- Ora Banda (OBM) has increased the Callion Deposit’s total resource by 72 per cent to 680,000 tonnes at 4.9 g/t gold for 107,000 ounces of gold
- Today, the company released Callion’s maiden underground indicated and inferred mineral resource which is 11,000 tonnes at 5.8 g/t gold for 77,000 ounces of gold
- Positively, this update completes the resource estimation process for the definitive feasibility study
- The Callion Deposit is part of the Davyhurst Gold Project in WA, which now has a total mineral resource of 23.7 million tonnes at 2.8 g/t gold for 2.13 million ounces
- Despite the good news, company shares have dropped a slight 3.03 per cent and are trading for 32 cents each
Ora Banda (OBM) has announced the maiden underground mineral resource at the Callion Deposit, a key part of its Davyhurst Gold Project in Western Australia.
Callion’s maiden underground indicated and inferred mineral resource is 411,000 tonnes at 5.8 g/t gold for 77,000 ounces of gold.
This comes after Ora Banda announced the upgrade of Callion’s open-pit resource in May this year. This resource remains unchanged at 269,000 tonnes at 3.5 g/t gold for 30,000 ounces.
Significantly, the addition of the underground component has increased the Callion Deposit’s overall total resource by 72 per cent to 680,000 tonnes at 4.9 g/t gold for 107,000 ounces of gold.
Ora Banda’s total mineral resource now sits at 23.7 million tonnes at 2.8 g/t gold for 2.13 million ounces.
“This update completes the resource estimation process for the imminent DFS,” Managing Director David Quinlivan said.
“The deeper, high-grade drilling results received to date from Callion indicate there is significant potential for a lower tonnage, higher grade underground mine and we continue to evaluate this opportunity as we believe it could make a significant contribution to the larger Davyhurst Gold Project,” David added.
The new underground resource at Callion stems from recent drilling that targeted the Callion Main Lode below the open-pit resource shell.
Pleasingly, gold mineralisation at Callion plunges to the south and has been defined by drilling to a 450-metre depth below surface.
Despite the good news, company shares have dropped a slight 3.03 per cent and are trading for 32 cents each at 1:38 pm AEST.