
June 30, 2025
Auric Mining Limited (ASX: AWJ) (Auric or the Company) together with WIN Metals Ltd (ASX: WIN) (WIN Metals or WIN) are pleased to announce that the two parties have successfully agreed to the purchase of a package of WIN assets including all nickel and associated minerals rights, water access rights and a fully equipped mining camp all relating to Auric’s Munda Gold Mine.
Highlights
- This milestone agreement considerably enhances Auric’s mining operations at its Munda Gold Mine.
- Acquisition includes a fully equipped mining camp and all related assets six kilometres from Munda Gold Mine.
- All Nickel rights and entitlements will be owned by Auric.
- Sole access and usage of stored water in the 132N pit by Auric.
- Total purchase price $1.4 Million (ex GST), payable in two tranches: Tranche 1 $900,000 paid 30 June 2025, Tranche 2 $500,000 due 31 July 2025.
Management Comment
Managing Director, Mark English, said: “This acquisition gives Auric greater control over our destiny for open pit mining at our Munda Gold Mine.
“Buying all nickel rights from WIN sees us taking another major step forward at Munda. We’ve moved mining at Munda along rapidly this year and are pleased this hurdle to progress our future expansion will be removed.
“There’s not much water around Widgiemooltha, so as part of this transaction, we are acquiring additional access to stored water in the 132N pit. Having adequate water is extremely important for our mining operations. The mining camp is another huge bonus for Auric being located just six kilometres north of our mine.
“We have reached a highly satisfactory agreement for all Auric shareholders,” said Mr English.
WIN Metals. Managing Director and CEO, Steve Norregaard, said: “WIN wish Auric all the best with their Munda gold project development.
“Proposed Nickel mining at Munda was not contemplated in WIN’s 2024 scoping study and as such would have been far into the future for the Mt Edwards Nickel Project. With the outlook of a prolonged subdued nickel price the opportunity to monetise a relatively small portion of the total projects nickel resource base will provide cash for investment into WIN’s gold assets. This is a transaction that makes sense for both companies,” said Mr Norregaard.
The Announcement
The total consideration is $1.4 million, (ex GST) payable in two separate tranches: the first tranche of $900,000 paid on 30 June 2025, the second, $500,000 due on or before July 31, 2025.
Included in the purchase is a fully equipped mining camp located six kilometres north of the Munda Gold Mine sufficient to house the entire workforce. Additional in the deal, Auric has also acquired sole access to all the water in the pit at 132N, just a short distance from the Munda mine.
Auric will at completion own all mineral rights at Munda, except lithium. The lithium mineral rights remain with WIN.
Upon completion of both tranches, on or before 31 July 2025, Auric will have paid WIN a total of $1.4 million (ex GST), for the mining camp, which includes all associated infrastructure such as solar panels, generators, bulk fuel storage, storage containers together with water rights to the 132N pit and all nickel rights and associated entitlements at Munda. The parties have agreed to expedite the grant of miscellaneous licences over the WIN tenements to secure road access as well as the camp.
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)
09 August 2024
Auric Mining
Investor Insight
Given its quick transition from ASX listing to gold production in just three years, and a significant exploration upside at its world-class assets in Western Australia's prolific goldfields, Auric Mining is well-worth a good deal of consideration for sophisticated investors.
Overview
Auric Mining Limited (ASX:AWJ) is a gold exploration and mining company based in Western Australia. In three-and-a-half years since its ASX listing, Auric has become a gold producer in this premier jurisdiction.
Since incorporation, it has moved from zero to 250,000 ounces of gold resources and zero to 282 square kilometers of tenements. Auric Mining is in the company of some of the biggest gold projects in the Goldfields, including the St Ives Gold Mine, Karora Resources’ Higginsville Operations & Beta Hunt Mine, all multi-million-ounce mines.
Besides gold, there are numerous precious metals being mined in the area with world-class deposits of nickel, lithium and rare earths. Auric is gold-focused and has the potential to become a significant producer in the region.
