Auric Mining

Quarterly Activities Report For The Quarter Ended 31 December 2022

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to report on its activities during the 31 December 2022 Quarter and up to the date of this announcement.


Highlights

  • An aircore drilling program comprising 227 holes for 7,227 metres was completed at Chalice West.
  • Wide-Spread clay-hosted Rare Earth Element (REE) system recognised with 3 broad zones defined, with further drilling planned.
  • Significant nickel and gold anomalism defined, with further drilling planned.
  • Mine planning and permitting activities continue at Jeffreys Find with substantial progress made.
  • Completion of placement and share purchase plan, which raised $2,380,200 before costs.
Mark English, the Managing Director commented as follows:

“During the quarter, our principal exploration activities were the aircore drilling at Chalice West, as well as continuing the mine planning and approvals process at Jeffreys Find, which we have substantially progressed.

The REE results at Chalice West as reported on 31 January 2023 are an exciting addition and development to our mineral opportunities.

Onthecorporatefront,wecompletedsuccessfulcapital raisings via a placement and SPP which raised $2,380,200 before costs.

We are now well funded to continue our aggressive exploration activities over the coming months.”

1.0 PRINCIPAL ACTIVITIES

A large aircore drilling program was completed in the Chalice West Project. The results defined gold anomalism in a setting analogous with the nearby Chalice gold deposit, together with distinct nickel anomalism and widespread, elevated REE concentrations in clays. RC drilling is planned for early February to further advance the multiple opportunities.

Mine planning and permitting for the Jeffreys Find Gold Project made substantial progress.

2.0 CHALICE WEST PROJECT

A large aircore drilling program was completed with 227 holes drilled for 7,227m. The program design recognised the potential for gold, nickel and rare earth elements (REE) in the Chalice West Project. The program focussed on known gold anomalism associated with ultramafic and mafic units intersected by Resolute Limited in a 1997 aircore drilling program.

Auric interpreted the geology intersected in the Resolute drill holes to mirror that hosting the Chalice Gold Mine approximately 8km to the northeast, separated by a granodiorite dome which Auric informally refers to as the Chalice Dome.

Drilling largely focussed on the mirrored Chalice stratigraphy with 197 of the holes drilled at 40m and 80m spacings along a series of 13 traverses. The remainder were drilled at wide spacings to define geology over the broader tenement E15/1801 and extending a short distance into E63/2199 (Figure 1).


Click here for the full ASX Release

This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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