Bulls N' Bears has covered Auric Mining's acquisition of the Union Jack gold project near Coolgardie, a deal that lifts the company's global resource inventory by 51% to 301,000oz.

Auric has signed binding agreements to acquire the project for $6.6 million cash and $3 million in Auric shares upfront, with further milestone payments tied to future resource growth. Union Jack carries an initial inferred resource of 3.12Mt @ 1.02 g/t for 102,000oz, based on just 241 drill holes and open along strike and at depth.

The article highlights the project's location, sitting 15km by road from Auric's wholly owned Burbanks processing plant, placing it comfortably within trucking distance of the company's planned processing hub. Past drilling has returned shallow intercepts including 17m @ 4.57 g/t, 15m @ 4.22 g/t and 10m @ 4.72 g/t, with deeper results such as 16m @ 4.34 g/t from 184m pointing to underground potential. A substantial drilling campaign is set to begin following settlement, targeting both infill and resource expansion ahead of fast tracked mining studies.

Read the full article below.