Ora Gold Limited (ASX:OAU) has made significant strides in advancing its Crown Prince Project towards production, with a target commencement date of June 2025.
The company has completed several key pre-development activities and is preparing to submit a Mining Proposal in November 2024.
Recent infill and extensional drilling around the Southeastern Zone (SEZ) lode area has yielded promising results.
The company anticipates that these new assays will contribute to an expanded Mineral Resource Estimate (MRE), currently standing at 240,000 ounces at 4.1g/t Au.
Ora Gold CEO Alex Passmore expressed confidence that the drilling results will add value to the project and increase the potential mining inventory.
The company has completed several crucial pre-development activities, including:
- Soils and landform assessment
- Flora and fauna surveys
- Waste rock characterisation
- Hydrological and hydrogeological assessments
- Geotechnical modelling for pit wall angle design
Additionally, Ora Gold has conducted sterilisation drilling and advanced mine site layout design.
Ora Gold is finalising an Ore Purchase Agreement with Westgold Resources for the Crown Prince deposit.
This strategic alliance brings operational expertise and potential access to Westgold’s Bluebird Mill, located approximately 33 kilometres from the project site.
As of the end of September 2024, Ora Gold reported a cash position of $3.4 million, providing sufficient funding for completing the Crown Prince mining proposal submissions.
The company is targeting the release of an updated MRE by the end of November, which is expected to support the reporting of a maiden Ore Reserve later this year.
CEO Alex Passmore commented on the recent developments, stating: “The coming three months will be pivotal, as we aim to finalise many of the technical work streams for Crown Prince’s development, and we look forward to updating the market on our outlook for production as these elements come together.”
With the recent increase in gold prices, Ora Gold is well-positioned to capitalise on favourable market conditions as it accelerates the development of the Crown Prince Project.
