Ora Banda Mining continues to kick goals as part of its ongoing resource drill out of its Davyhurst project in the goldfields of WA. Having poured the first gold bar at Davyhurst only in February, the company is now steaming ahead in its quest to grow the resources beneath the Riverina pit and at the Riverina South prospect.
Having made good on its promise to breathe new life into Eastern Goldfields Ltd's Davyhurst gold project near Kalgoorlie after that company fell over a couple of years ago, Ora Banda Mining has moved to usher in a new management era with the appointment of Peter Nicholson as its new CEO. Mr Nicholson hails from global mining-focused private equity firm Resource Capital Funds.
Ora Banda Mining has added to its rapidly developing story at the Davyhurst gold project that it rescued from the Administrators of the failed Eastern Goldfields Ltd after it nailed a set of drill results at its Riverina South Project. The development comes just days after the company churned out its first gold bar from the re-invigorated project north of Kalgoorlie.
Ora Banda Mining has made good on its promise to breathe new life into the old Davyhurst gold operation about 120 kilometres north-west of Kalgoorlie after producing its first gold bar at the new-look operation. Davyhurst is a very different operation with a very different resource profile to the operation that once impaled Eastern Goldfields who slipped into administration with the project.
Ora Banda Mining is edging closer to production start-up at its historic Davyhurst gold project 120 kilometres north-west of Kalgoorlie, with definitive feasibility study numbers pointing to a cracking cash cow for WA's next gold miner in waiting. The company previously indicated it was targeting a first gold pour at the redeveloped Davyhurst mining and processing operation towards the end of January.
Budding WA gold producer, Ora Banda Mining, has delivered a maiden mineral resource estimate for the Riverina South prospect as it prepares to start mining at the nearby Riverina open pit this month as part of its $45 million Davyhurst gold redevelopment 120km north-west of Kalgoorlie. After an extensive drilling program, the company released an initial resource for Riverina South of 650,000 tonnes at 2.1 g/t for 43,000oz of contained gold.
Ora Banda Mining has signed a long-term agreement with Wesfarmers' liquefied natural gas business to supply power to the Davyhurst goldmine in Western Australia.
Ora Banda Mining has banked more impressive RC drill hits from its Riverina South prospect as it eyes a maiden resource estimate for the deposit next month. The company is also looking to get into production at its nearby Davyhurst gold processing plant, 120km north-west of Kalgoorlie – based on initially mining several satellite deposits – in early 2021.
Gold developer Ora Banda Mining has launched a $55 million equity raising following the completion of a definitive feasibility study (DFS) at its flagship Davyhurst project in Western Australia's Eastern Goldfields.
Ora Banda Mining has delivered its inaugural definitive feasibility study at the Davyhurst project in WA that it picked up when Eastern Goldfields went bust. The DFS is underpinned by an existing 1.2 million tonne per annum processing plant, which is reflected in the project's extraordinarily low CAPEX figure of just AUD$45m that it intends to pay back in only 14 months.
Ora Banda Mining has delivered a solid increase to its gold inventory at Davyhurst in WA after it tabled a maiden resource for the Callion underground deposit of 77,000 ounces of high-grade gold, paving the way for the company to complete a DFS over the project. The new resource bumps the global resource for Davyhurst up to 2.13 million ounces.
Ora Banda Mining's turnaround of Eastern Goldfields Ltd's Davyhurst gold project has been remarkable after the new owner this week racked up 2m ounces in gold resources. The company has posted an impressive 46% increase in the underground resource at Riverina, adding 139,000 ounces to the project that went onto care and maintenance after Eastern Goldfields went belly up in 2018.
Ora Banda Mining continues to exceed market expectations with ore reserves at its Davyhurst gold project leaping an impressive 60 per cent. This latest update puts 330,000 ounces of gold into Ora Banda's mine inventory and underpins the company's DFS. Pit design and financial modelling are nearing completion while mine scheduling is well advanced and due to be delivered in June 2020.
Ora Banda Mining has produced a swag of solid gold intercepts from exploration drilling at multiple sites along the mineralised corridors that make up its Davyhurst gold project located north west of Kalgoorlie. Strong hits include 2m at 19.22g/t, 4m at 10.78g/t and 9m at 5.53g/t gold. Drilling at the underground Golden Eagle mine also did not disappoint with 2.1m grading 12.93g/t gold.
Ora Banda Mining has landed on a final resource estimate of 30,000 ounces of contained gold in the open pit section of its Callion gold deposit in WA's Goldfields, up 114 per cent on previous estimates and now with a higher grade of 3.5g/t. The company is now working on a design to take the existing open hit from 40m down to a depth of 85m.
Ora Banda Mining's spread of gold deposits across its Davyhurst project, including an impressive 24 separate resources, will soon receive yet another shot in the arm courtesy of a successful drilling program at the rapidly developing Sand King project. Standout numbers at Sand King include 5 metres grading 13.7 grams per tonne gold from 79m, 4.5m at 10.4g/t from 73m and 6.6m grading 6.1g/t from 5.2m.
