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Ora Banda Mining (ASX:OBM) - Managing Director, David Quinlivan
Managing Director, David Quinlivan
Source: The Market Herald
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  • Ora Banda (OBM) has increased its Davyhurst Gold Project ore reserve by 60 per cent to 330,000 ounces of gold
  • The gold explorer combined the ore reserve for four key ore deposits —Riverina, Missouri, Sand King open pits and Golden Eagle — at its Davyhurst Gold Project
  • The ore reserve was calculated at a gold price of $2100 per ounce
  • Additionally, Ora Banda says that it is nearly finished with its mining studies at Waihi and Callion open pits as well as the underground extension to Riverina
  • Further, its definitive feasibility study is progressing on time and is expected to be completed next month
  • On market close, Ora Banda is up 8.51 per cent and is selling shares for 26 cents each

Ora Banda (OBM) has increased its Davyhurst Gold Project ore reserve by 60 per cent to 330,000 ounces of gold.

The gold explorer has combined the ore reserve for four key ore deposits — Riverina, Missouri, Sand King open pits and Golden Eagle — at its Davyhurst Gold Project. The ore reserve was calculated at a gold price of $2100 per ounce.

Davyhurst is located around 120 kilometres northwest of Kalgoorlie in Western Australia.

Additionally, Ora Banda says that it is nearly finished with its mining studies at Waihi and Callion open pits, as well as the underground extension to Riverina. Reserve updates for these prospects are planned to be included in the ore reserve statement, which is strengthening the definitive feasibility study (DFS), due to be completed in June.

Managing Director David Quinlivan is pleased to update the ore reserve for Davyhurst as it progresses towards the completion of the DFS.

“The development of reserves for Waihi and Callion open pit and Riverina underground is continuing and we look forward to delivering these and the full results of a robust DFS in the near future,” he said.

Approvals

Since 2019, the company has been looking into the approvals needed to recommence the four Davyhurst brownfield mine sites.

Project mining proposals and mine closure plan amendments covering planned development are nearly completed and will be lodged with the Department of Mines, Industry Regulation and Safety (DMIRS) in the next two months.

“Ora Banda is not aware of any reason why permitting will not be granted within a reasonable time frame,” the company said.

On market close, Ora Banda is up 8.51 per cent and is selling shares for 26 cents each.

OBM by the numbers
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