JEFFREYS FIND YIELDS OVER 9,400 OUNCES IN STAGE ONE

Auric Mining Limited (ASX:AWJ) reports that Stage One of the Jeffreys Find Gold Mine has yielded impressive results, with production figures reaching over 9,400 ounces. As of October 27, 2023, a significant gold sale at the Perth Mint saw 1,264 ounces being sold at a price of $3,131 per ounce, amounting to a gross of nearly $4 million. The total gross revenue from sales to date stands at approximately $24.8 million, with 8,293 ounces sold.

The milling operations have concluded with a total of 176,666 dry metric tonnes of ore processed, achieving an average gold grade of 1.82 grams per tonne and a mill recovery percentage of 92.51%. Unreconciled mill calculations, which may change, indicate the production of 9,455 ounces of gold.

The company anticipates further cash distributions, with the next one expected in the week starting November 6, 2023. After paying all costs, including those for Stage Two preparations, the surplus will be split equally between the two partners.

The second stage of mining at Jeffreys Find is slated to begin in early 2024, with the entire project forecasted to conclude by late 2024 or early 2025. The budget, predicated on a gold price assumption of AUD$2,600 per ounce, has been positively offset by the higher actual prices obtained, placing the project in a favorable financial position.

Proceeds for Auric are earmarked for the advancement of the Munda Gold Deposit development, additional explorations, and working capital requirements. Regular updates on the production, yield, revenue, and cash distributions will be provided to keep the market informed.

Goldman

Read Previous

DEVELOPMENT HAS BEGUN AT GREAT FINGALL

Read Next

ACCELERATED RESOURCE GROWTH UNDERWAY AT DYNASTY GOLD PROJECT