Nickel Results Highlight Exploration Potential For Multiple High Value Commodities At Chalice West

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to provide further detail following the completion of drilling at the Company’s Chalice West Project near Higginsville-Widgiemooltha, Western Australia. The drilling program was completed on 22 November 2022 with 227 aircore holes drilled for 7,227m (Figure 1).

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Highlights of this Announcement

• Assays received for approximately half of the drilling program show multiple nickel intercepts.
  
• Significant nickel assays include:
  • 9m @ 3,636ppm (0.36%) Ni including 2m @ 6,663ppm (0.67%) Ni in AAC0279.
  • 13m at 2,116ppm (0.21%) Ni in AAC0311.
• Three ultramafic units defined with two having distinct nickel anomalism.
• Strong nickel anomalism in weathered ultramafic rocks highlights potential for sulphide nickel mineralisation at Chalice West Prospect.
• 7km long magnetic feature linked with anomalous Rare Earth Elements (REE).
• 5km strike length gold anomalism.
• Ground Electromagnetics (EM) survey next step.

Auric Managing Director Mark English, commented that:

“This initial aircore drilling program has highlighted the exciting opportunities at Chalice West for several commodities, particularly REE and nickel, in addition to gold.

We’ve intersected high REE grades in clays, one result being 4m at 3,591ppm (TREO) including 1m at 11,038ppm (TREO) with favorable chemistry that are linked to a strong prospective 7km magnetic feature as well as some good nickel results. A strong magnetic high nearby represents another enticing target. Drilling has identified 3 weathered ultramafic units, 2 of those with strong nickel anomalism. Our exploration model for nickel compares the new setting with the nearby Widgiemooltha Dome, host to numerous komatiite-hosted nickel deposits.

This is the first phase of results from our exploration program, it provides a great steppingstone for exploration and potential development of what could be a fertile new area for multiple commodities.”

Program and results to date

Onsite pXRF testing for nickel was used as an objective basis for selective (1m) sampling and associated laboratory analyses for nickel and other elements.

Assay results have now been received for 119 of the 227 bottom of hole composite samples and for 177 of the 370 single metre selected samples. All of the assays relate to drilling along the interpreted repeat of the Chalice Gold Mine stratigraphy, now referred to as the Chalice West Prospect.

Anomalous nickel intercepts have been returned for 9 of the holes, with 9m at 3,636ppm Ni recorded for AAC0279 which includes 2m at 6,663ppm Ni (0.67% Ni) and 13m at 2,116ppm Ni recorded for AAC0311. These intercepts occur within weathered ultramafic units revealing potential for nickel sulphide mineralization in the unweathered extensions of the same units, perhaps similar to komatiite-hosted nickel sulphide mineralization for which the Widgiemooltha area is renowned. Drill holes were logged by a geologist at 1m intervals and the lithologies, particularly in the clay-weathered sequence compared with pXRF results for Cr, Ti and Zr to better constrain the clay-weathered protoliths.

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