Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce that mining operations at the Jeffreys Find Gold Mine (the Project) near Norseman, WA, is proceeding smoothly on an around-the-clock basis.
Highlights
Stage Two mining underway for one month.Nearly 20,000 tonnes of ore now delivered to Coolgardie Mill.Mill to commence processing the ore around 16 April 2024.First parcel expected to be in the order of 40,000 dry metric tonnes.First cash expected for Joint Venture in May 2024.
Managing Director, Mark English, said “The maiden milling campaign for 2024 is about to get underway. It is the first of many that are planned throughout the year.
“The ambition is to process in excess of 300,000 tonnes in 2024, nearly double that of 2023. Our joint venture partner is operating on an around-the-clock basis with larger equipment to expedite mining.
“The first parcel of approximately 40,000 tonnes is due to be toll treated imminently which is great news. With a gold price around $AUD3,500 an ounce the timing is perfect.
“All the pointers show that Jeffreys Find will be a substantial cash producer for us during the coming 12 months,” said Mr English.
Mining commenced on 10 March 2024. As of 6 April 2024, a total of 18,540 tonnes of ore has been transported to the Greenfields Mill (Greenfields) at Coolgardie by BML Ventures Pty Ltd of Kalgoorlie (BML), Auric’s joint venture partner.
Greenfields will commence toll milling of Jeffreys Find ore around 16 April 2024. It is expected that approximately 40,000 dry metric tonnes will be processed for the first gold campaign of the year. Toll milling will take approximately two weeks.
BML is planning on mining more than 300,000 tonnes of ore during Stage Two of The Project in 2024 with ore to be processed at Greenfields. A number of processing campaigns are planned.
Stage One last year saw 176,000 tonnes processed for 9,741 ounces of gold.
Auric is expecting first surplus cash distribution in the last quarter of 2024 and further cash distributions in first quarter of 2025.
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