Auric Mining

Mining to Recommence in March 2024 at Jeffreys Find

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that Stage Two of mining of the Jeffreys Find Gold Mine (the Project) near Norseman, WA, will recommence in March 2024.


Highlights

  • Mining to recommence in March 2024.
  • Mining equipment to mobilise in February 2024.
  • BML Ventures Pty Ltd has completed a grade control drill program.
  • Stage Two pit to be substantially larger than Stage One.
  • Auric has paid $1.0 million as working capital contribution for Stage Two.
Management Comment

Managing Director, Mark English, said“We have hit the ground running in 2024. Grade control drilling by BML Ventures Pty Ltd (BML) is complete with samples at the laboratory. It won’t be long before mining gets underway at what promises to be another rewarding chapter for Auric.

“Our partner, BML of Kalgoorlie, is waiting on assay results before finalising the parameters for a final pit. Mining is anticipated to last between 9 and 12 months.

“Last year 175,865 tonnes of ore were milled producing 9,741 ounces of gold. Whilst we don’t have figures yet, we are certain the number of tonnes of ore we’ll extract from Jeffreys Find will be substantially higher than last year. That’s the best possible news.

“All approvals to mine are in place and BML are in final negotiations with a toll mill for the processing of multiple gold campaigns throughout 2024.

“Jeffreys Find is a straightforward deposit. We do not expect any surprises. Our second gold campaign of 2023 averaged 1.93g/t. With the AUD gold price remaining above $3,000 per ounce, a similar or better result on Stage Two of Jeffreys Find would be a terrific result for Auric.”

Grade control drilling at Jeffreys Find Gold Mine.

The Announcement

Through the joint venture with BML Ventures Pty Ltd (BML) of Kalgoorlie, a grade control drilling program over a potential final pit started on 11 January 2024 and was completed on 15 January 2024.

Once results are received BML will finalise its modelling of a Stage Two pit. Equipment will be mobilised to the mine site in February 2024 with mining scheduled to commence in March 2024.

Final numbers are not yet decided but substantially more tonnes of gold ore will be mined in 2024 compared to 2023. For Stage One in 2023 a pit design was premised on a base gold price of $2,600 per ounce. For 2024 the design will be based on a gold price of $2,900 per ounce. The current gold price is around $3,070 an ounce.

Auric has paid $1.0 million as working capital contribution to BML. Apart from that payment, BML are incurring and paying all additional mining costs and expenses. After completing this final phase of mining the two partners will subtract all costs before splitting the surplus cash proceeds on a 50:50 basis.


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)
Apollo Minerals Limited

Exploration Update - Visible Gold Intersected at Salanie

Apollo Minerals Limited (ASX: AON) (‘Apollo Minerals’ or ‘the Company’) provides an update on its exploration activities at the Salanie Gold Project (“Salanie”) in Gabon and the Belgrade Copper Project in Serbia. The first round of drilling has now been completed at both projects. Visible gold has been intersected at the A1 Prospect at Salanie, an area that has not seen exploration or modern drilling in 70 years.

Keep reading...Show less
Metal Bank Limited

Wadi Al Junah VMS-Style Copper-Zinc-Gold-Silver Project in Saudi Arabia

Metal Bank Limited (ASX: MBK) (‘Metal Bank’, ‘MBK’ or the ‘Company’) is pleased to announce further details regarding the Wadi al Junah Copper-Zinc-Gold-Silver Project (‘Wadi al Junah’ or ‘the Project’), which has been awarded to Consolidated Mining Company (CMC) following a highly competitive Saudi government exploration licensing Round 6.

Keep reading...Show less
Octava Minerals Limited

Octava to Commence Drilling at Yallalong High-Grade Antimony Project

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 the drill rig is relocating to site at the Yallalong antimony project and will commence drilling this weekend. Drilling will focus on two antimony targets, Discovery and Central, with No.4 and North targets to be drilled in the new year.

Keep reading...Show less
Warriedar Resources

Targeted Exploration Focus Delivers an Additional 471koz or 99% Increase in Ounces, and a Higher Grade for Ricciardo

Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on an updated MRE for its flagship Ricciardo Gold Deposit, part of the broader Golden Range Project located in the Murchison region of Western Australia.

Keep reading...Show less
Octava Minerals Limited

Octava Selects Drilling Contractor for its Yallalong Antimony Project in Western Australia

Australian mineral exploration company Octava Minerals (ASX:OCT) has selected the drilling contractor for the exploration work commencing at its 100-percent-owned Yallalong antimony project, according to an article by Business News - Australia. The deal will kick off the company’s 3,000-metre program focused on the Discovery target.

Keep reading...Show less
Australian flag with "economy" and "growth" blocks.

Western Australia Allocates AU$14 Million to Improving Environmental Approval Process

Western Australia's governmentsaid on Monday (November 11) that it is allotting AU$14 million to support the employment of additional staff at the Environmental Protection Authority (EPA) and the Office of the Appeals.

The boost comes in response to the Vogel-McFerran Review commissioned by the government in 2023. It recommended various steps to speed up the state's environmental approval system and secure major projects.

According to the government, employing additional staff will help address existing backlogs and provide faster decisions “without impacting the high standard for protecting WA's unique environment.”

Keep reading...Show less

Latest Press Releases

Related News

×