{"id":452,"date":"2023-10-26T02:54:00","date_gmt":"2023-10-26T02:54:00","guid":{"rendered":"https:\/\/economicherald.net\/?p=452"},"modified":"2023-10-26T02:54:00","modified_gmt":"2023-10-26T02:54:00","slug":"high-margin-ounces-emerging-100kozpa-gold-miner-ora-banda-increases-reserve-grade-as-aussie-gold-price-hits-record-high","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=452","title":{"rendered":"\u2018High margin ounces\u2019:  Emerging 100kozpa gold miner Ora Banda increases reserve grade as Aussie gold price hits record high"},"content":{"rendered":"<p>Ora Banda updates its resource and ore reserve statement for the Davyhurst gold project<br \/>\nOBM increases reserve grade by 50% compared to the previous statement<br \/>\nUnderground drilling has commenced at Riverina to focus on extensions to the higher-grade resource <\/p>\n<p>\u00a0<\/p>\n<p><strong>Ora Banda\u2019s strategy to focus on higher-grade underground ore is just beginning with an increase in reserve grade by 50% at the Davyhurst gold project.<\/strong><\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/ora-banda-obm\/\">Ora Banda\u2019s (ASX:OBM)<\/a> 1,200km2 Davyhurst tenements, 100km northwest of Kalgoorlie, boast a current resource base of 1.8Moz at an average grade of 2.6 g\/t gold.<\/p>\n<p>The tenement package is centred on five key, highly prospective project hubs (Mulline, Riverina, Davyhurst, Callion, and Siberia) where historical production is estimated at 1.4Moz gold since 1897.<\/p>\n<p>It\u2019s been a transformational year for the gold company so far, with a new strategy and team in place focused on transitioning the $195m market cap stock from a ~50,000ozpa gold producer to more than 100,000ozpa within two years.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>New resource and ore reserve statement <\/strong><\/h2>\n<p>In-line with its strategy, OBM concluded the sale of its non-core Lady Ida tenements for $10m to Lamerton and Geoda, strengthening the company\u2019s balance sheet ahead of a final investment decision on the Riverina underground project.<\/p>\n<p>OBM managing director Luke Creagh said the sale of these tenements was a great outcome as they did not align with OBM\u2019s strategy to target high-grade underground deposits, nor was it included in its production target of 100,000oz per annum supported by reserves.<\/p>\n<p>The company remains focused on the quality and value of its current resource and reserve base at Davyhurst with new updated estimates for both as at 30 June.<\/p>\n<p>The Davyhurst resource now sits at 1.8Moz at 2.7 g\/t while the ore reserve comes in at 160,000oz at 2.6 g\/t, including 145,000oz at 3g\/t gold.<\/p>\n<p>This was calculated using a very conservative A$2400\/oz gold price. The precious metal is currently paying a near record $3155\/oz.<\/p>\n<p>Underground drilling has also commenced at Riverina to focus on extensions to the higher-grade mineral resource within the deposit to convert more ounces to reserve.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Tapping into $9.8m exploration investment in 2024 <\/strong><\/h2>\n<p>\u201cOur strategy to focus on higher-grade underground ore is just beginning, however, we are already seeing the early effect of this change with an increase in reserve grade by 50% compared to the previous statement,\u201d Creagh said.<\/p>\n<p>\u201cThis strategy ensures the quality and value of our current resource and reserve base and directs our focus to higher-margin ounces \u2013 both from a production perspective and in the development of future opportunities.<\/p>\n<p>\u201cI am very much looking forward to seeing what our A$9.8m exploration investment will unlock in FY24, especially noting that we are now drilling underground at Riverina and have exciting advanced underground targets in Missouri and Sand King.\u201d<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\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><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/high-margin-ounces-emerging-100kozpa-gold-miner-ora-banda-increases-reserve-grade-as-aussie-gold-price-hits-record-high\/\">\u2018High margin ounces\u2019:  Emerging 100kozpa gold miner Ora Banda increases reserve grade as Aussie gold price hits record high<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Ora Banda updates its resource and ore reserve statement for the Davyhurst gold project OBM increases reserve grade by 50% compared to the previous statement <a href=\"https:\/\/economicherald.net\/?p=452\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":1,"featured_media":263,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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