Auric Mining Limited (ASX: AWJ) has announced that its second stage of mining at its Jeffreys Find Gold Mine near Norseman, Western Australia will commence the week of 4 March 2024 with the intention to extract a minimum of 300Kt of ore.
BML Ventures Pty Ltd of Kalgoorlie (BML), Auric’s joint venture (JV) partner, has executed a contract with FMR Investments Pty Ltd (FMR) to toll mill a minimum of 300Kt of ore at the Greenfields Mill, Coolgardie during 2024 with the project due to conclude in early 2025.
“Last year, our partners extracted 175Kt of ore from Jeffreys Find Gold Mine and we achieved a great result for the JV with almost A$10M total surplus cash generated. With a contract to process a minimum of 300Kt in 2024 at the Greenfields Mill, it should be a very lucrative year for Auric,” commented Auric managing director, Mark English.
“We are delighted that mining will recommence shortly. There will be multiple processing campaigns throughout the year for stage two of the project with BML contracted to put the first parcel through the Mill in April 2024.”
Equipment has begun being mobilized to the site promptly prior to mining getting underway at the beginning of March. Auric has paid A$1.0M as a working capital contribution to BML.
Apart from that payment, BML are incurring and paying all additional mining costs and expenses. After completing this final phase of mining the two partners will subtract all costs before splitting the surplus cash proceeds on a 50:50 basis. Auric Mining Ltd is expecting first cash in Q4 2024 and further cash in Q1 2025.
“Stage One of the Project produced 9,741oz of gold which averaged 1.86g/t. Jeffreys Find is straight forward mining and we know what to expect. Our level of confidence is high that stage two will produce substantially more ounces, compared to 2023,” said English.
For further information, please visit: www.auricmining.com.au
To read more articles like this, please visit: www.theassay.com
