Underground Resource doubles at Riverina

Ora Banda Mining Limited announced today an updated estimate of Mineral Resources and a maiden Ore Reserve for its Riverina Underground. 

• Riverina Underground Mineral Resource doubles to 303,000 ounces at 4.1g/t
• New Resource is robust with minimum mining width of 1.6m applied
• Resource remains open in all directions, with Phase 2 of the exploration program to commence in March 2023
• Phase 2 program is targeted to extend the mineralisation envelope further south and at depth
• Riverina underground maiden ore reserve of 73,000 ounces averages 4.3g/t, with more Reserve conversion only limited by drilling density
• Reserves calculated using gold price of A$1,850/oz and using a minimum mining width of 2.2m in stoping
• The Reserve is primarily made up of the Main Lode mineralisation only, with the Murchison lode making up less than 3% of the Reserve due to it having an inferred classification in the resource. Conversion from resources into reserves is a key component of the in-fill grade control drilling
• The Phase 1 exploration program drilled 24% more holes in the 6 months from Jul-22 to Dec-22 than the entire amount of diamond drilling at Riverina Underground from 1984 to 2021

Ora Banda Mining’s Managing Director, Luke Creagh, commented: “We are very excited by the increase of the Riverina Underground Resource and maiden Reserve position. This update is a game-changer for the Company because, subject to final investment decision, we have a genuine pathway to greater than 100kozpa that is backed by reserves,” Mr Creagh said “This puts us in a good position to present a business case for the final investment decision, thereby placing this project squarely on a rapid development path. “This result also validates the prospectivity of our tenement package, noting there has been no modern or systematic approach to target high-grade underground mines, so we consider this not just early days on the Riverina system, but early days across our entire tenement package.”