THE BOURSE WHISPERER: Black Oak Minerals (ASX: BOK) has carried out its first silver pour having recently completed commissioning of the company’s Manuka silver project in central New South Wales.
The company boasted its first silver pour produced 136 kilograms of dore, delivering approximately 4,000 ounces of silver.
Production at Manuka is anticipated to increase progressively over coming weeks to meet its current capacity of around 200,000 ounces of silver per month.
After six months, Black Oak said it intends to then switch processing to treat gold ore trucked from the company’s nearby Mount Boppy gold mine where mining has recently commenced.
“Another milestone has been achieved in our growth strategy,” Black Oak Minerals managing director David Sproule said in the company’s announcement to the Australian Securities Exchange.
“It provides cashflow to underpin the investment required to increase value for our shareholders.
“Entering into the ranks of producers is a significant event for the company, our employees and shareholders.
“We are proud of the achievement, and pleased that these activities have been done professionally and safely; this is a credit to our work team on site.”
Black Oak acquired the Manuka silver project in September 2014.
This purchase included a process plant and infrastructure built at a cost of more than $60 million with a production capacity in excess of two million ounces per year, a 60 million ounce silver JORC Resource, and around 840 square kilometres of exploration ground in the Cobar Basin.