Auric Mining

Mining at Jeffreys Find Maiden Gold Pour Only Weeks Away

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that as at 9 July 2023 approximately 90,000 tonnes of gold has been mined at Jeffreys Find with 77,500 tonnes of gold ore on the ROM (Run Of Mine) pad at its Jeffreys Find Gold Mine. Trucking to the Greenfields Mill in Coolgardie has commenced with around 12,500 tonnes delivered.


Highlights

  • 77,500 tonnes of gold ore on the ROM Pad at Jeffreys Find Gold Mine, Norseman as at 9 July 2023.
  • More than 12,500 tonnes of ore has been delivered to The Greenfields Mill, Coolgardie.
  • Initial batch of 30,000 tonnes to be processed shortly.
  • First gold pour projected by end of July.
  • Auric still expecting substantial cashflow in September/October.

Operations are proceeding according to plan with mining underway for more than six weeks.

The first 12,500 tonnes of ore body have now been transported to Coolgardie. Once around 20,000 tonnes have been delivered to Greenfields the mill will commence processing the initial batch of approximately 30,000 tonnes.

Over the coming months BML Ventures Pty Ltd of Kalgoorlie, Auric’s mining joint venture partner, will mine and haul in total between 100,000 tonnes and 180,000 tonnes of ore to complete the first stage of the project.

“We now have a well-established, open pit at the mine site and mining is proceeding according to plan. Widespread rain in the district over the past fortnight has hampered haulage to the mill, but mining is continuing,” said Auric’s Managing Director Mark English.

“With 12,500 tonnes of ore already transported to Coolgardie we are just a short time away from our maiden gold pour. Once the first approximately 30,000 tonnes is processed it will be clear how this project is going to unfold. I can say both parties are well satisfied with the effort to date,” he said.

77,500 tonnes of gold ore are now sitting on the ROM pad at Jeffreys Find.

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, expected in September/October 2023.

The total project life is short and final mining is expected to be completed by the end of 2024. A robust gold price has now placed the project in a favourable position.

Gold is thickest near the surface at the Jeffreys Find Gold Mine.

“Auric will use surplus cash generated from Jeffreys Find to continue development of the Munda Gold Deposit at Widgiemooltha and continue with broader exploration,” said Mr. English.

The initial pit takes shape at the Jeffreys Find Gold Mine.


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
The Conversation (0)
Octava Minerals Limited

Octava Secures Drilling Contractor for the High-Grade Antimony Project at Yallalong

Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that it has secured agreement with a drilling contractor to conduct exploration drilling at its 100% owned Yallalong antimony project. Drilling is expected to start in the last week of this month.

Keep reading...Show less
Prospech Limited

Heavy REEs Terbium and Dysprosium from Korsnäs

Prospech Limited (ASX: PRS, Prospech or the Company) is pleased to announce further assay results from the ongoing program of sampling and assaying of the historic Korsnäs drill core from holes completed in the 1950s, 60s and early 70s.

A total of 307 samples from 25 holes are reported.

Keep reading...Show less
Equinox Resources Limited

Ultra-High Grade Naturally Occurring Antimony at Alturas Project with Assays up to 69.98% Sb

Equinox Resources Limited (ASX: EQN) (“Equinox Resources” or the “Company”) is pleased to announce reconnaissance assay results from its maiden exploration program at the Alturas Antimony project within British Columbia, Canada. The company has increased its total land holding interests to 6.31km2 on the Alturas project.

Keep reading...Show less
Woomera Mining Limited

Woomera Completes Maiden Drilling Program at Bronze Fox Copper-Gold Porphyry Project

Woomera Mining Limited (ASX: WML) (“Woomera”, “the Company”) is pleased to announce that its two-pronged diamond core programme for the recently acquired Bronze Fox Project in Mongolia has been completed. Woomera was able to complete the program in less than four weeks, with all drillholes reaching proposed target depths. In total 16 holes were completed for 2516.4m (Refer to Table 1).

Keep reading...Show less
Trump campaign flag.

US Indexes Reach Fresh Highs as Trump Secures Election Win

Key US indexes hit new records following Donald Trump's victory in the presidential election.

Trump’s campaign, which focused on reviving traditional industries and reinforcing tariffs, suggests a shift in economic priorities that investors in the US and elsewhere are now trying to assess.

Immediate reactions were seen across various asset classes on Wednesday (November 6), including American indexes and equities, the US dollar, cryptocurrencies and commodities.

Keep reading...Show less

Latest Press Releases

Related News

×