The Jeffreys Find Pit as of 16 July 2024
Partnering with Auric in its Jeffreys Find Project is BML Ventures of Kalgoorlie (BML), a well-known and adept Kalgoorlie contractor. BML is a specialist mining contractor. It has particular expertise in shallow, open-pit mining with short duration projects in The Goldfields.
The Jeffreys Find Project commenced in May 2023 and is due for completion in the first quarter of 2025. The joint venture is partially exploiting 47,000 ounces of gold resources.
Gold ore on the ROM Pad at Jeffreys Find, Norseman. Ore was hauled to Coolgardie for milling in 2023.
Stage One is now complete and Auric has commenced its second gold milling campaign for 2024 of 150,000 dry metric tonnes from the Jeffreys Find gold mine on 24 July 2024.
Success for Auric at Jeffreys Find means the company is self-funding for 2024 and able to sustain its exploration and development activity without need for additional capital raising. Auric now has a road map for five years of continuous mining and profits.
Grade control drilling at Munda was completed in January 2024
Auric’s primary focus continues to be on the company’s flagship asset - The Munda Gold Project.
To date almost 200,000 ounces of gold resources have been identified at Munda, the asset being part of the wider Widgiemooltha Gold Project, encompassing 22 tenements.
Munda is one of the largest deposits in the Widgiemooltha area having the potential to become a significant gold project.
In mid-year 2023 the company released to the ASX a third-party scoping study on the economics and potential of open-pit mining at Munda.
The scoping study estimates the mining of up to 120,000 ounces of gold over a three-year mine life. It is envisaged gold ore would be toll-processed at a nearby Coolgardie Mill. The study projects free cash profits of between $50 million and $100 million, based on various gold prices.
Production from Munda could commence in the fourth quarter of 2024.
Auric also announced the execution of a binding term sheet for the partial purchase of Win Metals' nickel and lithium rights within the Munda gold project area including seven tenements or applications. Auric further plans to mine a trial pit at Munda Gold potentially in Q1 2025.
Auric is also planning to progress its Spargoville Project, where it has tenements ideally positioned along strike from the Wattle Dam gold mine, a prolific mine which produced 268,000 ounces of gold at 10 g/t, between 2006 and 2013.
An experienced and savvy management team leads Auric Mining towards its vision of becoming a significant gold producer in Western Australia. With the three directors owning approximately 17 percent of the company, they are focused and motivated for success.
Auric Mining’s board of directors: Mark English, Managing Director; Steve Morris, Chair; and John Utley, Technical Director
Steve Morris, non-executive chairman, has more than 25 years of experience in financial and natural resources markets.
Mark English, managing director, has a 40-year career as a chartered accountant and is at ease with all facets of running a public company on the ASX including major equity and debt raisings.
John Utley, technical director, has 35 years of experience in gold exploration and development.
This range of expertise offers a high level of confidence that the company will achieve its goals.
Company Highlights
- Auric Mining is a publicly listed company with a market cap of around $13m.
- Its flagship asset is the 200,000-ounce Munda Gold Project at Widgiemooltha, just 100 kms from Kalgoorlie. It has an aim to begin production in 2024 before more intensive mining from 2025 onwards.
- During 2023 the focus was on mining at its Jeffreys Find Gold Mine, near Norseman. Stage One mining between May and November 2023 produced 9,741 ounces of gold, creating almost $30 million in gross revenue.
- A final reconciliation saw surplus cash of $9.5 million generated. Auric banked $4.78 million, being 50% of the surplus cash as agreed with its JV partner, BML Ventures of Kalgoorlie.
- Auric has commenced the second gold milling campaign for 2024 of 150,000 dry metric tonnes from the Jeffreys Find gold mine.
- The company executed a binding term for the partial purchase of Win Metals' nickel and lithium rights within the Munda Gold Project area further improving the pathway to mining a trial pit at Munda gold project, potentially in Q1 2025.
- As an explorer, Auric has accumulated 282 square kilometers of tenure as it looks to find and mine a million ounces of gold between Kalgoorlie and Norseman.
- The area hosts some of the richest mineral deposits and mines in the world. In addition to gold, Auric also has opportunities for discovery of lithium, rare earths and nickel.
