- Ora Banda Mining (OBM) has spent the March quarter undertaking work at its West Australian gold projects
- Open pit mining continued at the Riverina Project with nearly 16,500 metres of reverse circulation in pit grade control drilling completed
- A total of 1.18 million bank cubic metres was mined with the northern half of the project now subject to drill and blast activities
- At the Davyhurst project, Ora Banda restarted the Davyhurst processing plant and recommenced underground mining operations at the Golden Eagle deposit
- Pleasingly, first gold pour was achieved on February 7, marking a significant milestone for the company
- Ora Banda burnt nearly $3.92 million in the quarter with the majority going towards administration, exploration and evaluation costs
- As of March 31, the company had $18.45 million in total available funding, representing 2.6 quarters of use if spending levels remain the same
- Shares in Ora Banda are down 6.38 per cent on the market and are trading at 22 cents
Ora Banda Mining (OBM) has spent the March quarter undertaking work at its West Australian gold projects.
Riverina Gold Project
Throughout the quarter, Ora Banda continued open pit mining at the Riverina Project with only six days lost due to weather.
All up, 16,459 metres of reverse circulation in pit grade control (RCGC) drilling was completed.
A total of 1.18 million bank cubic metres (Mbcm) was mined in the quarter and the northern half of the project is subject to drill and blast activities.
Additionally, by March 31, 425 metres relative level (mRL) was reached.
The high, medium and low-grade ore has been separately stockpiled so that the high-grade ore can be processed first.
Ora Banda completed the construction of the Riverina camp in the quarter with the full 64 rooms now occupied.
This has reduced travel time, providing a significant increase in site time and productivity levels.
Davyhurst
Ora Banda restarted the Davyhurst processing plant and recommenced underground mining operations at the Golden Eagle deposit in the quarter.
First gold was poured on February 7 and it marks a significant milestone for the company.
Dewatering and rehabilitation at Golden Eagle was completed and for the quarter it produced 25,235 tonnes at a grade of 3.7g/t gold.
Furthermore, 338 metres of underground development was completed, consisting of 201 metres of capital development and 137 metres of operating development.
Power station
Ora Banda’s new power station was commissioned during the quarter following processing operations beginning in January.
While the demand for power remains lower than expected for the time being, Ora Banda expects it will increase as harder ores are introduced.
Financials
Ora Banda burnt nearly $3.92 million in the quarter with the majority going towards administration and exploration and evaluation costs.
The company also invested $8.77 million in property, plant and equipment, and resource development.
As of March 31, Ora Banda had $18.45 million in total available funding, representing 2.6 quarters of use if spending levels remain the same.
Shares in Ora Banda are down 6.38 per cent on the market and are trading at 22 cents at 2:20 pm AEST.