Auric Mining (ASX:AWJ) has received an additional $920,000, increasing its total surplus cash proceeds from stage one mining at the Jeffreys Find Gold Mine in Western Australia to $4.77 million.
This news comes after the company announced on 25 October 2023 that it had banked an initial $2.2 million from mining at its Jeffreys Find project.
As previously announced, Auric also banked a further $1.65 million in surplus cash proceeds from mining in mid-november.
Through its joint venture (JV) with Western Australian Goldfields-based company BML Ventures, the company produced 9,741 ounces of gold via 2 campaigns, with all ore processed at the Greenfields Mill, Coolgardie.
Stage two mining is set to begin early next year, and the project is anticipated to be concluded by the end of 2024 / early 2025.
Auric Mining Managing Director Mark English says stage one took 6 months — ‘not long’ to generate nearly $30 million in gross revenue and $9.5 million in surplus cash to be split by the JV partners.
“The second campaign returned a head grade of 1.93 grams per tonne (g/t), way ahead of the first campaign which produced at 1.58g/t. Better still was an average gold price of $3,021/ounce for the second parcel, which yielded more than 8,000 ounces.
We are extremely happy with the capability of BML. They are an excellent small miner and partner. Planning is well underway for 2024. BML are working on the parameters for a final pit. Considering the stage one pit was premised on a gold price of $2,600/ounce, we may see a more expansive approach to mining in 2024.”
“Considering the stage one pit was premised on a gold price of $2,600/ounce, we may see a more expansive approach to mining in 2024”
In the first campaign, 36,180 dry metric tonnes were processed, while in the second campaign, 139,685 dry metric tonnes were processed.
Auric notes that BML has incurred and paid all mining costs and expenses.
Auric Mining is a Western Australian-based gold explorer and developer focused on making discoveries in the Widgiemooltha district.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining