EXPLORATION & DEVELOPMENT

Ora Banda's Riverina underground resources increased

ORA Banda Mining's investment in drilling has delivered a substantial increase in ounces and grade for its Riverina underground resource in Western Australia's Eastern Goldfields.

Davyhurst is inching closer to a restart.

Davyhurst is inching closer to a restart.

Having recently delivered a 60% increase in reserves for its Davyhurst project last month, Ora Banda has followed that up with a 46% increase in resources for the Riverina underground mine of 728,000 tonnes at 5.9 grams per tonne gold for 139,000 ounces.
 
The grade improved 37%.
 
It increases resources for the Riverina mine, open pit and underground, by 16% to 322,000oz.
 
Riverina was described as a key asset in plans to restart the idled 1.2Mtpa Davyhurst mill, with a final investment decision targeted later this year once reserves of 500,000oz have been defined. 
 
Reserves stand at 330,000oz.
 
Total resources for the Davyhurst and Mt Ida projects now stand at 23.3Mt at 2.7gpt for 2.05Moz.
 
Work by Ora Banda, its predecessors Eastern Goldfields and Monarch Gold, and others have defined a strike at Riverina, about 80km east of Menzies, of more than 1km with mineralisation proven to 270m below surface.
 
Some 50,490oz was historically recovered from the main lode at the Riverina mining centre, with past owners using several shafts to about 140m to exploit narrow quartz veins that reported recovered grades of around 15gpt.
 
The mineralisation remains open along strike, down-dip, and down-plunge.
 
Additional deep drilling is planned for Riverina main lode aimed at upgrading the resource and to define extensions down-plunge to the south.
 
The initial assay results from adjoining Riverina South exploration program have been described as "encouraging".
 
An underground mining study is ongoing.
 
Reserves estimates for the Waihi and Callion open pits are pending.
 
Ora Banda had around A$15 million cash at the start of the quarter, and needs around $9 million to restart the mill and become a 90,000-100,000oz per annum producer.
 
Shares in the company were last traded at 27.5c, capitalising the company at $161 million.

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.