(MENAFN- ProactiveInvestors)
() is on track to start first gold sales in September 2015 with the start of Mt Boppy ore processing at its Manuka plant in New South Wales.
Mining continues to plan and crushing has commenced with stock piled ore available while the company has received the second $5 million tranche of funding from the TrailStone Credit Facility.
Silver production at its Manuka Project in increased to 140000 ounces in August up from 125000 ounces in July.
Recoveries also increased over the same period to 72% from 70%.
Black Oak has recently been focused on improving plant availability and reliability to increase overall silver margins and prepare the plant for gold production.
Silver production will now reduce over the coming months as the optimum ore blend transitions to achieve maxim um gold output.
In addition excess milling capacity in the Eastern Goldfields region of Western Australia has brought the option of toll-treating Marda gold ore into consideration.
Following discussions with the TrailStone Group the parties have base-lined an option to potentially fast-track gold production from Marda via toll-0treating.
As an alternative the company continues to progress discussions on funding options to commence its exploration program in the region with the aim of extending Marda Reserves to further support a stand-alone development.
Black Oak had $1.2 million in cash as at 30th June 2015.
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