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Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce the second gold milling campaign for 2024 has produced further cash with gold selling from the Jeffreys Find Gold Mine (the Project) near Norseman, WA, at the Perth Mint for an average of A$3,697 per ounce.
HIGHLIGHTS
- Second campaign of 2024 produces further cash for Joint Venture.
- Three parcels of gold sold at average of $3,697 per ounce.
- Total gross cash generated to date in this campaign is $10.8 Million.
- Second campaign on target to process 150,000 tonnes.
- On schedule to process 300,000 tonnes at Greenfields Mill in 2024.
- First cash of $3.0 Million to be received by Auric within a month.
MANAGEMENT COMMENT
Managing Director, Mark English, said: “Total gross gold sales for 2024 have now been received by the Joint Venture at just shy of $3,700 an ounce. It’s a very satisfying result and reflects the surging gold price.
“Over the coming month, Jeffreys Find Gold Mine is expected to generate around
$25.0 Million in gross gold sales as 150,000 tonnes gets processed at the mill. Everything is right on target.
“Auric will bank cash within the month - $3.0 Million in total, being an initial $2.0 Million surplus cash distribution from the Joint Venture plus the repayment of $1.0 Million working capital contribution.
“We are now at the midpoint of mining Jeffreys Find. It will perform much better than originally anticipated.
“The mill contract is to process 300,000 tonnes in 2024. This 150,000 tonnes parcel is the largest campaign for the year from Jeffreys Find. This leaves a further additional 120,000 tonnes for milling at Greenfields towards the end of 2024.
“On current projections, we will extract in excess of 20,000 ounces of gold this year. This would be a phenomenal result for Auric,” said Mr English.
Photo: Auric Managing Director Mark English, Company Secretary & Finance Manager Catherine Yeo and Technical Director John Utley with a gold doré bar. Greenfields Mill on 6 August 2024.
The Greenfields Mill (Greenfields or Mill) is contracted to process 150,000 tonnes of ore for the current campaign through Auric’s Joint Venture partner, BML Ventures Pty Ltd of Kalgoorlie (BML). As of 14 August 2024 nearly 129,000 tonnes have been delivered to the Mill.
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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
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, 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.
