- Ora Banda Mining (OBM) posts high-grade and bonanza grade gold results from recent drilling at the Iguana prospect
- Best results include 21 metres at 3.2 grams of gold per tonne (g/t) from 69 metres, including one metre at 41.3 g/t gold and seven metres at 3.5 g/t gold
- Iguana is located near OBM’s Davyhurst Gold Project, with the recent drilling at the deposit set to upgrade its mineral resource
- Once the inferred material is upgraded to indicated, OBM will start work on an Ore Reserve to extend the life of the Davyhurst mine
- Company shares are trading in the grey at 15.5 cents per share at 2:38 pm AEST
Ora Banda Mining (OBM) has posted high-grade and bonanza grade gold results from recent drilling at the Iguana prospect in WA.
Iguana is located near OBM’s Davyhurst Gold Project, with the recent drilling at the deposit set to upgrade its mineral resource.
Best results from Iguana include 21 metres at 3.2 grams of gold per tonne (g/t) from 69 metres, including one metre at 41.3 g/t gold (bonanza grade) and seven metres at 3.5 g/t gold.
OBM also hit nine metres at 7.6 g/t gold from 181 metres, including seven metres at 9.6 g/t gold, which CEO Peter Nicholson said was an encouraging result.
“The strong initial drilling results indicate that our development plans
for the Iguana deposit are on the right track,” Mr Nicholson said.
“This is a large deposit that has the potential to deliver higher grade ore to our 1.2 million tonnes per annum Davyhurst processing plant.
“We have more work scheduled at Iguana and remain excited to see what the next round of drilling delivers to allow us to move forward with assessing the potential for material mine life extension via this deposit.”
OBM said the next phase of drilling will include 500 metres of diamond core drilling, before 6,150 metres of reverse circulation drilling is completed in phase three.
All the drilling will help upgrade and expand the current mineral resource of 2.71 million tonnes at 2 g/t gold for 175,000 ounces.
Specifically, the company wants to upgrade the inferred material to indicated, so it can begin work on an ore reserve that will help extend the existing Davyhurst Project mine life.
Company shares were trading in the grey at 15.5 cents per share at 2:38 pm AEST.