05/06/2020 - 15:14

Ora Banda hits 2 million ounces in remarkable turnaround

05/06/2020 - 15:14

Bookmark

Save articles for future reference.

Ora Banda Mining’s turnaround of Eastern Goldfields Ltd’s Davyhurst gold project has been remarkable after the new owner this week racked up 2m ounces in gold resources. The company has posted an impressive 46% increase in the underground resource at Riverina, adding 139,000 ounces to the project that went onto care and maintenance after Eastern Goldfields went belly up in 2018.

Ora Banda Mining’s turnaround of Eastern Goldfields Ltd’s Davyhurst gold project has been remarkable after the new owner this week racked up 2m ounces in gold resources. The company has posted an impressive 46% increase in the underground resource at Riverina, adding 139,000 ounces to the project that went onto care and maintenance after Eastern Goldfields went belly up in 2018. 

Ora Banda Mining Managing Director, David Quinlivan, said: “This underground Resource upgrade for Riverina supplements the already substantial resource base that we have defined in this area. The mineralisation remains open along strike, down-dip and down plunge and we remain keen to systematically test these areas.” 

The Riverina deposit already boasts an imposing open pit resource of 3 million tonnes at 1.9 g/t gold. However, the recent development work has targeted the deeper, high-grade extensions to the ore system. 

The updated underground resource for Riverina shows a 37% increase in grade and massive 46% increase in contained gold, tipping the scales at 728,000 tonnes at 5.9 g/t gold for 139,000 ounces. This upgrade has increased the overall resource for Riverina to a solid 3.7 Million tonnes at 2.7 g/t gold for 322,000 ounces. 

Modelling undertaken as part of the company’s definitive feasibility study outlined the open pit parameters for Riverina and it has also revealed that the mineralised structure is far more extensive than first thought. The Main Lode at Riverina can now be traced along more than 1,000 metres of strike, with untested extensions to the deposit plunging to the south. 

Current drilling at Riverina has only tested the system to around 270 metres below surface with additional exploration now planned to define further resources at depth and along strike. 

With over 2m ounces in resources now, Ora Banda’s Davyhurst project has moved into a different league. 

The impending restart of the old Davyhurst mill will represent the culmination of a sustained and methodical resource build out and a strategic approach to the new mine plan for Ora Banda who has breathed new life into this project. 

The mineral resource for the Davyhurst now stands at a serious 23.3 Million tonnes going a solid 2.7 g/t for 2.05 million ounces, a number which regularly eludes most junior explorers. 

Ora Banda is now rapidly filling in the gaps in the Davyhurst DFS which is due for release later this month. Mining studies continue over the key deposits and environmental approvals are now being sought as the final touches to the mining approvals process are put in place. 

Ora Banda is picking up speed as it gallops towards production and with an ever-growing inventory of resources, it finds itself in the enviable position of being able to deliver an ongoing flow of good news. The highly anticipated DFS is due to be released this month and all eyes will be on the annual free cash number and the initial length of mine life.

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options