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Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to update the ASX on Stage One mining from the Jeffreys Find Gold Mine near Norseman.
Highlights
- Auric Mining banks $2.2 million from first surplus cash distribution.
- 1,361 ounces of gold sold at Perth Mint on Friday, 23 October 2023 at $3,130 per ounce realising gross $4.26 million.
- Further surplus cash receipts imminent.
- All ore now transported to Greenfields Mill at Coolgardie.
- Target to process 180,000+ tonnes for Stage One mining now confirmed.
- Toll milling continues at Greenfields Mill.
The joint venture between Auric and BML Ventures Pty Ltd of Kalgoorlie (BML) has distributed surplus cash to the partners. The payment to Auric of $2.2 million (inc. GST) is the maiden disbursement of surplus cash for Stage One of the project.
1,361 ounces of gold were sold at The Perth Mint on Friday, 20 October 2023 for $3,130 an ounce, realising $4.26 million in the latest round of gold sales. Gross Revenue now exceeds $20 million for Stage One.
Further surplus cash payments to the partners will follow throughout November 2023. A total of approximately 160,000 tonnes of ore has now been milled.
Greenfields is on track to complete processing in early November 2023.
“We’re at the business end of a great second campaign. It will be a terrific result with all the numbers pointing towards more than 9,500 ounces of gold produced in this first phase,” said Auric Mining’s Managing Director Mark English.
“The $2.2 million cash for Auric is right on cue. If the price of gold holds at current levels, then Jeffreys Find will produce more than $8 million surplus cash in total for the partners.
We still have a couple of weeks to go but are now assured of an excellent result,” said Mr English.
Status of Jeffreys Find Gold Sales as of Tuesday, 24 October 2023
*As at 24 October 2023, there is gold: in an account at Perth Mint, in production, in transit and in circuit at Greenfields Mill.
BML are incurring and paying all mining costs and expenses. After completing the first stage of mining the partners will subtract all costs, including provision for the Stage 2 pit, before splitting the surplus cash proceeds on a 50:50 basis.
Mining will recommence at Jeffreys Find in early 2024. The entire project life is short and final mining is expected to be completed late 2024/early 2025.
Cash generated for Auric will be used principally to progress the development of the Munda Gold Deposit at Widgiemooltha.
Auric will continue to update the ASX market on production, yield, revenue, and cash distributions from Jeffreys Find as information comes to hand.
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.
AWJ:AU
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
Click here for the full ASX Release
This article includes content from Alice Queen Limited, 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.
