Auric (ASX:AWJ) produce new ounces from Jeffreys Find
October 10, 2023Auric Mining‘s second production campaign has turned out another 4300 ounces of gold and brought stage one to over 6000 ounces as toll milling continues from the Jeffreys Find Gold Mine in Western Australia.
Another 113,000 tonnes of ore have been delivered and 36,000 tonnes sit on the Jeffreys Find ROM pad at Norseman for transfer to the Greenfields Mill as the productive JV with BML Ventures finishes up its first stage of mining.
Auric Managing Director Mark English said the first surplus cash is now spinning out at the end.
“Very soon the current parcel of between 145,000 and 150,000 tonnes will be completely processed and gold despatched to the Perth Mint for sale. In total we estimate over 180,000 tonnes will be processed from the stage one mining. A first parcel of 36,000 tonnes averaged 1.58g/t and early indications are this parcel will do better,” Mr English said.
“We acquired this tenement from Mincor Resources in September 2020, only months before our listing on the ASX. In around three years we have it producing cash. It is a terrific result and will allow us to inject millions into our ongoing development, principally at Munda Gold Deposit near Widgiemooltha.
“Based on what we already know we expect gross revenue generated from this first stage to be in excess of $28 million which means the partners in this project are going to split millions in surplus cash.”
The short-term gold play has been producing into a higher priced gold market than first budgeted for, and the joint venture partners will split proceeds down the middle from the sizable cash proceeds now set to come in from Jeffreys Find through to November.
The deposit remains open at depth but is thickest at the surface, and final mining is expected to wrap up early into 2025.
Jeffreys Find offered a risk-free path to gold production and cash for Auric, who will soon have the money from mining operations on hand to advance its longer-term ambitions of West Australian gold.
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