PERTH (miningweekly.com) – Junior Ora Banda Mining has completed the sale of its noncore Lady Ida tenements, in Western Australia.
The ASX-listed company earlier this year struck a A$10-million agreement over the tenements, retaining the right to all minerals on the site, other than gold and silver, including certain rights of access over the miscellaneous licences.
The company previously told shareholders that the Lady Ida tenements did not align with Ora Banda’s strategy to target high-grade underground deposits, nor is it included in the company’s production target of 100 000 oz/y supported by reserves.
The A$10-million sale proceeds will strengthen Ora Band’s balance sheet as the company progresses the Riverina underground toward final investment decision and continues exploration on other advanced high-grade targets.