Auric Mining has announced that Stage Two of mining at its Jeffreys Find Gold Mine near Norseman in Western Australia will commence in early March, which involves a contract to toll mill a minimum of 300,000t of ore.
BML Ventures of Kalgoorlie (BML), Auric’s joint venture partner, has executed a contract with FMR Investments (FMR) to toll mill a minimum of 300,000t of ore at the Greenfields Mill, Coolgardie during 2024 with the project due to conclude in early 2025.
Equipment will be mobilised to the site starting two weeks prior to the beginning of operations.
Auric has paid $1 million as a working capital contribution to BML in 2024. Apart from that payment, BML are incurring and paying all additional mining costs and expenses. After completing this final phase of mining the two partners will subtract all costs before splitting the surplus cash proceeds on a 50:50 basis.
Auric Mining is expecting first cash in the last quarter of 2024 and further cash in the first quarter of 2025.
Auric Mining Managing Director, Mark English, said that last year Auric’s partners extracted 175,000t of ore from Jeffreys Find Gold Mine and achieved a great result for the joint venture with almost $10 million total surplus cash generated.
“With a contract to process a minimum of 300,000t in 2024 at the Greenfields Mill, it should be a very lucrative year for Auric,” Mr English said.
“We are delighted that mining will recommence shortly. There will be multiple processing campaigns throughout the year for Stage Two of the Project with BML contracted to put the first parcel through the mill in April 2024.
“Stage One of the project produced 9,741oz of gold which averaged 1.86g/t. Jeffreys Find is straight forward mining and we know what to expect. Our level of confidence is high that Stage Two will produce substantially more ounces, compared to 2023.”
