Auric Mining Limited (ASX: AWJ) has announced $4.77million in Stage One reconciliation from mining of the Jeffreys Find Gold Mine near Norseman, WA.
Through its joint venture with BML Ventures Pty Ltd of Kalgoorlie (BML) a total of 9,741 ounces of gold were produced in two campaigns, with all ore processed at the Greenfields Mill, Coolgardie.
In the first campaign, 36,180 dry metric tonnes were processed at a reconciled head grade of 1.58g/t for 1,721 ounces of gold at a calculated recovery of 93.04%.
In the second campaign, 139,685 dry metric tonnes were processed at a reconciled head grade of 1.93g/t for 8,020 ounces of gold at a calculated recovery of 92.58%.
What a fantastic result! To produce 9,741 ounces of gold in stage one of mining and Auric receiving $4.7 million, being its share of total surplus cash distributions, is a terrific achievement,” Managing Director, Mark English, said.
“Stage One of mining has taken six months – not long to generate almost $30 million in gross revenue and $9.5 million in total surplus cash to be split by the partners.
“The second campaign returned a head grade of 1.93 grams per tonne, way ahead of the first campaign which produced at 1.58 g/t. Better still was an average gold price of $3,021/ounce for the second parcel which yielded more than 8,000 ounces.
“Perth Mint sold gold at $3,131/ounce, the highest price for gold bullion received in Australian dollars at the time. The timing was excellent.
“We are extremely happy with the capability of BML. They are an excellent small miner and partner. Planning is well underway for 2024. BML are working on the parameters for a final pit. Considering the Stage One pit was premised on a gold price of $2,600/ounce, we may see a more expansive approach to mining in 2024.
“Auric has achieved what very few other junior miners have ever done – gone from tenement acquisition to IPO listing, production, then cash in the bank in just three years. We are now self-funding, which cannot be over emphasised in this tight financial market.”
BML has incurred and paid all mining costs and expenses.
Jeffreys Find Gold Mine has a short project life. Stage two will begin in early 2024 and the Project is expected to be concluded by the end of 2024/early 2025.