An update on mining of the decline should be due soon. Guidance was to reach the target by end June. Not only will this allow mining of the high grade resource at Alliance South shoot but will eventually open up access to the rest of the shear zone.
An extract from the website for anyone who hasn't seen it already:
"As the Alliance South Deposit is developed deeper and to the south the mine development will approach a greater than 400 metre long exploration crosscut that was developed from the Great Western Mine on the Beehive Reef to the Eaglehawk Reef. Mining of the Eaglehawk Reef was limited in this area, however gaining access to the crosscut will open up the remainder of the southern Central Maldon Shear Zone, including the German, Beehive, Victoria, and Derby reefs, to exploration and mining. Three dimensional modelling of the Central Maldon Shear Zone has identified many exploration targets within the known historic producing reefs. Octagonal intends to drill test targets adjacent to the existing decline including remnant ore associated with the Union Hill and Alliance shoots and the Union Hill South and Union Hill Deeps prospects. Once the Company has gained access to the Great Western Mine crosscut it will continue to explore targets on the German, Beehive and Derby reefs"
ORS Price at posting:
8.0¢ Sentiment: Buy Disclosure: Held
