Doray Minerals DRM Andy Wells

Doray Minerals (ASX:DRM) has provided an update on its Deflector project, located in Western Australia. The company acquired this project less than 18 months ago, and has been able to bring it back into production as the ore extraction at the West and Central Lode pits is ongoing as we speak. The open pit has now reached a completion factor of 70%, and the ROM pad now consists of a stock pile estimated to contain approximately 10,000 ounces of gold in oxide and transitional ore.

Doray Minerals DRM Andy Wells 2

Deflector is more than just an open pit, and Doray is also progressing with the underground development of the mine, and the decline has now advanced to a depth of 83 meters from surface. Doray will be targeting the sulfide materials from the underground mine, which account for in excess of 80% of the total mine inventory, and the ore that will be mined will be stockpiled until the oxide and transitional ore has been processed.

The open pit production results are in line with expectations, and the company produced 1,299 ounces of gold in July and 1,316 ounces of gold in August, with respectively 156 tonnes and 143 tonnes of copper as a by-product credit. This excellent production result allowed the company to raise almost A$25M from institutional investors, who seem to believe in this story!

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The author has no position in Doray Minerals. Please read the disclaimer

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