Ora Banda Mining (ASX: OBM) has delivered another round of impressive Little Gem gold drilling results that continue to expand the deposit’s footprint across Western Australia’s prolific Davyhurst region.
The latest Phase 3 drilling confirms mineralisation now extends 1,200 metres along strike and 700 metres below surface. Critically, the system remains open in all directions.
Among the standout intercepts, hole LGDD25030 returned 25.6 metres at 4.3 grams per tonne (g/t) gold. This hole sits 600 metres north along strike from a previous hit of 22.7 metres at 5.0 g/t announced in March 2025.
Near-Surface Gold Zones Emerge at Little Gem
The company has now completed 80 holes totalling more than 29,000 metres since the Little Gem discovery hole was drilled in September 2024.
Figure 1: Location map showing Riverina Underground, Little Gem and Davyhurst processing hub
What’s catching attention is the near-surface potential being realised through shallower drilling. Results include:
- 9.0m @ 8.1g/t gold from just 70 metres below surface
- 15.0m @ 4.2g/t gold from 120 metres depth
- 13.8m @ 5.4g/t including 3.0m @ 10.2g/t
- 7.0m @ 5.9g/t including 1.0m @ 13.0g/t
These shallow intercepts are significant for future development economics. Deposits that start near surface typically have lower strip ratios and faster payback periods.
Assays have been returned for roughly 50% of the Phase 3 drill programme. The remaining results are expected by mid-November 2025.
Geology Points to Predictable High-Grade Shoots
Ora Banda’s technical team has identified two main gold lodes at Little Gem: the Diamond Lode and the Ruby Lode. Both display linear characteristics and remain predictable as drill spacing tightens.
The carbonate horizons continue to host the high-grade intersections. Macro high-grade plunges identified in drill core mirror those seen at the nearby Riverina Underground Mine, plunging approximately 30 degrees to the south.
This geological consistency is a positive sign for resource modelling. It suggests the mineralisation follows repeatable structural controls that can be targeted with confidence.
Managing Director Luke Creagh commented: “The latest drilling continues to expand the Little Gem mineralisation system with wide, high-grade intercepts at good predictability across a large area.”
Figure 2: Long section showing Little Gem drilling intersections
Riverina Gold Camp Exploration Strengthens Mine Life Case
While Little Gem attracts headlines, the company’s Riverina gold camp exploration continues to deliver bonanza-grade results.
Surface and underground drilling has now completed 88 holes over 25,000 metres. The mineralised system continues strongly at depth, reinforcing the potential for extended mine life.
Notable Riverina intercepts include:
- 3.4m @ 51.7g/t including 1.0m @ 172.4g/t
- 2.6m @ 63.0g/t including 0.3m @ 505.0g/t
- 4.1m @ 35.4g/t including 0.5m @ 264.0g/t
- 6.9m @ 10.0g/t including 0.9m @ 71.5g/t
These exceptional grades demonstrate the high-tenor nature of the Riverina system. The consistency of results at depth suggests the deposit has significant upside beyond current mine plans.
Creagh added: “Surface and underground extension drilling at Riverina has reinforced our view on the potential of the orebody at depth and increases our confidence in the extension of Riverina’s mine life as drilling progresses.”
Phase 4 Programme Set for January 2026
Ora Banda plans to deploy additional rigs in early January 2026 to commence Phase 4 infill drilling at Little Gem. This programme will focus on tightening drill spacing ahead of an expected Maiden Mineral Resource Estimate later in 2026.
The company is currently operating multiple drill rigs across its Davyhurst operation, generating more than 850 metres of diamond core daily. This aggressive drilling pace reflects management’s confidence in the discovery’s scale.
The timing aligns with Ora Banda’s broader strategy of growing resources and extending mine life across the Davyhurst Gold Project. The company is targeting annual production of 140,000 to 155,000 ounces in fiscal 2026.
Market Context and Investor Outlook
Gold prices have provided a supportive backdrop for Australian gold explorers. Spot gold is currently trading above USD 3,400 per ounce, up substantially from 12 months ago.
Figure 3: Ora Banda Mining Share Price
The stock has delivered strong returns over the past 12 months, reflecting investor confidence in the company’s dual underground mining strategy at Riverina and Sand King.
Recent quarterly results showed record cash generation despite significant capital investment in exploration and development. This financial strength positions Ora Banda well to fund aggressive drilling campaigns without diluting shareholders.
What’s Next?
The remaining Phase 3 assays from Little Gem are expected by mid-November 2025. These results will provide further clarity on the deposit’s continuity and grade distribution.
Phase 4 drilling will commence in January 2026 with additional rigs deployed for infill work. The programme aims to deliver data suitable for a Maiden Resource Estimate later in 2026.
At Riverina, drilling will continue to test depth extensions and define resources for mine planning. The company believes the deposit has potential for a multi-year mine life extension.
For Ora Banda Mining, the combination of high-grade results at shallow depths, predictable geology, and strong financial backing creates an attractive development pathway for Little Gem.
The market will be watching closely as the next phase of drilling gets underway in the new year.
