Auric Mining Ltd (ASX:AWJ) expects the first gold pour from its Jeffreys Find Project in Western Australia in early July, in time to take advantage of gold’s current strong run.
The explorer has started open-pit mining at Jeffreys Find with partner BML Ventures Pty Ltd, a well-known Kalgoorlie mining contractor, after receiving the green light for the Full Mine Mining Proposal from the Department of Mines, Industry Regulation and Safety.
The Jeffreys Find Gold Mine is 45 kilometres northeast of Norseman, about 750 kilometres from Perth.
“Terrific achievement”
“This is excellent progress by BML Ventures and Auric, a terrific achievement. Having the full mine proposal approved is fantastic, particularly given the high gold price,” Auric managing director Mark English said.
“I commend both BML Ventures and our technical team in working together to achieve this result.
"I look forward to the next stage of mining and actually producing gold.”
From left - Auric technical director John Utley, BML director William Lloyd and Auric managing director Mark English at Jeffreys Find.
Work in progress
Drilling and blasting of the first five-metre bench has been completed.
Later this month, about 100,000-150,000 tonnes of ore will be transported to the Greenfields Mill at Coolgardie, where it will be toll treated.
Gold produced will be forwarded to the Perth Mint for final refining and sale.
Cash boost
BML will incur and pay all upfront ongoing costs in mining the gold at Jeffreys Find, with net surplus cash to be split 50:50 between the two companies.
Auric expects “a substantial cash boost” from the cash split commencing September/October.
BML will expand the mine to the final pit design in 2024 once the first stage is done, where mining is expected to be completed by the end of next year.
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