Transformational gold acquisition to fast-track Auric’s growth plan
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Ambitious gold play Auric Mining (ASX:AWJ) has successfully completed a “transformational” deal with Neometals.
Auric is new entrant on the gold exploration scene, having just listed in February.
The plan is to become a successful gold producer at Widgiemooltha, a historic WA mining district where Auric is growing an existing gold inventory of more than 220,000 ounces.
So far, the company has obtained excellent projects at highly competitive prices from companies that are concentrating their efforts elsewhere, such as Estrella Resources (ASX:ESR), Mincor Resources (ASX:MCR) and Neometals (ASX:NML).
Today’s finalised acquisition of the gold rights to 21 tenements from Neometals changes the scale of Auric’s ground substantially, from an existing package of 18sqkm to 102sqkm.
This deal is transformational, the company says.
“By executing the agreement with Neometals for gold rights around the Widgiemooltha area, and the earlier acquisition of the Spargoville assets, we feel that we are building a strong stable of highly prospective gold ground at a time that it’s good to be in gold,” says Auric chair Steven Morris.
“The focus now is to unlock the potential of those assets and grow ounces, and with that we are planning the next drilling program which will hopefully be under way soon.”
This article was developed in collaboration with Auric, 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.