Ora Banda Mining Limited (ASX:OBM) has received promising results returned from its initial Riverina South Phase 1 Exploration reverse circulation (RC) drilling programme.
Managing Director, David Quinlivan, said the Riverina South exploration programme targeted a one km long, highly prospective strike extension corridor immediately south of the main Riverina mining area that has been the focus of recent resource development works.
The programme, which included 32 drill holes for 3,639m reaching a maximum depth of 150m, is now complete and all results have been received.
This first pass wide spaced drilling was conducted on 80m line centres and commenced immediately south of the proposed Riverina open pit, continuing south to the British Lion prospect.
Mr Quinlivan said the initial exploration drilling programme has extended the mining potential immediately to the south of the Main Mining Area at Riverina and further enhanced the prospectively of a 1km zone that lies between the Main Mining Area at Riverina and the British Lion prospect.
Other historical drilling results from these areas include 14m @ 3.2g/t from 52m, 4m @ 5.3g/t from 59m, 18m @ 2.4g/t from 12m and 4m @ 3.2g/t from 35m.
Mr Quinlivan said a follow up drilling programme (Phase 2) will look to close down the drill spacing to 40 metre line spacing with some additional exploration holes planned to cover potential strike variations and extensions.
The main Riverina deposit has a current Mineral Resource of 3.8 Mt @ 2.3 g/t Au for 280,000 ounces and is one of five priority mining targets at the Davyhurst Project. It is at an advanced stage with a high proportion of oxide tonnes defined. The recent resource definition drilling has focused on the larger tonnage potential of the hanging-wall
The main mining area holds strike potential of over 1,000 metres and is approximately 300 metres wide. A detailed mining study for the Riverina Project area is in progress and once completed, will then be incorporated into the larger Davyhurst Gold Project Definitive Feasibility Study (DFS).
The company recently reached agreement with the owners of the Riverina pastoral lease, Zenith Australia Investment Holding Pty Ltd, under which the company has secured the ability to extend its exploration and mining activities to land including that upon which the Riverina Station homestead and associated site infrastructure is located.
The land area upon which the Riverina Station homestead and associated site infrastructure is located was previously defined as being within an exclusion zone in accordance with the terms of an earlier agreement entered into with a previous holder of the Riverina pastoral lease.
The company has, as part of this agreement, also acquired the homestead buildings and other site infrastructure which it plans to use to service its future exploration and mining operations in the Riverina area.
“These initial wide spaced drilling results are an exciting jumping off point for our ongoing search for new, near surface, oxide gold resources,” Mr Quinlivan said.
“We look forward to commencing the Phase 2 drilling program in the near future.
“I would also like to thank the Riverina Station owners’ team for working proactively with the Company to achieve an outcome that benefits both parties.”