Ora Banda Mining has landed multiple, wide drill intercepts along a one-kilometre strike south of its main Riverina gold deposit, located 48 km north-northwest of its Davyhurst mill in WA. Riverina already has a total resource of 280,000 contained ounces of gold albeit an upgrade is almost certain now with new hits like 13m at 4.59 g/t gold from 63m, including 3m at 10.1 g/t gold.
Ora Banda Mining has updated the mineral resource estimate for its historic Golden Eagle mine, located just 3.2km from its Davyhurst processing plant, in WA's Eastern Goldfields, with an initial underground resource of 49,000 ounces of gold. The upgrade totals 393 kt at a higher grade of 3.9 g/t gold at a cut-off grade of 2.0 g/t to reflect the potential to mine this deposit by conventional underground mining.
Ora Banda Mining's ongoing development program at its Callion deposit in the Goldfields has continued to intersect high-grade gold in drilling of both open pit and underground targets. The company is presently working on upgrading the resource at Callion and has proposed a conceptual development program to access high-grade ore within the upper levels of the historic underground mine in addition to the extraction of high-grade lodes at depth.
Ora Banda Mining has increased its Waihai gold resource by 190% to 2.46Mt grading 2.6g/t gold for 206,000 ounces. The company's total Davyhurst project mineral resource now stands at 23.8Mt grading 2.6g/t gold for just shy of 2m ounces. A swathe of new drilling metres has been ploughed into the broader Davyhurst project with the global resource now sitting at 23.8Mt grading 2.6g/t gold for just shy of 2m ounces.
Development drilling at Ora Banda Mining's Callion gold project has delivered some impressive initial results including a 4.8m underground intercept going well over an ounce to the tonne gold from 232 metres, including 0.3m at 498.2g/t. Delineation drilling at the North Eastern goldfields deposit also focused on the open pit development area with one drill hole grading 10.0m at 8.0g/t from 76m.
Drilling at Ora Banda Mining's Davyhurst gold project in WA has provided a substantial boost to the company's confidence in its Waihi deposits with new assays showing a haul of impressive results including a 34-metre intercept grading 3.8 grams per tonne gold from just 30m. After a difficult period under previous management, Davyhurst looks to be on a solid footing now. A resource update is expected soon.
The Davyhurst gold project has gifted Ora Banda Mining a grab bag of impressive drill results for Xmas with the first being a stunning 19-metre intersection grading 24.5 grams per tonne gold from 63 metres downhole. The new intersection includes a 6.4-metre zone grading well over 2 ounces to the tonne at 71.6 g/t. Davyhurst looks well set to ride again under a reconstituted Ora Banda Mining.
Ora Banda Mining should be a leading player in the reinvigoration of WA's Eastern Goldfields mining region over the next decade. Following a corporate restructuring and a brief period in Administration under previous management, the company has been busy scrubbing up its Davyhurst gold project as it builds a robust ore inventory, finalises its mine approvals and completes the economic modelling necessary for the restart of production.
Ora Banda Mining, formerly known as Eastern Goldfields, has continued its revival after gaining commitments to raise $18.5 million through a share placement.
Failed gold miner Eastern Goldfields has released details of its planned recapitalisation strategy, with the company lodging a prospectus today for a capital raising of between $30 million and $40 million.
Our daily board moves wrap includes David Quinlivan, Mark Wheatley, Keith Jones, Tony Brazier, Susan Hunter, Craig Readhead, Campbell Baird, Mark Davies, Winton Willesee, Erlyn Dale, Peter O'Connor, Simon Trevisan, Neale Fong, Fleur Hudson, and CongYan Xue.
SPECIAL REPORT: WA companies participated in 175 corporate finance transactions worth $7.6 billion in the September quarter, with one of the most complex and innovative being the recapitalisation of Eastern Goldfields.
Struggling gold producer Eastern Goldfields has announced a $75 million recapitalisation deal and board overhaul led by private mining services company Adaman Resources.
SPECIAL REPORT: WA's 30 gold miners achieved a small increase in aggregate output last year with the state's biggest producer, Newmont Mining, making up about a sixth of this at 1.1m ounces, research by Business News has found.
Struggling gold producer Eastern Goldfields has suspended all mining operations, with the company confirming that nearly 40 employees have been made redundant.
Eastern Goldfields' executive chairman and largest shareholder Michael Fotios has resigned from the embattled gold miner, while US investor Hawke's Point Holdings looks set to increase its stake in the company after agreeing to buy some of its debt and support a planned recapitalisation.
Perth-based GR Engineering Services has recorded a slight decline in net profit for the 2018 financial year due to two settlement claims, despite an uptick in the group's revenue.
