The Conversation (0)
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.
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.
