Key points
- Acquisition of Union Jack Project with 3.12Mt at 1.02g/t Au for 102,000 ounces of gold
- Increases Auric's Mineral Resource inventory by 51% to 7.5Mt at 1.25g/t Au
- Located 15km from Burbanks processing plant, potential for additional feed
- Initial consideration A$6.6M cash and A$3.0M in shares, with milestone payments up to A$7.0M
Full summary
Auric Mining Limited has executed binding agreements to acquire the Union Jack Project, located 5km east of Coolgardie, WA. The acquisition includes an Inferred Mineral Resource estimate of 3.12Mt at 1.02g/t Au for 102,000 ounces of gold, increasing Auric's total Mineral Resource inventory by 51% to 7.5Mt at 1.25g/t Au. The Project is situated 15km from Auric's Burbanks processing plant, offering potential for additional feed. Initial consideration for the acquisition is A$6.6 million in cash and A$3.0 million in shares, with additional milestone payments contingent on resource growth up to 200,000 ounces of gold.
Guidance
Auric Mining's Mineral Resource inventory increases by 51% to 7.5Mt at 1.25g/t Au
Outlook
Auric Mining plans to undertake additional drilling to expand the Mineral Resource and test for potential resource growth up to 200,000 ounces of gold.