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Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that open-pit gold mining has commenced at its Jeffreys Find Project.
Highlights
- Full Mine Mining Proposal approved by DMIRS.
- Drill and blast of first 5m bench completed.
- BML Ventures Pty Ltd to be fully mobilised with all mining activities operational by end of this week.
- Contractor to commence haulage to Greenfields mill at Coolgardie in late May.
- First gold pour expected early July.
- Cashflow to be generated for Auric commencing September/October 2023.
The Jeffreys Find Gold Mine is located 45km north-east of Norseman in Western Australia, approximately 750km from Perth.
“This is excellent progress by BML Ventures and Auric, a terrific achievement. Having the full mine proposal approved is fantastic, particularly given the high gold price. I commend both BML Ventures and our technical team in working together to achieve this result. I look forward to the next stage of mining and actually producing gold.” said Managing Director Mark English.
Preparation for the first blast at Jeffreys Find, a development milestone.
Mining
Commencing late-May, between 100,000 - 150,000 tonnes of ore will be hauled to the Greenfields Mill at Coolgardie where it will be toll treated. Gold produced will be forwarded to the Perth Mint for final refining and sale.
Auric’s partner is BML Ventures Pty Ltd (BML) of Kalgoorlie, a well known Kalgoorlie mining contractor. After completing the first stage, the partners will after deducting all costs split the surplus cash proceeds on a 50:50 basis. This should provide Auric with a substantial cash boost.
Once the first stage is complete, BML is expected to expand the mine to the final pit design in 2024. Mining is expected to be completed around 31 December 2024.
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.
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