With a 10-hole drilling program now complete, Auric Mining (ASX:AWJ) plans to undertake new pit optimisations and proceed with the mine design for its Munda Gold Project in Western Australia.
Managing Director Mark English says: “We continue to progress the development of our main asset, with the focus on getting Munda into production.”
Auric, which has a market capitalisation of $26.17 million, will be conducting the optimisations using up-to-date contract mining costs, results from metallurgical testwork, and a resource model that incorporates 10m-by-10m drilling data.
The optimised pits are expected to form the basis for detailed mine design and mine scheduling.
English says: “Our next task is to further refine the resource model and re-optimise the model using recently obtained costings from reputable mining contractors and the rising gold price. This will generate a revised starter pit design for mining in late 2024 or early 2025.”
Auric says 4 contract mining companies have provided budget pricing estimates for mining and drill and blast services at Munda. These costings will contribute to a detailed assessment of mining to the Feasibility Study level.
Meanwhile, metallurgical testwork results and interpretations are expected to be completed early this month.
A preliminary geotechnical assessment for pit wall design is being conducted by Peter O’Bryan and Associates, while waste rock characterisation work has been largely completed under the supervision of environmental and management services company MBS Environmental.
Today (3 April 2024), Auric also reports all assay results have been received from the phase one grade control drill program at Munda.
English says the drill results have substantially advanced the company’s understanding of the Munda deposit and the role and distribution of high-grade zones in mining.
“The drilling program has provided guidance for mine planning, exactly what it was designed to do.”
Some of the ‘high-grade’ assays include hole MGCR0286 with 1m at 12.03 grams per tonne (g/t) gold and 3m at 10.77g/t gold, and hole MGCR0272 with 1m at 15.57g/t gold.
The drill program comprised 361 holes for 11,301m on a 10m-by-10m pattern and was undertaken by Kalgoorlie-based privately held Total Drilling Services.
Auric Mining is a gold explorer focused on making discoveries in Western Australia’s Widgiemooltha district.
As of 31 December 2023, the company had $4.49 million in cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
