Waihi’s Expanding Gold Mineralisation Raises Stakes for Ora Banda’s Third Underground Mine

Expanding the Golden Pole Lode

Ora Banda Mining Limited (ASX – OBM) has delivered a compelling update on its Waihi Project, revealing thick, high-grade gold intersections that extend the known mineralisation at the Golden Pole Lode. The latest drilling results include standout intercepts such as 7.0 metres at 27.4 grams per tonne and narrower but exceptionally rich zones like 2.0 metres at 87.5 grams per tonne. This expansion of the mineralised envelope follows an ambitious 97-hole drilling campaign, initially planned for 45 holes but extended due to early success.

A New Lode Emerges

Beyond the Golden Pole Lode, Ora Banda has identified a potential new lode to the west, marking a significant exploration breakthrough. The first intercept in this zone returned 1.1 metres at 3.4 grams per tonne, suggesting that the Waihi Project’s mineralisation extends beyond previously mapped boundaries. This discovery opens fresh avenues for exploration and resource growth within a project area already known for its rich gold endowment.

Strategic Location and Historical Context

The Waihi deposit lies just three kilometres west of Ora Banda’s Davyhurst processing plant, positioning it as a strategic asset for the company’s operations. Historically, the Golden Pole mine produced approximately 77,000 ounces of gold at an impressive grade of 29.6 grams per tonne between 1900 and 1939. Ora Banda’s current drilling has not only confirmed extensions beneath these old workings but also highlighted the potential for new high-grade shoots within structurally complex shear zones.

Looking Ahead to Resource Update

With the drilling program ongoing and an additional 20 holes planned to focus on infill and extensional targets at Golden Pole, Ora Banda is preparing for a Mineral Resource Estimate (MRE) update scheduled for early in the June 2026 quarter. This update will incorporate the Golden Pole Lode for the first time, potentially adding significant ounces to the company’s resource base and underpinning the development of Waihi as a third underground mine.

Geological Insights

The Waihi Project’s geology is characterised by volcanic sequences of tholeiitic and komatiitic basalts, interlayered with sedimentary horizons that localise high-strain deformation. Gold mineralisation is structurally controlled, primarily hosted within ductile shear zones and deformed quartz veins. These structural controls have created high-grade shoots with moderate north-westerly plunges, consistent with the historic mining footprint but now extended by Ora Banda’s drilling.

Management Perspective

Ora Banda’s Managing Director, Luke Creagh, emphasised the significance of the results, stating that the drilling success supports Waihi’s role as a key growth pillar for the company. He highlighted the excellent grades and widths encountered, as well as the exciting potential unlocked by the new lode discovery west of Golden Pole. The proximity to the Davyhurst plant further enhances the project’s economic prospects.