Ora Banda Mining Limited (ASX:OBM) has reported significant progress during three months to 30 June 2020. Highlights include:
- Robust case for a rapid and low-capital path to achieving sustainable gold production at Davyhurst was confirmed by Definitive Feasibility Study.
- With a view of refining its plans, OBM shall progressively optimise DFS parameters over the next several months.
- Maiden Underground Mineral Resource totalling 411,000 t @ 5.8 g/t Au for 77,000 oz Au was declared at Callion and there remain strong potential for additional resource growth with further drilling.
- An increase of 46% to 728kt @ 5.9 g/t Au for 139,000 ounces is an update to the underground Mineral Resource for Riverina.
- Existing Resource at Golden Eagle was upgraded to 393kt at a substantially higher grade of 3.9 g/t Au for 49,000 ounces of contained gold.
- OBM boasts a strong, well capitalised balance sheet with no debt, and has cash of $10.6 million at 30 June 2020.
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