Ora Banda Mining (ASX:OBM) said the life of mine at its Riverina gold project in Western Australia would be extended after drilling at Riverina Underground confirmed the continuity of high-grade gold mineralization over 300 meters below the current mine plan, according to a Thursday Australian bourse filing.
Drilling at the mineralization resulted in intersections of 2.9 meters at 36 grams-per-tonne (g/t) grade of gold and 2.9 meters at 18.9 g/t grade of gold on the main lode.
The drilling program is around 50% complete and extended known structure and mineralization to a depth of over 1 kilometer, 800 meters below the current working level and 500 meters below the current mine plan.
The board approved an additional spend of AU$16 million in exploration and resource development and AU$29 million in capital to rapidly advance drilling and expand infrastructure.
The company also started an exploration program at the Little Gem prospect.
Ora Banda Mining's shares rose almost 4% in early trading on Thursday, hitting a 52-week high.
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