Ora Banda Mining (ASX: OBM) has confirmed its intent to fast-track the Golden Pole lode at its Waihi project in Western Australia. The Company released strong new drilling results this week. The results support plans to develop Golden Pole as a third underground mine. An updated mineral resource and maiden ore reserve estimate are due in the June 2026 quarter.
Ora Banda Mining accelerates development at the Golden Pole lode within its Waihi gold project in Western Australia. [IStock]
New Drilling Program Delivers High-Grade Gold Intercepts at Golden Pole
Ora Banda completed a 22-hole drilling program at Golden Pole earlier in 2025. The program targeted two objectives. It aimed to fill data gaps in existing models and test extensions of known gold zones. Results confirmed the presence of thick, continuous mineralisation throughout the lode system.
Top intercepts from the program include 3 metres at 44.0 grams per tonne (g/t) gold. Other strong results include 11.3 metres at 10.5 g/t and 7 metres at 16.9 g/t. Shorter intersections returned grades as high as 80.9 g/t. These results signal that very rich gold zones exist within the broader deposit system.
The drill results confirm grade continuity at depth. They also indicate that mineralisation extends beyond the historical workings. This supports the case for including Golden Pole in future mine planning and resource estimates.
High-grade drill core samples from Golden Pole confirm strong gold mineralisation across the lode system. [CanadianMiningJournal]
A New High-Grade Shoot Extends Below Historic Golden Pole Workings
Drilling has identified a new high-grade shoot south and below the old Golden Pole mine area. This zone remains open, meaning it could extend further in both directions. Ora Banda considers this a significant finding. It opens the prospect of a larger resource than previously estimated.
The Company also identified lodes 1, 2, and 6 as part of a broader north-west striking structural system. This orientation shows better widths and grades than the dominant north-south trends at Waihi. Ora Banda believes this structural interpretation expands the exploration window to the south-east of the current Golden Pole boundary.
Proximity to Davyhurst Processing Plant Strengthens Development Case
The Waihi project sits approximately three kilometres west of Ora Banda’s Davyhurst processing plant. This location gives the project a key advantage over typical exploration assets. Ore from a future mine could travel a short distance to the existing mill. This reduces infrastructure costs and development timelines significantly.
Davyhurst already processes ore from Ora Banda’s two operating underground mines at Riverina and Sand King. Adding a third feed source from Waihi would increase plant utilisation. This supports the Company’s broader production growth strategy heading into FY27 and beyond.
The nearby Davyhurst processing plant provides a cost-effective pathway for ore treatment from Waihi. [International Mining]
Resource Estimate and Ore Reserve Update Scheduled for June 2026 Quarter
Ora Banda plans to release an updated Waihi mineral resource estimate in the June 2026 quarter. This update will incorporate the latest Golden Pole drill results for the first time. The Company also plans to deliver the first underground ore reserve estimate for Golden Pole during the same period.
The resource update marks a critical step in the project’s development pathway. It provides the technical foundation needed for feasibility studies and mine planning. Investors and analysts expect the updated figures to reflect a material increase in the Waihi underground inventory.
Historical Gold Production Underlines Golden Pole’s Long-Term Potential
The Golden Pole area has a documented production history spanning several decades. Between 1900 and 1939, operations at Golden Pole recovered around 77,000 ounces of gold. The average recovered grade during that period reached approximately 29.6 g/t. These figures place the historic workings among the higher-grade operations in the Goldfields region.
Historical mining reached a depth of around 190 metres before it ceased. Modern exploration by Ora Banda now targets extensions well below that level. Current drilling confirms that bonanza-grade material persists at depth. This validates the geological premise behind the Company’s renewed focus on the area.
Managing Director Luke Creagh Outlines Rapid Progress at Waihi Gold Project
Managing Director Luke Creagh addressed the significance of the latest results in a formal company statement. He highlighted the speed of development at the Waihi project and the quality of work by the exploration team.
“These excellent drill results build on the rapidly growing body of work at Waihi and we’re moving to incorporate these into an updated Waihi underground Mineral Resource and Ore Reserve Estimate scheduled for release this quarter. At Waihi, we are once again seeing the rapid transition of an exploration target into a potential near-term development, highlighting both the excellent organic growth opportunities on the tenement package plus the outstanding ability of our teams to discover and develop these opportunities.”
Ora Banda Managing Director Luke Creagh highlights rapid progress at the Waihi gold project. [The West Australian]
Creagh’s comments reflect a broader company strategy of converting exploration success into production quickly. Ora Banda has demonstrated this approach with both Riverina and Sand King. Golden Pole appears to follow a similar trajectory.
