Chalice West Drilling Defines Widespread Clay-Hosted Rare Earth Element System

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to report the final results for recently completed drilling at the Chalice West Project near Higginsville- Widgiemooltha, Western Australia. The project contains widespread, thick clay- hosted rare earth element (REE) mineralisation. The drilling program was completed on 22 November 2022 with 227 aircore holes drilled for 7,227 m (Figure 1).

Highlights

• ASSAYS: Significant assays returned for 15 new holes. A total of 25 holes from the drill program confirm widespread REE mineralisation.
• THICKNESS: REE intervals of between 4 and 14 m thick discovered across the project.
• HIGH VALUE: Magnetic Rare Earth Oxides (MREO) used in permanent magnets for wind energy and electric mobility make up to 31% of the TREO grade.
• SIGNIFICANT: Latest results confirm REE enrichment along a ~7 km-long NW- trending magnetic feature. Further drilling is required.
• UNTESTED: Prominent magnetic feature (~3.5 x 2.5 km) in the centre of Chalice West to be drilled.
• THREE SEPARATE ZONES: The best results for each zone are:
  • In the northwest zone with one-metre intervals up to 2,459 ppm TREO.
  • In southern zone with one-metre intervals up to 3,323 ppm TREO.
  • In the southeast zone, as previously reported with one-metre intervals up to 11,038 ppm TREO.

Significant new clay hosted REE intersections include1:

• 6 m at 1,583 ppm TREO (30.6% MREO) from 56 m, including 1 m @ 3,323 ppm TREO in AAC0354.
  
• 14 m @ 712 ppm TREO (25.1% MREO) from 32 m in AAC0416.
• 12 m* @ 587 ppm TREO (25.0% MREO) from 52 m, including 1 m at 2,459 ppm, in AAC0417.
• 11 m at 517 ppm TREO (23.3%) MREO from 20 m in AAC0311.
• 11 m at 977 ppm TREO (22.7% MREO) from 32 m in AAC0302.
• 8 m at 1,138 ppm TREO (28.7%MREO) from 0 m in AAC0355.

These intersections are additional to results reported previously for the same program (ASX announcement on 19 December 2022):

• 4 m @ 3,591 ppm TREO (21.9% MREO), from 41 m including 1 m at 11,038 ppm (1.10 wt %), in AAC0239 (MREO 21.9%).
  
• 17 m* @ 1,699 ppm TREO (MREO 21.1%) from 4 m in AAC0279.

These results present a fantastic opportunity for Auric. There is a lot more work to be done, particularly to close the spacings in the 7 km system, drill the prominent magnetic feature at the centre of the project, expand the drilling in the NW and southern parts of the project. This drilling program represents a very small proportion of the 408 km2 project area.”

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