Early-Stage Little Gem System Shows Open-Ended Depth Potential

Expanding the Little Gem Gold System

Ora Banda Mining Limited (ASX, OBM) has announced the completion of its Phase 2 drilling program at the Little Gem gold prospect, delivering compelling evidence of a high-grade, multi-lode mineralised system. The 16-hole diamond drilling campaign has not only confirmed the presence of multiple gold-bearing lodes but also extended the strike length of the key Diamond Lode to over 1,000 metres, with mineralisation remaining open at depth.

The highlight from Phase 2 was hole LGDD25008, which intersected 8.8 metres grading 6.3 grams per tonne gold at a depth of 320 metres below surface. This intercept lies 400 metres north of a previously reported high-grade intersection of 22.7 metres at 5.0 grams per tonne, underscoring the continuity and scale of the mineralised shoot.

Multi-Lode System and Geological Insights

Ora Banda has now modelled four distinct lodes within the Little Gem prospect, the Diamond, Ruby, Sapphire, and Tanzanite lodes. The Diamond and Ruby lodes are the immediate focus of the ongoing Phase 3 drilling campaign, which aims to infill and extend the high-grade shoots from surface down to 500 metres, with some deeper testing planned to 750 metres.

Structural analysis from the Phase 2 program reveals a geological architecture reminiscent of the nearby Riverina Mine, characterised by steeply dipping lodes and south-plunging folds that control the geometry of high-grade shoots. This structural similarity bodes well for the potential scale and continuity of mineralisation at Little Gem.

Phase 3 Drilling and Future Exploration

The current Phase 3 program is significantly more intensive, with 38 holes being drilled using two diamond rigs and one reverse circulation rig. The tighter drill spacing (80 metres line spacing and 160 metres hole spacing) is designed to rapidly advance the understanding of the system’s size and grade distribution. Additionally, the largely untested mafic units to the west, which host the Riverina Mine, will also be drill tested as part of this program.

Managing Director Luke Creagh emphasized the strategic importance of these results, stating that the expanded strike length and high-grade nature of the Little Gem system reinforce its potential as a large-scale gold discovery. The $73 million exploration and resource development budget for FY26 reflects Ora Banda’s commitment to unlocking value across multiple projects, with Little Gem being a key component.

Context Within the Davyhurst Gold Hub

Little Gem is situated near the Riverina Underground Mine and the Davyhurst processing hub in Western Australia, positioning it well for potential future development. Previous metallurgical test work at Riverina has demonstrated strong gold recoveries, and while Little Gem remains at an early exploration stage, the geological and structural parallels suggest promising processing characteristics.

As exploration advances, investors and analysts will be watching closely for Phase 3 assay results and resource updates, which could significantly impact the project’s valuation and development timeline.