Major lift: Auric Minings’ Munda Gold deposit increases with 82pc of resources in the indicated category
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Gold-focused Auric Mining has lifted its Munda resource estimate to 4.481M tonnes at 1.38g/t at a 0.5 gpt cut off for 198,700 gold ounces – an increase of 14%.
This means around 82% of the Munda resources are now in the indicated category, allowing for a detailed mining assessment to begin.
Since the previous resource estimate in September 2020, a substantial volume of work has been ticked off, such as the drilling of 39 reverse circulation holes, adding 5,210 samples to the resource database, and completing work to qualify historical data.
Auric Mining (ASX:AWJ) says at a 0.5gpt cut off, the current estimate of Munda resources is increased by 25,000 gold ounces over the 2020 estimate, marking a change from 100% in the inferred category to 82% in the indicated category.
Of particular importance too is the shallowness of gold mineralisation, the company says, which allows the gold to be mined more easily.
Around 90% of the estimated resources are less than 110m depth and less than 1% are from depths of greater than 160m.
Speaking to the resource update, technical director John Utley said: “Auric has built understanding of the Munda gold deposit to the stage where the estimated resources have substantially increased and most of the resources can now be classified as indicated.
“This is a very important step toward eventual development of the gold deposit.”
The combined group resources represent a total of 245,900 gold ounces at 0.5 gpt cut off, with drilling underway at the Guest prospect.
Managing director Mark English added: “The conversion of inferred to indicated resources reflects Auric’s diligent approach to exploring and developing a high-quality tenement package.”
“We are confident in our ability to systematically build our resource base in the Widgiemooltha area.”
Auric’s tenement package is centred on the Widgiemooltha Dome and includes Mining Leases and three closely located projects – the flagship Widgiemooltha Gold Project which includes the Munda Gold Deposit and the Guest Prospect, the Jeffreys Find Gold Project, and the Spargoville Gold Project.
A second drill program was announced on January 17 at the Guest Prospect, which is located approximately 2km southeast of the Munda Gold Deposit.
At Jeffreys Find, an RC drilling program was completed in September to provide samples for metallurgical test work which Auric expects to be completed in February.