Ora Banda Mining Ltd (ASX:OBM) is higher after boosting gold ore reserves by 60% to 330,000 ounces at the Davyhurst Gold Project north of Kalgoorlie in Western Australias prolific Goldfields.
The new combined probable estimate is for four key deposits at Davyhurst – Riverina, Missouri and Sand King open pits and Golden Eagle underground.
There are maiden reserves for Riverina and Golden Eagle while the Missouri reserve is up 8% to 130,000 ounces and the Sand King reserve is 18% higher to 110,000 ounces.
The Riverina open pit reserve is 81,000 ounces and the Golden Eagle underground reserve is 16,000 ounces.
Ore reserves by deposit.
Shares higher[hhmc]
Shares have been up more than 12% to an intra-day high of A26.5 cents, approaching the 12-month high of A27 cents in August 2019.
Ora Banda managing director David Quinlivan said: “The company is pleased to update the market on the ore reserves for the Davyhurst Gold Project as we progress toward the completion of the DFS.”
The ore reserve has been calculated at a gold price of A$2,100 per ounce.
This update to 4.4 million tonnes at 2.4 g/t increases reserves by 60% compared to the 2019 ore reserve estimate of 2.8 million tonnes at 2.3 g/t for 210,000 ounces.
The difference is due to the inclusion of maiden reserves for Riverina and Golden Eagle and a 12% increase in the open pit reserve for Missouri and Sand King.
Davyhurst project deposit locations.
Conversion is 55%[hhmc]
Conversion of measured and indicated mineral resource to ore reserves across the four deposits is 55%, up from 43 % iRead More – Source
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