Ora Banda Riverina to float gold by June

Ora Banda Mining (ASX:OBM) is on track to begin commercial gold production at the Riverina Underground Operation, as part of its DRIVE to 100 Project in Western Australia by June 2024. 

The $375.48 million market capitalisation company says all capital projects are complete with first stoping ore scheduled in March.

Capital projects included primary ventilation fans and primary ventilation circuit, surface power station, underground sub station, and primary surface pump station.  

Managing Director Luke Creagh says: “We remain on schedule to achieve commercial production in the June quarter, and this will mark a significant inflection point for the company as it pivots away from a low-grade, open pit operation to a high-grade underground operation as the primary mill feed resulting in increased production at lower costs.”  

Ore is currently targeting production of over 100,000 ounces in FY25. Current production metrics include 30,000 tonnes per month stoping ore, and 50,000 tonnes per month of total ore at a reserve grade of 4.3 grams per tonne (g/t). 

Development is currently ramping up as additional levels are accessed, with 575m in January representing a 97% increase from the July to December average of 292m. 

The first batch sample of Riverina development ore through the processing plant returned 16,727 tonnes at 2.74g/t and 93.9% recovery resulting in 1,383 ounces produced. 

This reconciliation was 4% above the mine call grade and about 16% higher than the designed block model grade. When stoping begins, the grade is forecast to be double the development grade due to the stoping width of 2.2m compared to 4.5m in development. 

The company announces diamond drilling continues with 7,379m of in-fill and extension drilling completed since last operational update and the ‘significant’ intersections, which highlighted the consistency and ‘high-grade’ nature of the ore lodes. 

Intersections returned gold grades up to 49.5g/t Au. 

Creagh says: “The team at Riverina, both Ora Banda and Byrnecut, have been doing an outstanding job to progress the ramp up of Riverina. We now have all capital projects complete with ore development continuing and first stopes expected to be mined in March. 

The diamond drilling from the underground rig continues to define and extend the mineralisation at Riverina and further supports our view that this is very early days in unlocking a big mineralised and high-grade system.” 

The Riverina area is about 44km north of the Davyhurst Processing Plant, with the Mulline Trend area centred about 5km to its southwest.

Write to Adam Drought at Mining.com.au

Images: Ora Banda Mining
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.