42kms from Norseman,
WA Goldfields
Gold
Gold production of nearly 10,000 ounces in 2023 generated surplus cash of $4.76 million to Auric. In 2024/25 the Company aims to go one better with 400,000 tonnes of gold ore to be processed.
Bought from Mincor Resources in September 2020 Auric re-defined the resource as containing 47,000 ounces of gold.
After a positive scoping study8 the Company entered into a joint venture relationship with BML Ventures Pty Ltd of Kalgoorlie to mine Jeffreys Find.
Mining got underway in early 2023 and the first gold was poured from the Project in July 2023.
The two gold campaigns conducted in 2023 produced 9,746 ounces of gold at a head grade of 1.83 g/t Au.9
Second Stage mining is well underway in 2024 with 157,600 tonnes milled during two campaigns, producing 7,551 ounces of gold.10 There is one more gold campaign scheduled for late 2024/early 2025 with a total of 300,000 dry metric tonnes to be processed at the Greenfields Mill at Coolgardie. Excess ore of more than 100,000 tonnes on the ROM Pad at the mine site and will be toll milled at a nearby processor. In total the project will produce more than 400,000 tonnes of ore.
The JV aims to produce more than 20,000 ounces of gold production in Stage 2 of the Project with an overall total of 30,000 ounces from the mine.
- 8: ASX:AWJ Announcement 11 July 2022 – Positive Scoping Study for Jeffreys Find Project
- 9: ASX:AWJ Announcement 1 December 2023 – Jeffreys Find Gold Mine – Stage One Reconciliation
- 10: ASX:AWJ Announcement 2 October 2024 – Jeffreys Find Gold Mine – Second Toll Milling Campaign Finished
The Jeffreys Find Gold Mine contains 47,000 ounces of inferred and indicated gold resources.11
Mineralisation at the mine is associated with a moderately south westerly dipping Banded Iron Formation unit which is distinctive in magnetic images over approximately 1.6km in length.
An independent scoping study conducted in the middle of 2022 projected a gold yield of 1.3g/t to 1/7g/t with gold thickest near the surface. It estimated that between 19,000 and 22,000 ounces of gold could be extracted over a short mine life. This has already been well exceeded.
Auric is in partnership with BML acting as the contractor and assuming all costs. After all expenses are paid Auric and BML split the surplus cash on a 50:50 basis.
- 11: ASX:AWJ Announcement – 11 July 2022 – Positive Scoping Study for Jeffreys Find
The Project is well advanced with the joint venture aiming to recover circa 20,000 ounces of gold during the final phase of mining.
Next steps will be for BML to complete mining late in 2024 producing more than 400,000 tonnes of ore. BML has a contract with the Greenfields gold mill to process 300,000 tonnes. The excess ore will be processed at one of many gold mills in the district. Auric will receive cash distributions throughout 2024 and into 2025 before the Project is finally complete.
Check out all of our fascinating projects in a world class location
Munda Gold Project
Auric is now in the advanced stages of planning a starter pit at Munda. Geological complexities exist but Munda is a substantial gold asset on a trajectory to mining.
