numerous outcomes flowing from deeper drilling at Riverina Underground are nothing short of outstanding and level to a future step change for the business as we are able to now see by way of to a multi-year enlargement in mine life.

Whereas Riverina continues to set information and the company’s Davyhurst mill churns out more tonnes than ever, Ora Banda’s Little Gem prospect might additionally quickly form up as a potential standalone deposit in its own proper.

Ora Banda believes its outcomes from Little Gem verify what management has long suspected – that the Riverina gold system extends properly past its present boundaries.

Importantly, the host rocks for the a number of lodes intersected in gap one have been recognized because the metasediment models that type half of the hanging wall sequence within the Riverina Underground. This means the principle lode internet hosting the high-grade Riverina lode sits instantly west of the present gap and is but to be intersected.

Ora Banda has drilled 4 further holes at Little Gem, with assays nonetheless pending. The company can be planning to run additional step-out drilling to outline the complete extent of its potential new discovery.

Ora Banda is properly on its approach to reaching its goal of 150,000 ounces of gold for the yr, with a pipeline of high-grade ore sources now taking on as feed ore into its 1.2 million tonne every year Davyhurst mill.

With document gold costs at $4,630 per ounce and anticipated document manufacturing for Davyhurst this quarter, the invention of but more gold and an prolonged mine life for Ora Banda solely provides to the company’s continued ascendancy. The almost multi-billion-dollar company now appears primed to crack the $1 per share mark for the primary time in its rollercoaster historical past.

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