- Auric has three main projects: The Munda Gold Project which is part of the Widgiemooltha Gold Project; Jeffreys Find Gold Mine; The Spargoville Project.
- The company has a board and leadership team with a track record of delivering success for shareholders, particularly in discovering and bringing to production gold projects.
Get access to more exclusive Gold Investing Stock profiles here
Keep reading...Show less
Western Australian gold producer, explorer and developer with world-class deposits
11h
Quarterly Activities/Appendix 5B Cash Flow Report
17h
Mali Court Upholds Detention of Barrick Employees
A Malian court has upheld the detention of four employees of Barrick Mining (TSX:ABX,NYSE:B), rejecting an appeal filed by the Canadian mining company as its dispute with the military-led government deepens.
According to a Bloomberg report, Judge Samba Sarr ruled on Tuesday (July 22) that the appeal was unfounded, according to Barrick’s legal counsel, Alifa Habib Koné.
The employees have been held in pre-trial detention since November 2023 on charges including money laundering and financial misconduct, allegations the company has dismissed as without merit.
In June, Mali’s transitional government placed the Loulo-Gounkoto mine under provisional administration and later removed nearly a metric ton of gold from the site. A similar seizure of 3 metric tons occurred earlier this year after Barrick suspended exports due to the dispute.
Barrick has initiated international arbitration proceedings, citing violations of its mining convention with the state.
The company says it was not formally notified of the appointment of the provisional administrator, who it later learned was a former company employee, Samba Touré, now serving as a liaison to the mines ministry.
Touré has been facilitating state control of the site since the takeover.
The Loulo-Gounkoto complex, which Barrick operates and owns 80 percent of, remains central to its African portfolio. The remaining 20 percent is held by the Malian government.
Barrick reported that its Malian operations generated US$949 million in revenue during the first nine months of 2023.
The company has framed the seizures and detentions as part of a broader dispute over tax claims and the implementation of Mali’s new mining code, which includes increased state equity and royalty rates.
In December 2023, a court in Bamako issued a warrant for the arrest of Barrick CEO Mark Bristow. The company has not publicly addressed the warrant but continues to operate in the country while pursuing legal remedies.
Amid the mounting friction in Mali, Barrick is in discussions to sell its Hemlo mine in Ontario, its last producing gold asset in Canada. The prospective buyer is Discovery Silver (TSX:DSV,OTCQX:DSVSF), which has been expanding its portfolio following its recent acquisition of Newmont's (TSX:NGT,NYSE:NEM) Porcupine operation.
A finalized Hemlo deal would mark Barrick’s complete exit from Canadian gold production. Hemlo has seen declining output in recent years and is no longer considered core to Barrick’s long-term strategy.
The ongoing standoff in Mali continues to affect the company’s export flows and local operations, with no resolution yet announced regarding the release of detained staff or the return of the seized gold.
Loulo-Gounkoto produced over 680,000 ounces of gold in 2023, making it one of the most productive mines in West Africa. Barrick has said it is committed to resolving the dispute under the terms of its mining agreement with Mali.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
17h
Brightstar Resources Pursues Aurumin Acquisition to Consolidate Sandstone Assets
Brightstar Resources (ASX:BTR) has entered into a scheme implementation deed with Aurumin (ASX:AUN) under which Brighstar will acquire 100 percent of Aurumin’s issued capital.
The companies agreed on arrangement terms in June, underlining how the transaction will consolidate their tenement holdings in the Central Sandstone region in Western Australia.
Brightstar owns the Sandstone gold project, while Aurumin owns the Central Sandstone gold project.
According to Brightstar, the combined assets would lead to a pro-forma total mineral resource estimate of approximately 2.4 million ounces at 1.5 grams per tonne (g/t) gold.
“We believe that combining Aurumin and Brightstar represents a unique opportunity to build a Western Australian gold business of genuine scale with demonstrable upside that also de-risks future development activities and operations at Sandstone,” commented Brightstar Managing Director Alex Rovira in a Monday (July 21) release.
