Junior explorer Auric Mining (ASX:AWJ) is preparing to complete the first gold pour by the end of the month at its Jeffreys Find Gold Mine in Western Australia.
Up to 9 July 2023, the company reports about 90,000 tonnes of gold ore has been mined at the project, with 77,500 tonnes of gold ore on the run of mine (ROM) pad, while 12,500 tonnes has been delivered to the Greenfields Mill in Coolgardie.
Once about 20,000 tonnes have been delivered to Greenfields, the mill will begin processing the initial batch of about 30,000 tonnes. Auric reports operations are proceeding as planned, with mining underway for more than 6 weeks.
Over the coming months, Auric’s mining joint venture (JV) partner, Kalgoorlie-based BML Ventures, will mine and haul between 100,000 tonnes and 180,000 tonnes of ore to complete the first stage of the project.
Once the first stage is complete, the mining partners will subtract all costs, including a cash retention, for the second stage, before splitting the surplus cash proceeds on a 50:50 basis. This will provide Auric with a ‘substantial’ cash boost, expected in September/October 2023.
Auric reports the total project life is short, and final mining is expected to be completed by the end of 2024, while a ‘robust’ gold price has now placed the project in a favourable position.
Commenting on the progress, Auric Mining Managing Director Mark English says: “We now have a well-established open-pit at the mine site, and mining is proceeding according to plan. Widespread rain in the district over the past fortnight has hampered haulage to the mill, but mining is continuing.
“With 12,500 tonnes of ore already transported to Coolgardie, we are just a short time away from our maiden gold pour”
With 12,500 tonnes of ore already transported to Coolgardie, we are just a short time away from our maiden gold pour. Once the first approximately 30,000 tonnes is processed, it will be clear how this project is going to unfold. I can say both parties are well satisfied with the effort to date.
Auric will use surplus cash generated for Jeffreys Find to continue development of the Munda Gold Deposit at Widgiemooltha and continue with broader exploration.”
Auric Mining is a gold explorer focused on its portfolio of projects across Western Australia. These assets include the Widgiemooltha, Munda, and Jeffreys Find gold projects, along with the Spargoville Project. The company had $1.318 million cash at hand on 31 March 2023, according to its latest quarterly report published on 27 April 2023.
Write to Harry Mulholland at Mining.com.au
Images: Auric Mining Ltd
