OBM 12.2% 27.5¢ ora banda mining ltd

Mt Ida high grade history and potential

  1. 208 Posts.
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    Only few shareholders would realise that Mt Ida was named by Sir John Forrest during one of his many expeditions out into the ‘wild west’ of Australia.
    Sir John did not realise that his Mt Ida would be host to one of the highest grade gold occurrences in WA, with historic production recorded of 547,000 tonnes at an average of 17.2 g/t.
    OBM now owns 100% of Mt Ida and recent presentations indicate that there is still an existing resource of around 320,000 at 13.8 g/t.
    Now what intrigues me is that my broker reckons OBM have had a diamond drilling rig (DC) hammering away up there for a while (not a reverse circulation (RC) rig).
    Normally a company would use RC drilling for general exploration purposes down to 300 metres vertical and only use the much more expensive DC if wanting follow up something of importance.
    With DC, exploration companies can better understand the structural controls on mineralisation, obtain nice samples for metallurgical testwork and also obtain some lovely pictures of yellow stuff that may gleam in the right light !
    High grades of the nature previously mined at Mt Ida remind me dearly of the Penny West orebody (now owned by RMS) and would certainly be important for the future market price of OBM.
    At the current RMS share price, I think the Penny West deposit has recently been bought for the equivalent of $270 million in cash/scrip.
    OBM is cashed up, no debt and only capitalised at ~$230 million today ... so there is ZERO valuation included for this beautiful Mt Ida asset.
    Maybe the left field exploration upside I’m hoping for may be coming from this Mt Ida direction.
    best of luck to all ... especially those visiting from Finland
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