The Conversation (0)
Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that mining operations at the Jeffreys Find Gold Mine (the Project) near Norseman, WA, is proceeding smoothly on an around-the-clock basis.
Highlights
- Stage Two mining underway for one month.
- Nearly 20,000 tonnes of ore now delivered to Coolgardie Mill.
- Mill to commence processing the ore around 16 April 2024.
- First parcel expected to be in the order of 40,000 dry metric tonnes.
- First cash expected for Joint Venture in May 2024.
Management Comment
Managing Director, Mark English, said “The maiden milling campaign for 2024 is about to get underway. It is the first of many that are planned throughout the year.
“The ambition is to process in excess of 300,000 tonnes in 2024, nearly double that of 2023. Our joint venture partner is operating on an around-the-clock basis with larger equipment to expedite mining.
“The first parcel of approximately 40,000 tonnes is due to be toll treated imminently which is great news. With a gold price around $AUD3,500 an ounce the timing is perfect.
“All the pointers show that Jeffreys Find will be a substantial cash producer for us during the coming 12 months,” said Mr English.
Ore being dumped at Jeffreys Find Gold Mine, Norseman.
Mining commenced on 10 March 2024. As of 6 April 2024, a total of 18,540 tonnes of ore has been transported to the Greenfields Mill (Greenfields) at Coolgardie by BML Ventures Pty Ltd of Kalgoorlie (BML), Auric’s joint venture partner.
Greenfields will commence toll milling of Jeffreys Find ore around 16 April 2024. It is expected that approximately 40,000 dry metric tonnes will be processed for the first gold campaign of the year. Toll milling will take approximately two weeks.
BML is planning on mining more than 300,000 tonnes of ore during Stage Two of The Project in 2024 with ore to be processed at Greenfields. A number of processing campaigns are planned.
Stage One last year saw 176,000 tonnes processed for 9,741 ounces of gold.
Auric is expecting first surplus cash distribution in the last quarter of 2024 and further cash distributions in first quarter of 2025.
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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.
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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.
