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Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that 1,721 ounces of gold has been produced and sold from the first toll milling campaign.
Highlights
- 1,721 ounces gold produced and sold from the first 36,180 tonne ore parcel.
- Average price per ounce of AUD$2,939, generating total gross revenue of $5,057,527.
- Mining of the Stage 1 pit has been completed, ore haulage to the Greenfields Mill ongoing.
- Approximately 145,000 tonnes to be processed in next toll milling program, commencing early September 2023.
- First cash to Auric expected October 2023.
In the first campaign, 36,180 dry tonnes were processed at a reconciled head grade of 1.58g/t for 1,721 ounces gold at a calculated recovery of 93.04%. The head grade in turn reconciles well with estimated mine grade for the ore parcel.
The first stage of mining at Jeffreys Find has been completed. There is approximately 145,000 tonnes of ore remaining to be processed with haulage of ore from Jeffreys Find to the Greenfields Mill ongoing.
The next toll milling campaign is due to start early September 2023. All remaining ore will be processed in one milling program. This is expected to take 6 to 7 weeks.
Production and revenue data:
Table 1. Jeffreys Find Production and Revenue Statistics.
“This is a tremendous result for Auric, we couldn’t be happier,” said Managing Director Mark English.
“Nevertheless, it’s just the start. The second parcel of approximately 145,000 tonnes will be processed by the Greenfields Mill commencing early September 2023 in one batch, which is also terrific news. We now have confirmation of grade and plant recovery. With a gold price at around AUD$2,950/ounce, Auric will soon receive a substantial cash flow injection”.
“This first phase of mining is playing out well, Jeffreys Find will be very profitable for Auric and BML Ventures Pty Ltd,” said Mr. English.
Mark English, Managing Director, holding a newly poured gold bar.
BML are incurring and paying all mining costs and expenses. After completing the first phase of mining the partners will subtract all costs, including a cash retention for the second stage, before splitting the surplus cash proceeds on a 50:50 basis. This will provide Auric with a substantial cash boost, commencing in October 2023.
The total project life is short and final mining is expected to be completed by the end of 2024/early 2025. The project budgeted for a gold price of AUD$2,600/ounce. A substantially higher gold price, currently AUD$2,950/ounce, has now placed the joint venture in a more favourable position.
Jeffreys Find Mine Site.
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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
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, 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.