Ora Banda’s Production Growth Provides Context for Waihi Mine Expansion
Ora Banda produced over 92,000 ounces of gold in the last financial year. The Company issued FY26 production guidance of 140,000 to 155,000 ounces. This represents a production increase of approximately 60 percent year on year. The growth reflects the contribution of both existing underground mines operating at stronger output levels.
The Company recorded a statutory net profit of A$186 million in its most recent full financial year. That result reflected a significant increase compared to the prior period, partly due to a one-off tax benefit. Underlying operating performance improved materially across the same period. Ora Banda continues to invest in exploration and infrastructure to support further growth.
A $34 million capital program supports accommodation and operational capacity expansion at Davyhurst. Management allocated $23 million of that total to FY26, with the balance carrying into FY27. This investment underpins the Company’s readiness to absorb additional ore feed from a potential third mine at Waihi.
Market Performance and Investor Sentiment Reflect Strong Drilling Momentum
Ora Banda shares have recorded strong gains over the past year. The stock delivered a total shareholder return of approximately 122 percent over the twelve months prior to April 2025. Over the most recent 90-day period, shares rose around 20 percent. Analyst commentary attributes much of this movement to consistent exploration success at Waihi and Golden Pole.
At current levels, the share price of A$1.62 sits above the A$1.52 consensus analyst price target. Some valuation models suggest the stock trades at a meaningful discount to intrinsic value. The divergence between price targets and intrinsic value estimates reflects differing assumptions about future resource growth and production milestones.
What Comes Next for the Golden Pole Lode and Waihi Underground Mine Plan
Ora Banda plans follow-up drilling to test down-plunge extensions at Golden Pole. Assay results from additional holes within the broader Waihi program remain pending. These results will contribute to the upcoming resource model update. The company expects to publish those figures before the end of the June 2026 quarter.
Once Ora Banda completes the resource and reserve estimate, the project will move toward feasibility assessment. The proximity to Davyhurst and the existing underground mining expertise at Ora Banda provide a clear development pathway. Subject to positive results, the Company could target early development decisions for Golden Pole within the next twelve to eighteen months.
Golden Pole represents one of several active exploration and development fronts for Ora Banda across its Western Australian tenement package. The Company continues to advance resource growth at Riverina and evaluate additional targets across the broader Davyhurst district. Management has indicated that organic growth through the drill bit remains a core part of its long-term value strategy.
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FAQs
Q1: What is the Golden Pole project at Waihi?
A1: The Golden Pole project is a high-grade gold deposit within Ora Banda Mining’s Waihi project in Western Australia. It is being fast-tracked as a potential third underground mine.
Q2: What were the key drilling results at Golden Pole?
A2: Recent drilling returned strong gold intercepts, including 3m at 44.0 g/t, 11.3m at 10.5 g/t, and 7m at 16.9 g/t, with some grades reaching up to 80.9 g/t.
Q3: Why is the Waihi project strategically important?
A3: Waihi is located about 3 km from the Davyhurst processing plant, allowing for lower development costs and faster integration into existing operations.
Q4: When will the updated resource and ore reserve be released?
A4: Ora Banda plans to release an updated mineral resource and a maiden ore reserve estimate for Golden Pole in the June 2026 quarter.
Q5: How does Golden Pole fit into Ora Banda’s growth strategy?
A5: Golden Pole supports Ora Banda’s plan to increase gold production by adding a third underground mine, boosting plant utilisation and long-term output.
Q6: What is the historical significance of the Golden Pole deposit?
A6: The area produced حوالي 77,000 ounces of gold between 1900 and 1939 at an average grade of about 29.6 g/t, highlighting its high-grade potential.
Q7: What are the next steps for the Golden Pole development?
A7: The Company will continue drilling, update resource models, and move toward feasibility studies, with potential development decisions expected within 12 to 18 months.
Disclaimer:
This article is published by Colitco for informational purposes only and does not constitute financial, investment, or trading advice. The content is based on publicly available information and company disclosures believed to be accurate at the time of publication. Colitco makes no representations or warranties regarding the completeness or reliability of the information provided. Readers are encouraged to conduct their own independent research and consult a licensed financial advisor before making any investment decisions. Market conditions may change without notice, and past performance is not indicative of future results. Colitco accepts no liability for any loss or damage arising from reliance on this information.
Sources
https://stocksdownunder.com/ora-banda-surges-on-high-grade-gold/
https://www.australianmining.com.au/ora-banda-confirms-golden-pole-fast-track-potential
Last modified: April 22, 2026
