Auric Mining (ASX:AWJ) has completed its second gold milling campaign from the Jeffreys Find Gold Mine in Western Australia, generating $23.5 million in sales.
The second campaign yielded 6,295 ounces of gold from 128,000 tonnes milled.
So far in 2024, Auric has produced 7,551 ounces of gold, booking a total of $27.95 million in gold sales.
Throughout the second campaign the gold price averaged $3,731 per ounce, while the highest price achieved in the period was $3,859 per ounce.
During Q3 2024, gold showed resilience in price, supply, and demand — which has translated into a stronger sentiment for gold producers and developers. Kicking off the first day of Q4 2024, gold’s spot price was sitting at US$2,630 ($3,821) per ounce.
As of 2 October 2024, gold’s spot price is sitting at $3,877.41 per ounce, as reported by ABC Bullion at 9.40am AEST.
Auric, which has a market capitalisation of $52.73 million, says a total of 6,295 ounces of gold was recovered at a reconciled head grade of 1.65 grams per tonne.
Managing Director Mark English says the company is in the “sweetest possible place” with the mining of Jeffreys Find.
“Another toll milling campaign is scheduled for the end of November,” he says.
“It will be a mighty run home for Auric as the project draws to conclusion. Whilst the campaign processed lower tonnes than expected, the gross revenue was higher due to the extraordinary gold price.
“The reconciled yield of 1.65 grams per tonne was marginally below expectations, but the recovery of 93.2% was excellent.”
English adds that its joint venture partner, BML Ventures, has a contract with Greenfields for 300,000 tonnes to be processed.
“We are anticipating a further 142,000 tonnes to be processed in 2024 and early into 2025 at Greenfields.”
Through the joint venture, Auric says 127,610 dry metric tonnes have been processed by the Greenfields Mill at Coolgardie.
BML anticipates in excess of 100,000 tonnes will remain at Jeffreys Find, following the completion of the contract with Greenfields. Negotiations are underway with potential toll milling companies for the additional tonnes to be processed next year.
As part of the joint venture between BML and Auric, the partners subtract all direct costs before splitting the surplus cash proceeds on a 50:50 basis.
Auric Mining is a Western Australian gold explorer and developer focused on establishing a gold mining enterprise of scale.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