The transaction amounts to approximately AU$0.12 per Aurumin share, with Aurumin shareholders set to receive one Brightstar share for every four shares held on the scheme’s date. Existing Brightstar shareholders will hold 82 percent of the combined group, while Aurumin shareholders will have the remaining 18 percent.
“(This merger) will underpin the mining future of the Sandstone region. Given our adjacent mineral resources, this transaction makes good commercial sense for us and it’s fantastic that we have now been able to agree terms to make this consolidation a reality,” said Aurumin Managing Director Daniel Raihani.
In December 2024, Brighstar reported drilling results from its expanded portfolio at Sandstone and Jasper Hills, including 21 metres at 2.86 g/t gold, including 1 metre at 26.4 g/t from 146 metres.
For Central Sandstone, Aurumin said its resource is currently 19 million tonnes at 1.5 g/t for 885,000 ounces gold. The project also contains iron, with assays returning grades of up to 67 percent iron.
Subject to court approval and other customary conditions, the transaction is expected to be implemented in October.
Shares of Brightstar rose 1.03 percent a day after the announcement, closing at AU$0.49 on Tuesday (July 22).
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Brightstar Resources is a client of the Investing News Network. This article is not paid-for content.
Keep reading...Show less
22 July
Quarterly Activities/Appendix 5B Cash Flow Report
21 July
John Feneck: Gold, Silver, Platinum, Copper — 8 Stocks to Play These Metals
John Feneck, portfolio manager and consultant at Feneck Consulting, outlines his latest thoughts on the gold, silver, platinum and copper markets.
With prices on the rise, he encouraged investors to get involved if they aren't already.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
21 July
Hidden Gem: How Intrusion-related Gold Deposits Could Fuel Next-generation Discoveries
With the gold price continuing to hover near all-time highs and major producers scouring the globe for new large-scale deposits, one type of gold system is emerging as a potential game changer.
Intrusion-related gold systems (IRGS) have already yielded multimillion-ounce mines, like Kinross Gold's (TSX:K,NYSE:KGC) Fort Knox in Alaska, and sparked billion-dollar acquisition bids, such as Northern Star Resources (ASX:NST) offer for De Grey Mining in Australia. Even so, these deposits remains largely under the radar for most investors, and their full investment potential is only beginning to be understood.
Traditional high-grade vein systems often require deep, high-cost underground mining. IRGS deposits, however, form broad, consistent zones of mineralization that lend themselves to large-scale, open-pit development. These geological systems are particularly attractive in today’s market as they offer scale, longevity and a clear path to resource growth, which are critical at a time when new gold discoveries are becoming increasingly rare.
Given their geological and economic advantages, IRGS deposits are gaining attention from the world’s most experienced geologists and savvy resource investors.
Geology and controversy
IRGS forms when granitic magma intrudes into older country rock, generating heat and pressure that cause metal-rich hydrothermal fluids to migrate outward. As these fluids cool, they deposit gold — often accompanied by bismuth, tellurium and tungsten — within both the intrusion and surrounding host rocks. Unlike traditional high-grade vein systems, IRGS deposits typically develop broad zones of mineralization that can extend for hundreds of meters in width, with gold distributed in disseminated sulfides and sheeted quartz veins rather than concentrated in narrow lodes.
Though often lower in grade, generally ranging from 0.5 to 2 grams per ton, their scale and uniformity make them ideal for large-scale, open-pit mining. IRGS deposits also tend to occur in clusters along regional fault corridors that span tens of kilometers, allowing for the possibility of multiple mineralized centers within a single district. This combination of features offers the potential for long mine lives and relatively low development risk.
As a relatively new yet economically relevant type of deposit system, IRGS remains a topic of debate within the geological community. Some researchers question whether IRGS represents a truly distinct deposit class or simply a variant of orogenic or porphyry systems, shaped by local geological conditions.
The lack of universally agreed-upon diagnostic features, such as consistent fluid chemistry or mineral zoning, can make them difficult to distinguish in the field. Unlike epithermal systems, for example, IRGS typically lack high-sulfidation alteration and strong vertical metal zoning, adding complexity to exploration.
