Auric Mining Limited (ASX:AWJ)

Auric Mining Ltd, headquartered in Western Australia, specializes in gold exploration and development. The company is dedicated to establishing a substantial-scale gold mining enterprise, aiming to attract capital and enhance shareholder value. Backed by a seasoned Management Team with extensive experience in the Western Australian gold exploration sector, Auric Mining's primary assets include the Widgiemooltha Gold Project. This project encompasses the 100% owned Munda Gold Project and the 100% owned Jefferys Find Gold Project, both located in Western Australia.

In addition, Auric holds the Spargoville Project, consisting of one granted and two pending exploration licenses and two granted and one pending prospecting license (EL’s), exhibiting demonstrated gold anomalism in the area. The company actively seeks to acquire high-quality exploration and near-development landholdings to explore and develop additional gold deposits.

Auric boasts a robust asset base, with over 220,000 ounces of gold in JORC compliant resources, coupled with exploration licenses. The company's Board is well-credentialed and streamlined, bringing significant experience in developing gold projects, both domestically and globally.

Auric Mining's ownership extends to the Jeffreys Find Gold Project, encompassing Mining Lease 63/242 and Miscellaneous Licence 63/97, both exclusively held by the company through its subsidiary, Jeffreys Find Pty Ltd. At the core of this project lies the Jeffreys Find gold deposit and the Neo Prospect, representing pivotal components in Auric Mining's strategic exploration and development initiatives. The geological setting of the project reveals gold mineralization hosted within a Banded Iron Formation (BIF), characterized by its strong magnetic properties, emphasizing the unique and promising nature of the mineral deposits within this area.

At Jeffreys Find, gold mineralization spans from the surface down to a depth of at least 140 meters, with its greatest thickness observed near the surface and inclined at an approximate angle of 35˚. The project boasts an Indicated and Inferred gold resource estimate, calculated at a 0.5g/t cut-off grade, revealing 1.22 million tons at an average grade of 1.22g/t, amounting to 47,900 ounces of gold. Notably, metallurgical testing conducted thus far indicates that the gold mineralization lends itself well to conventional Carbon-In-Leach (CIL) treatment, and there is potential for heap leach methods.

Auric envisions Jeffreys Find as a prospect for a viable open-pit toll-treatment operation, with the added advantage of being in proximity to at least nine gold processing plants within the Kalgoorlie and Coolgardie region. This strategic positioning aligns with Auric's exploration and development strategy, presenting the project as a promising contender for efficient and sustainable gold extraction methods, catering to the existing processing infrastructure in the area.

A miscellaneous license application has been submitted to facilitate the establishment of a haul road connecting the project to the Eyre Highway, situated approximately 14 kilometers to the south.

Future plans for Jeffreys Find include additional metallurgical and geotechnical studies, along with drilling activities aimed at potentially delineating resources at the Neo Prospect. These strategic initiatives underscore ongoing efforts to optimize infrastructure and resource potential at the project site.

The Spargoville Project is situated approximately 4km west of the Coolgardie-Esperance Highway and 35km southwest of Kambalda. It encompasses 1 granted and 2 pending exploration licenses, as well as 2 granted and 1 pending prospecting license. Two of these tenements are fully owned by Auric Mining through its subsidiary, Spargoville Minerals Pty Ltd, while the gold rights for the remaining 4 tenements were acquired through a recent transaction with Neometals Pty Ltd.

Exploration activities within the Spargoville Project have identified various gold anomalies through soil auger sampling. Despite some initial drilling, many of these anomalies, such as the "Fugitive Prospect," remain partially or entirely untested. Notably, follow-up drilling at the Fugitive Prospect has only partially examined the strong soil anomaly, yielding significant intercepts, such as SPAC0142 with 14m @ 2.51g/t Au.