Auric to resume at Jeffreys Find in March

Gold exploration aspirant Auric Mining said on Tuesday it plans to resume activities at its promising Jeffreys Find gold mine, located 50km north-east of Norseman, in March.

The company generated a $4.7 million cash surplus from its two stage-one mining efforts at the facility with joint venture partner BML Ventures last year, producing 9,741 ounces of gold and a gross revenue of $29.2 million. 

Auric told the market plans were in place for BML to finalise its modelling for a stage-two pit, once results from its grade-controlled drilling program had been received.

In 2024, the pit design will be based on a higher gold price, $2900 per ounce, compared to $2600/oz last year.

Auric managing director Mark English believes production at Jeffreys Find will build on last year's results.

“Mining is anticipated to last between 9 and 12 months," Mr English said.

“Last year 175,865 tonnes of ore were milled, producing 9,741 ounces of gold. Whilst we don’t have figures yet, we are certain the number of tonnes of ore we’ll extract from Jeffreys Find will be substantially higher than last year. That’s the best possible news.

“All approvals to mine are in place and BML are in final negotiations with a toll mill for the processing of multiple gold campaigns throughout 2024."

The East Perth-based company said it had provided $1 million in working capital to BML, who will meet all remaining costs at the facility. Following the completion of mining, both parties have agreed to split any surplus cash, minus costs, on a 50:50 basis. Last year at Jeffreys Find, it also topped record gold sales prices on multiple occasions. 

Auric last traded at 11.5 cents per share, down 4 per cent, as of 2.43pm AEST.