Ora Banda Mining has increased its underground mineral resource by 103 per cent to 303,000oz at its Riverina Underground Project, a vital part of the Davyhurst Gold Project near Kalgoorlie in Western Australia.
It is a sweet payoff for Ora Banda following a brave decision three years earlier to move away from open pits in search of high grades underground.
The “robust” maiden ore reserve comes at 4.3g/t, with more Reserve conversion only limited by drilling density, remaining open in all directions with the exploration program to recommence in March 2023.
Ora Banda Mining’s Managing Director Luke Creagh said it’s an exciting time for the Company as it swiftly moves toward a final investment decision.
This update is a game-changer for the Company because, subject to final investment decision, we have a genuine pathway to greater than 100kozpa that is backed by reserves,” Mr Creagh said.
“This puts us in a good position to present a business case for the final investment decision, thereby placing this project squarely on a rapid development path,” he added.
“This result also validates the prospectivity of our tenement package, noting there has been no modern or systematic approach to target high-grade underground mines, so we consider this not just early days on the Riverina system, but early days across our entire tenement package.”
Exploration will also recommence at Callion and Siberia as the Company targets a second underground mine.
About Ora Banda Mining
Ora Banda Mining Limited engages in Australia’s exploration, operation, and development of mineral properties. The Company explores gold, nickel, copper, lithium, and base metal deposits. It holds 100 % interest in the Davyhurst Gold project comprising 92 tenements covering an area of approximately 1,210 square kilometres in North-West of Kalgoorlie, Western Australia. Its production deposits include the Riverina, Sand King, Missouri, Waihi, Callion, Lady Ida, Mulline, and Golden Eagle projects. The Company was formerly known as Eastern Goldfields Limited and changed its name to Ora Banda Mining Limited in June 2019. Ora Banda Mining Limited was incorporated in 2002 and is based in West Perth, Australia.