{"id":11762,"date":"2024-07-03T00:43:43","date_gmt":"2024-07-03T00:43:43","guid":{"rendered":"https:\/\/economicherald.net\/?p=11762"},"modified":"2024-07-03T00:43:43","modified_gmt":"2024-07-03T00:43:43","slug":"sand-king-could-be-obms-next-underground-gold-mine-after-176pc-resource-upgrade","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=11762","title":{"rendered":"Sand King could be OBM\u2019s next underground gold mine after 176pc resource upgrade"},"content":{"rendered":"<p>Ora Banda upgrades Sand King contained resources by 176% to 306,000oz of gold<br \/>\nDeposit is looking increasing likely to be the company\u2019s second underground mine after Riverina as it targets 100,000ozpa runrate<br \/>\nCompany to continue exploration and resource drilling to expand project\u2019s 1.95Moz resource base and 190,000oz reserve<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> Ora Banda\u2019s Davyhurst project is looking increasingly lucrative with the Sand King deposit\u2019s potential to be a second underground operation solidifying after a 176% increase in gold resources to 306,000oz.<\/strong><\/p>\n<p>The delivery of the near tripled resource upgrade and a maiden underground ore reserve at Sand King containing 55,000oz at 3.2g\/t, were among the key highlights of an annual resource and reserve statement that shows <strong><a href=\"https:\/\/stockhead.com.au\/company\/ora-banda-obm\/\">Ora Banda (ASX:OBM)<\/a><\/strong> is within touching distance of hosting 2Moz of high quality gold resource.<\/p>\n<p>A 54% increase in resources at the flagship Riverina underground gold deposit to 468,000oz, has brought Davyhurst\u2019s global resource to 1.95Moz.<\/p>\n<p>The gold miner, led by former Northern Star Resources (ASX:NST) executive Luke Creagh, has engineered a major shift in thinking to modernise the Davyhurst operations near Kalgoorlie, turning away from marginal open pits to chase higher grade ounces underground.<\/p>\n<p>Stoping began at Riverina in the March quarter, with Sand King now in line to become the second underground development.<\/p>\n<p>A +1km long mineralised system that is part of the Siberia project area \u2013 Sand King was previously mined as an open pit by Western Mining until 1991 producing 50,000oz of gold at an average grade of 4.8g\/t.<\/p>\n<p>A small cutback that wrapped up in early January delivered 11,400oz at 1.7g\/t for OBM, but drill hits have shown the deposit remains open along strike and at depths suited for underground mining below more than 300m.<\/p>\n<p>Intersections ranging as high as 17.4g\/t in the 090 Lode served to open up a significant exploration window to the north and at depth as the ultramafic unit dips away to the southeast.<\/p>\n<p>Sand King\u2019s development after Riverina would provide support for the company\u2019s <a href=\"https:\/\/stockhead.com.au\/resources\/all-time-high-gold-prices-come-at-perfect-time-for-ora-banda-as-company-ramps-up-at-davyhurst\/\"><strong>goal of producing 100,000oz of gold<\/strong><\/a> at Davyhurst in FY2025.<\/p>\n<p>At last update, Davyhurst was expected to deliver 67,000-73,000oz at all in sustaining costs of $2275-2475\/oz in the just departed FY24, against gold prices that spent much of the year above $3500\/oz.<\/p>\n<p>\u00a0<\/p>\n<p>Deposit location at Davyhurst. Pic: Ora Banda Mining<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><strong>Real potential emerging<\/strong><\/h2>\n<p>The most recent resource upgrade has really brought Sand King into focus, taking the initial 110,000oz and expanding it by 176% to 3.4Mt grading 2.8g\/t gold, or 306,000oz contained gold.<\/p>\n<p>The upgrade at Riverina, where development of OBM\u2019s first underground mine is progressing, included a 19% increase in its ore reserve to 87,000oz.<\/p>\n<p>This has also increased total ore reserves at Davyhurst by 19% to 190,000oz and cranked up the reserve grade \u2013 excluding low grade and stockpiled material \u2013 by 17%. Underground ounces make up the bulk of that at 142,000oz, a near doubling from last year\u2019s position of 73,000oz.<\/p>\n<p>Surface stockpiles have also increased by 67% to 20,000oz.<\/p>\n<p>\u201cOur updated resource and reserve position is reflective of the wholesale changes Ora Banda has made as a business to target high-grade, with a plus 50% increase in Riverina underground resource and a 176% increase in the Sand King underground resource, in addition to declaring a maiden underground ore reserve at Sand King,\u201d managing director Luke Creagh said.<\/p>\n<p>\u201cAlthough it is still early days, we are extremely encouraged by the fact that we\u2019ve been able to grow our ounce position so quickly and that we are now seeing the deposits show significant potential along strike and at depth.<\/p>\n<p>\u201cThe company will continue to allocate significant investment into exploration and resource definition drilling to continue to expand these mineralised systems to extend mine life and increase its options around an accelerated production profile in the future.\u201d<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Ora Banda Mining, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/sand-king-could-be-obms-next-underground-gold-mine-after-176pc-resource-upgrade\/\">Sand King could be OBM\u2019s next underground gold mine after 176pc resource upgrade<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Ora Banda upgrades Sand King contained resources by 176% to 306,000oz of gold Deposit is looking increasing likely to be the company\u2019s second underground mine <a href=\"https:\/\/economicherald.net\/?p=11762\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":11763,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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