Ora Banda Mining Limited announced that mapping and highly promising rock chip samples collected in the Greater Callion area has identified five new targets to be drilled in early FY23. Highlights: Fresh mapping and rock chip sampling at Greater Callion area has delivered highly encouraging results and identified five new drill targets; The Greater Callion area surrounds the high-grade Callion mine which has a gold endowment of 200,000oz at an average grade of 6.4g/t; Best rock chip samples include: Welcome Stranger - 26.9g/t & 18.6g/t; Lady Dorothy - 18.9gt; Callion North - 7.7g/t and Lady Kate - 6.7g/t & 6.3g/t; RC drill planning to test these targets in early FY23 is well underway; Regional air core drilling has commenced west of the main Callion deposit. The Greater Callion area is a region the Company has been actively exploring since 2021 with a view to finding another high-grade Callion-style deposit.

Callion is located 14 kilometres south-west of 1.2Mtpa Davyhurst processing plant. The historical Callion mine has a gold endowment of approximately 200,000 ounces at an average grade of 6.4g/t which is comprised of historical gold production of 280Kt @ 10.2 g/t Au for 91,650oz11 and an upgraded Mineral Resource Estimate of 680,000 t @ 4.9 g/t Au for 107,000 oz Au (refer 29 July 2021 ASX release). The mapping and sampling program has identified five initial priority targets with work continuing to further delineate the geological and structural settings of these gold occurrences which will aid drill program design.

The Company intends to test these bedrock targets when a reverse circulation (RC) drill rig arrives on site early in FY23. Meanwhile, an air core (AC) rig has commenced a first pass drilling program north-west of the main Callion deposit. Further targets in the Greater Callion area will tested along with a prospective area north of Lady Gladys, which is part of the Mulline Trend.

This drilling aims to test for the near surface expression of any potential gold mineralisation in these areas. Assuming success, follow up RC drilling to test bedrock targets will follow. The Greater Callion area became the focus of renewed exploration by Ora Banda in 2021 with a large rock chip and mapping program completed in December 2021 and January 2022.

Rock chip sampling focused on known old workings to help define controls on the gold mineralisation and possible multi-element signatures from the mineralisation zone. Results of this work are greatly assisting with exploration drill programs. Due to a large backlog at the laboratory the results have only recently been received. A number of very encouraging rock chip sample results were returned.

These results indicate that there are several high grade, small to medium sized targets to be explored in the Callion area with many of these targets never drill tested or ineffectively tested in the past. Based on the work completed to date and historical reports the following areas are priority drill targets: Lady Kate - 6.7g/t and 6.32g/t; Callion Queen- 7.72g/t, 4.53g/t and 2.60g/t; Welcome Stranger 18.6g/t and 26.9g/t; Lady Dorothy - 18.9g/t, 5.63g/t and 4.75g/t; King Edward - 5.52g/t and 3.05g/t. A first pass Aircore drilling program has commenced over the Callion North/Callion Queen area to test for near surface high grade gold mineralisation. The prospectivity of this area is driven the large scale 50 to 250 ppb gold surface Geochem anomaly in soil, with associated target zones propagating out of the main Callion mine area which head up to the north-west and interact with a granite/greenstone contact.

Preliminary logging at Callion has noted significant quartz veining and some alteration at and close to a Granodiorite/Basalt contact. This program was extended over Lady Kate with a small number of holes designed to test the potential for a high grade vein that was recently exposed by near surface prospecting. Results are pending.