Auric Mining has marked a significant milestone in its operations at the Jeffreys Find site near Norseman, Western Australia, following a record-breaking sale of gold. The company successfully sold 1,243 ounces of gold for a total of $5.2 million, setting a new benchmark for its operations. This gold was extracted during an initial toll milling program at Focus Minerals’ Three Mile Hill processing plant.
A New Chapter in Auric’s Gold Mining Operations
This achievement comes as part of Auric Mining’s ongoing efforts at Jeffreys Find, marking the company’s fifth mining campaign at the site. Notably, it is the first time Auric has used the Three Mile Hill plant to process ore from Jeffreys Find, a step that is proving to be highly lucrative.
In November, Auric commenced processing 120,000 tonnes of ore from Jeffreys Find at Three Mile Hill, with an additional 142,000 tonnes planned for processing at the Greenfields Mill, completing a 300,000-tonne contract. As part of this stage, Auric aims to process a total of 420,000 tonnes of ore from Jeffreys Find, with activities set to cease once stage 2 mining is completed.
With a further 55,480 tonnes to be processed at Three Mile Hill, Auric remains on track to conclude its toll milling campaign by the end of January 2025, while the Greenfields Mill operations are also expected to wrap up by the same time.
Stellar Performance from Three Mile Hill Processing
Auric has processed a total of 64,500 tonnes of ore at the Three Mile Hill facility so far. Of this, around half—33,857 tonnes—has been reconciled, producing 1,243 ounces of gold at a head grade of 1.22 grams per tonne (g/t). While the initial grade of the ore was lower than expected—at 1.61 g/t compared to an anticipated 1.22 g/t—this outcome can largely be attributed to Auric’s decision to process lower-quality ore first. The goal was to test the performance and ore recoveries of the plant.
Despite the lower grade, the ore recoveries were impressive, reaching 93.6%, which is an encouraging sign for the company as it prepares for more intensive processing in the future.
Jeffreys Find Continues to Deliver Strong Results
Stage 2 mining at Jeffreys Find has already yielded 8,794 ounces of gold across three toll milling campaigns, contributing significantly to Auric’s revenues. The total value of gold sales from these campaigns has reached an impressive $33.14 million, with prices per ounce peaking at a record $4,233.
Auric’s management is optimistic about future returns, noting that there is still considerable gold to be extracted. With 228,000 tonnes of ore remaining to be processed, the company anticipates that the grade will improve to 1.61 g/t, with recoveries expected to remain strong at around 93.5%.
Management Optimistic About Future Prospects
Mark English, Managing Director of Auric Mining, expressed confidence in the company’s future prospects, stating: “Jeffreys Find will soon start to deliver further substantial cash for Auric. We are extremely happy with the results so far. It has been an outstanding investment for the company and our shareholders.”
The success of Jeffreys Find is expected to drive Auric forward into 2025 and beyond, with English highlighting the return on investment and free cash flow generated by the project as key factors in the company’s continued growth.
A Profitable Partnership with BML Ventures
Auric Mining’s joint venture with Kalgoorlie-based BML Ventures has played a critical role in the success of the Jeffreys Find project. Under the terms of the agreement, BML is responsible for mining, haulage, milling operations, and all associated costs. After the gold is sold, BML deducts the direct costs before splitting the remaining cash proceeds equally with Auric on a 50:50 basis.
With the final processing of ore at Jeffreys Find scheduled to conclude in early 2025, most of the operational costs have already been incurred, leaving a substantial cash surplus to be shared between Auric and BML. This influx of funds is expected to provide a significant financial boost for Auric, enabling the company to focus its resources on future projects.
Focus Shifts to Munda Mine
As Auric nears the completion of its successful campaign at Jeffreys Find, the company is looking ahead to its next venture: the Munda mine, located near Widgiemooltha in Western Australia. Auric plans to begin mining at Munda in 2025 with a 125,000-tonne starter pit that is expected to yield around 6,100 ounces of gold. The mine is projected to grade 1.8 g/t, which should deliver solid returns in the short term, especially with Australian dollar gold prices recently touching all-time highs above $4,270 per ounce.
Over the next several months, Auric will focus on better understanding the broader Munda orebody, which is estimated to contain 145,000 ounces of gold. The company is looking to ramp up operations in 2026, with plans to establish a full-scale mining and toll treatment operation at the site.
Bright Future Amid Strong Gold Prices
Auric’s strong performance in 2024, with 8,794 ounces of gold already produced, positions the company for further success. The residual ore being processed from Jeffreys Find is likely to push that total beyond 20,000 ounces. Combined with the expected gold output from Munda, Auric’s production could continue to grow, fueled by surging gold prices.
With the gold market at record highs, the financial outlook for Auric Mining is extremely positive. As the company prepares to wind down operations at Jeffreys Find and shift its focus to Munda, it seems that Auric’s fortunes are on the rise, cementing its place as a significant player in the Western Australian gold mining sector.
Conclusion
Auric Mining’s record gold sale and ongoing success at Jeffreys Find represent a remarkable achievement for the company. With impressive recovery rates and a healthy pipeline of future projects, Auric is poised for continued growth and success in the coming years. As the company shifts its attention to Munda and looks to capitalize on high gold prices, its strong financial position and strategic partnerships will be key to ensuring long-term profitability. For now, Auric Mining’s golden run shows no signs of slowing down.
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