Auric Mining (ASX:AWJ) has strengthened its foothold in the Widgiemooltha-Higginsville area in Western Australia, following completion of the stage one settlement for five tenements acquisition.
Through Auric’s wholly owned entity Widgie Gold, tranche one of the settlements with the purchase of five tenements from privately held Loded Dog Prospecting.
Auric, which has a market capitalisation of $39.47 million, has paid $450,000 to Loded Dog and has achieved agreed upon milestone payments and royalties.
A second tranche payment of $25,000 will be made to Loded Dog after various compliance matters are completed. The second payment involves the purchase of three other tenements.
Managing Director Mark English says the first tranche includes the most highly prospective prospects called Amorphous and Foote’s Find.
“It is our intention to explore the tenements with rigour over the coming year,” English says.
“This is an incredible gold country, some of the best in the world, with gold mines all around this tenure including Westgold’s (ASX:WGX) Higginsville gold assets.”
Auric intends to conduct drilling programs over the most prospective areas, including the Amorphous prospect where past drilling has revealed assays including 9m @ 3.32 grams per tonne gold and 5m @ 5.16g/t gold.
The company intends to expand on known mineralisation extending over a 1km strike length at Amorphous.
English adds that Loded Dog and Spargoville are now two of the most exciting gold exploration targets.
“Developing their potential will be a priority for our exploration efforts in the immediate term,” he says.
Auric Mining is a gold-focused explorer and developer that owns a portfolio of projects in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
