Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Ora Banda Mining chalks up more than 40% increase in Missouri open pit gold output this quarter

Published 28/06/2023, 10:44 am
Ora Banda Mining chalks up more than 40% increase in Missouri open pit gold output this quarter
XAU/USD
-
GC
-
HG
-

Ora Banda Mining Ltd (ASX:OBM) has chalked up an increase of more than 40% in gold mined to around 15,000 ounces at its Missouri open pit for the June quarter compared to the average of the previous three quarters with the WMC and Monarch lodes exposed and being mined.

These numbers at the Davyhurst Project in Western Australia have surpassed the company's expectations.

Mined ounces by quarter for 2023.

In tandem, the development of its Riverina Underground Project is progressing as planned, with development advance rates in line with projected forecast after the underground portal was mobilised and established in May.

A total advance of 225.7 metres has been completed as of June 25, including 194.3 metres in the main decline and a further 31.4 metres in other development.

Progress at the Riverina Portal (left) and Riverina Decline.

New output guidance

Separately, Ora Banda Mining has revised its 14,000 ounces of gold output guidance for the June quarter to about 12,000 ounces due to unplanned downtime on the secondary crusher.

Ora Banda managing director Luke Creagh said: “Whilst the crushing circuit downtime is disappointing, it is a short-term impact that is not expected to have any long-term implications to the business.

“We expect the current circuit to be fully operational by July 1, 2023, and the previously announced crusher upgrades in FY24 will ensure the crushing circuit is no longer a bottleneck to performance.”

About the company

Ora Banda Mining is a gold exploration and development company and owner of the Davyhurst Gold Project in the highly productive Eastern Goldfields region of WA.

The project is just 120 kilometres northwest of Kalgoorlie, a region known for multiple gold deposits.

With a substantial mineral resource inventory of 2 million ounces at an average grade of 2.5 g/t gold, Ora Banda Mining boasts a significant presence in the region and has established mineral reserves of 276,000 ounces at 1.9 g/t gold.

While primarily focused on gold, the company's tenements also display strong potential for other valuable minerals such as nickel, copper and lithium.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.