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Auric Mining Rides Rising Gold Price as Mining Begins at Jeffreys Find Gold Mine
“Putting (the gold price increase) into context for Jeffreys Find, the gold price is outstanding for us at the moment,” said Auric Mining Managing Director Mark English.
Auric Mining (ASX:AWJ) has commenced mining operations at the Jeffreys Find project in Western Australia, and for Managing Director Mark English, this is happening at a good time with the gold price at almost AU$3,000 an ounce.
“We did a scoping study back in July 2022, and we used a gold price of AU$2,600 an ounce, so that’s an extra AU$400 an ounce. It’s really pure surplus cash to us, pure profit,” English said.
He added that cashflow from Jeffreys Find will allow Auric Mining to advance exploration work at its Munda gold deposit, which is four times the size of Jeffreys Find. Munda’s inferred gold resource estimate at a cut-off grade of 0.5 grams per tonne is 3.77 million tonnes at 1.43 grams per tonne for 173,700 ounces of gold.
Watch the full interview with Mark English, managing director of Auric Mining, above.
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