Chalice West RC Drilling Results

Auric Mining Limited (ASX: AWJ) (Auric or the Company) provides the following update on recently completed drilling at the Company’s Chalice West Project near Widgiemooltha-Higginsville, Western Australia. Drilling was completed in February 2023 with 5 Reverse Circulation (RC) holes drilled for 600m (Figure 1).

Highlights

• Assay results received for 5 RC holes recently drilled at Chalice West to test beneath anomalous aircore drill holes.
  
• Nickel, Rare Earth Element (REE) and cobalt anomalism in RC drill holes supports the earlier aircore results and includes:
  • 6m @ 0.35% Ni in ACRC005, including 1m @ 0.44% Ni, 788ppm Co and 7,366ppm Total Rare Earth Oxides (TREO).
  • 36m @ 1,253ppm TREO from surface in ACR005 with 20.0% of the TREO as the more valuable Magnetic Rare Earth Oxides (MREO).
• Nickeliferous ultramafic rocks recognised as a possible source for clay-hosted REE in the project area.
• Auric in discussions with a respected geological consultancy to participate with other explorers in a research partnership that will characterise clay- hosted REE deposits in WA.

The RC drill holes returned several weakly anomalous gold results in fresh rock but clearly less than in the overlying weathered rocks (regolith) defined by the aircore drilling. A source or sources for the gold anomalism defined in the aircore drilling along the 6,471,150 northing and along other traverses drilled by both Auric1 and 25 years earlier by Resolute Limited has not yet been identified.

Figure 1. Chalice West RC drill holes shown with anomalism defined in aircore drillholes and interpreted geology.

RC drill hole ACRC005 intersected 36m @ 1,253ppm Total Rare Earth Oxides (TREO) from surface correlating with an intersect of 17m @ 1,699ppm TREO in aircore hole AAC02792.

ACRC005 also intersected Ni anomalism including 6m @ 0.35% Ni from 31m depth in ultramafic rocks down-dip from the aircore anomalism. Of particular note in that interval is a 1m intercept from 34m including 0.44% Ni, 788ppm Co and 7,366ppm TREO. The Ni value is the highest returned for ACRC005 and the Co and TREO concentrations are considerably higher than all other Co and TREO values in the RC samples. The Co may be indicative of a proximal Ni-Co sulphide source whilst the coincident Ni and TREO peak values suggests that the nickeliferous ultramafics are an important source rock for the clay-hosted REE.

Auric has joined a group of other explorers in discussions with a respected geological consultancy that will lead to research into clay-hosted REE deposits in WA. Amongst the potentially useful outcomes of that research may be better exploration and analytical tools and better quantification of REE deposits.

Program and Results

The program was undertaken in concert with drilling at the Company’s Miitel South Prospect and provided follow-up to a recently completed air core drilling program at Chalice West.

The better results from the Chalice West aircore program included gold anomalism to 168ppb in AAC0263 and several neighbouring holes and nickel anomalism to 0.67% in AAC0279. The latter is associated with strong REE anomalism in the weathered clay horizon and the follow-up holes were selectively assayed for a suite of elements that included Au, Ni and REE.

All of this anomalism occurs on the 6,471,150N drill traverse. This traverse is separated from the nearest aircore traverses by 800m to the north and 1,400m to the south. These are substantial distances in the context of the nearby Chalice gold deposit which had dimensions of only 45m x 170m in plan view.

RC holes were angled at 60˚ and drilled to 120m depth to cross prospective stratigraphy; basalts associated with gold anomalism and ultramafics associated with the nickel anomalism, together with the weathered clay horizon that hosts anomalous REE concentrations. Samples were taken at 1m intervals downhole.

Holes were scissored across the basalt units to account for any crosscutting structures that might host gold mineralisation. Hole details are shown in Appendix A.

The RC holes targeting gold anomalism in AAC0263 and neighbouring aircore holes are represented in Figure 2.

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