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Mineral explorer company, Ora Banda Mining Limited (ASX: OBM) is currently focussed on developing its district scale Davyhurst Gold Project spanning 1,336 km2 and covering a 200- km strike of the highly-prospective greenstone belt in Western Australia’s Eastern Goldfields. On 8 April 2020, the Company announced an updated Mineral Resource for the Golden Eagle deposit, which is located only 3.2 km from the Davyhurst processing plant (@1.2 Mtpa).
Ora Banda Mining’s Project Portfolio
Increase in Mineral Resource
The Resource at Golden Eagle deposit has now increased to 393 kilo tonnes at a very high grade of 3.9 g/t Au for 49k ounces of contained gold, indicating the potential to conduct mining activities using conventional underground mining ways. He updates resource also includes an Indicated Resource of 247 kilo tonnes at a high grade of 4.1 g/t Au for 33k ounces of contained gold.
Furthermore, the upgraded Golden Eagle underground Mineral Resource estimate is based on a gold price of AUD 2,400 per oz Au, a cutoff grade of 2.0 g/t and has been derived following the input of (i) drilling results received since the previous resource was quoted and (ii) recent underground face sampling information. In addition, various constraints including modifying factors for potential underground operations have also been applied during the process while the previously reported Golden Eagle Resource estimate of 656 kt at 2.5 g/t for 54,000 ounces of contained gold was derived from an unconstrained open pit resource model.
Historical Mine Work at Golden Eagle
At Golden Eagle, one of the underground mining operations commenced in August 2017 but suspended later in August 2018. Around 2,100 m of underground development (decline 760m, access drives 420m, ore strike drives 870m and ventilation / emergency egress raises 50m) was completed followed by mining of 25,000t of ore at a grade of 3.4 g/t Au from production stopes during this period.
Both development and production regions at this deposit returned around ~70,150 tonnes at a grade of 2.9 g/t Au for 6,640 contained gold.
The deposit has well established mine owing to the prior mining activities with capital decline development approaching 85 m below the portal and 150 metres (319mRL) below the surface vertically. There is also a well-established ore development at all four levels (395, 375, 355 & 335), with complete stope production at three levels (395, 375 & 355).
Ora Banda Mining on securing all environmental permitting approvals have commenced detailed mine design work to define a Mining Reserve.
Ora Banda Mining’s total Mineral Resource at the broader Davyhurst Project stands at 23.5 Mt @ 2.6 g/t Au for 2.0 million ounces of contained gold.
Stock Information: With a market capitalisation of AUD 79.17 million, the OBM stock settled the day’s trade at AUD 0.135 with ~ 954,277 shares traded. The stock has delivered a return of 17.39% over the last five days of trading.
