Auric Mining Ltd (ASX:AWJ) has mined around 90,000 tonnes of gold ore with 77,500 tonnes on the ROM (Run Of Mine) pad at its Jeffreys Find Gold Mine in Western Australia's Goldfields.
The company hit the target on July 9 and has started trucking its product to the Greenfields Mill in Coolgardie, with around 12,500 tonnes already delivered.
This milestone means its maiden gold pour is now imminent and due at the end of July as operations proceed according to plan.
When around 20,000 tonnes have been delivered to Greenfields, the mill will start processing the initial batch of about 30,000 tonnes.
Auric’s mining joint venture partner BML Ventures Pty Ltd of Kalgoorlie, will mine and haul between 100,000 tonnes and 180,000 tonnes of ore to complete the first stage of the project.
77,500 tonnes of gold ore sitting on the ROM pad at Jeffreys Find.
“We now have a well-established, open pit at the mine site and mining is proceeding according to plan. Widespread rain in the district over the past fortnight has hampered haulage to the mill, but mining is continuing,” Auric’s managing director Mark English said.
“With 12,500 tonnes of ore already transported to Coolgardie we are just a short time away from our maiden gold pour. Once the first approximately 30,000 tonnes is processed it will be clear how this project is going to unfold. I can say both parties are well satisfied with the effort to date,” he said.
Moving into stage 2
Once the first phase of mining is done, Auric and BML will subtract all costs, including a cash retention for the second stage, before splitting the surplus cash proceeds on a 50:50 basis.
The move will give Auric a substantial cash boost, expected in September/October 2023.
The initial pit takes shape at the Jeffreys Find Gold Mine.
With a short project life, mining should be finished by the end of 2024 and with a robust gold price of US$1,916.08/ounce (A$2,868.23), which is expected to remain at high levels, the company is in a strong position as it enters its first pour at the end of the month.
The company will continue its momentum over the coming months and will use the surplus cash generated from Jeffreys Find to continue development of the Munda Gold Deposit at Widgiemooltha and continue its broader exploration.
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