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Quarterly Activities Report For The Quarter Ended 31 March 2023
Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to report on its activities during the 31 March 2023 Quarter and up to the date of this announcement.
Highlights
- Toll treatment agreement executed with Greenfields Mill at Coolgardie to process ore from Jeffreys Find Project.
- Decision to Mine at Jeffreys Find executed between Auric and BML Ventures Pty Ltd.
- Mobilisation of mining equipment to Jeffreys Find commenced.
- Assay results received for 5 RC holes drilled at Chalice West to test beneath anomalous aircore drill holes.
- Nickel, Rare Earth Element (REE) and cobalt anomalism in Chalice West RC drill holes supports the earlier aircore results and includes:
- 6m @ 0.35% Ni in ACRC005, including 1m @ 0.44% Ni, 788ppm Co and 7,366ppm Total Rare Earth Oxides (TREO).
- 36m @ 1,253ppm TREO from surface in ACRC005 with 20.0% of the TREO as the more valuable Magnetic Rare Earth Oxides (MREO).
- Assay results received for 3 RC holes drilled in the Miitel South Gold Prospect – part of an intended 8 hole program. Highlights include:
- An intercept of 2m @ 2.84g/t Au from 39m was returned for AIRC001as part of a zone of widespread quartz veining and disseminated pyrite.
- Widespread sulphide mineralisation and quartz veining over a 500m trend around an intensely worked alluvial gold processing operation, more than justify completion of the 8 hole program via a track mounted rig.
Mark English, the Managing Director commented as follows:
“During the quarter, our main focus was the steps required to start mining at Jeffreys Find. We have completed all the necessary work and arrangements to commence the starter pit at Jeffreys Find and have now started mining activities. We will in the foreseeable future attain one of the Company’s key ambitions and objectives in becoming a gold producer. Generating cash within the next six months with negligible downside risk to Auric is a terrific result.” said Managing Director Mark English.
There has been substantial progress at Jeffreys Find during the quarter leading to execution of a toll treatment agreement with Greenfields Mill at Coolgardie. Auric and BML Ventures Pty Ltd (BML) have committed to start mining. Mobilisation of mining equipment to site started in early April.
Exploration continued in parallel, with RC drill programs completed at Chalice West and at the Miitel South Prospect.
2.0 JEFFREYS FIND PROJECT
A 14km access road from the proposed mine site to the Eyre Highway was cleared. This provided access for a grade control drill rig and ancillary equipment and will be compacted and sheeted as mining progresses for ore haulage.
A grade control program was completed with 64 holes for 1,924m drilled on a 20 x 10m pattern. The grade control program infilled the historic drill pattern resulting in a 10m x 10m pattern (Figure 1). Drilling was undertaken by Kalgoorlie-based VM Drilling and supervised by BML.
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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