While this ambiguity can be challenging for geologists, it also highlights the opportunity: exploration companies that can correctly interpret these systems using modern geophysics, structural models and geochemical tools may uncover valuable deposits that others have overlooked or misclassified.
As academic consensus continues to evolve, the practical investment question centers on results. And recent activities in the M&A space and among major gold producers point to a compelling opportunity.
Economies of scale
The market is beginning to reward companies with exposure to IRGS geology.
Fort Knox, an IRGS-style deposit in Alaska, has produced more than 8 million ounces of gold since opening in 1996 and still has more than 4 million ounces in reserves.
More recently, the Hemi discovery in Western Australia, owned by De Grey Mining, exemplifies the growing investor appetite for IRGS-scale projects. The 8.5 million ounce discovery attracted a AU$5 billion takeover bid by Northern Star Resources in early 2024, and the transaction was completed in May 2025. Hemi's low-strip, open-pit profile and exceptional size put it at the top of many watchlists, validating the IRGS model as a legitimate path to tier-one status.
Unlike epithermal or orogenic systems, where new discoveries often hinge on chasing high-grade shoots at depth, IRGS exploration favors methodical, district-scale work. The size of the prize is significant, but realizing value requires a clear geological model, long-term commitment and the capital to drill systematically across wide zones.
For investors, this translates to a unique set of signals when assessing junior companies: control of a large fault corridor, early stage ounces that can grow, geophysics-driven targeting and a leadership team with IRGS-specific experience. The good news is that many such systems remain underexplored or misclassified, particularly in Proterozoic terrains across Australia and North America.
Alice River gold project: An emerging IRGS opportunity
One company that exemplifies the early mover advantage in an emerging IRGS district is Pacgold (ASX:PGO), an Australian junior that holds 377 square kilometers of granted tenure in far north Queensland, anchored by the Alice River Fault Zone. Pacgold controls more than 30 kilometers of strike along this corridor, which has seen historical small-scale mining but virtually no systematic modern exploration, until recently.
Pacgold released its maiden resource in May 2025: 26.8 million tons grading 1 gram per metric ton gold for 854,000 ounces across three zones: central, southern and northern. These zones represent only about 5 percent of the project’s total strike length, however, highlighting substantial room for expansion. Importantly, the resource includes broad, consistent zones of gold mineralization starting at surface, an ideal profile for potential open-pit development.
The company is currently executing an aggressive exploration program, with drilling underway on five priority targets identified through a combination of geophysics, soil sampling and historical data reinterpretation.
These targets share key IRGS characteristics: elevated gold-in-soil values, coincident magnetic and radiometric anomalies, and structural settings proximal to known intrusions.
Pacgold’s exploration model draws direct inspiration from the Hemi discovery, where intrusive bodies hosting disseminated gold were revealed through a similar approach. The company’s management and technical teams believe Alice River may represent the next large-scale IRGS discovery in Australia, and early exploration results support this.
With a current market capitalization of AU$10.9 million and approximately AU$2.1 million in cash as of March 2025, Pacgold offers investors asymmetric exposure to a potentially transformative discovery. Its board includes veterans of Australia’s most successful gold discoveries, including Tropicana, Julimar and Coyote. This depth of experience gives the company a strong strategic and technical footing as it advances toward a multimillion-ounce resource.
Investor takeaway
IRGS represents one of the most compelling yet overlooked exploration frontiers in the gold exploration space.
Their ability to host long-life, bulk-tonnage deposits with relatively low technical risk makes them attractive not just to juniors, but also to major producers hunting for future development pipelines. Few juniors are positioned in proven IRGS corridors, and even fewer have the tenure, team and technical discipline to deliver meaningful discoveries — and those that possess this ideal combination present a window of opportunity for investors.
As with any early stage investment, the risks are real. But so is the upside. In this global search for the next big gold camp, IRGS discoveries may well be where the future begins.
This INNSpired article is sponsored by Pacgold (ASX:PGO). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Pacgold in order to help investors learn more about the company. Pacgold is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Pacgold and seek advice from a qualified investment advisor.
Keep reading...Show less
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00