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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.