Auric is a big step closer to building a gold mine
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Significant gold intercepts from drilling at Auric’s ~48,000oz Jeffreys Find project have supported historical results, paving the way for accelerated development.
Auric has three projects in WA: ‘Spargoville’, ‘Widgiemooltha’ and ‘Jeffreys Find’.
Its main game is Widgiemooltha, which has an existing gold inventory of more than 220,000 ounces. Recently received drilling results will be used to upgrade this resource, the Company says.
Meanwhile, the smaller but far more advanced Jeffreys Find project is Auric’s near-term development proposition.
Results from recent drilling, designed to increase confidence in the resource as part of mining studies, have now been received.
Notable results from the seven-hole program include 5m grading 3.51 grams per tonne (g/t) gold from a depth of 68m and 8m at 2.53g/t gold from 12m.
Six of the seven holes were drilled as ‘twins’ of holes drilled by previous explorers to confirm the current indicated and inferred resource of 1.22Mt at 1.22g/t gold for 47,900oz of contained gold.
Auric Mining (ASX:AWJ) noted that the banded iron formation unit that hosts the gold mineralisation at Jeffreys Find was intersected in the new holes over the expected intervals and assay results show reasonable correlation with those returned from the earlier holes.
Importantly, this provides the company with further confidence in the data set used in the resource estimates and will be used as the basis for selection of metallurgical samples for ore characterisation testwork specific to toll mills in the Kalgoorlie and Coolgardie areas.
The seventh hole was drilled to infill a gap at the margin of the current resource model, confirming the continuity of mineralisation.
With a Mining Licence already in place for Jeffreys Find, the existing resource and proximity to toll mills means that accelerated development is well within reach.
Kalgoorlie-based metallurgical consultancy Hardcore Metallurgy have designed a testwork program that will assess the gold mineralisation at Jeffreys Find to determine if it meets the grinding and processing requirements at several toll treatment facilities in the Kalgoorlie and Coolgardie areas.
Results from the latest RC program will be used to select samples for testwork and those samples processed in January and February of 2022.
A miscellaneous licence allowing for a haul road connecting Jeffreys Find to the Eyre Highway, 14km to the south of Jeffreys Find is under application with grant expected in the first quarter of 2022.
This article was developed in collaboration with Auric Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.