Auric Mining to start next stage of operations at Jeffreys Find gold mine near Norseman

Auric Mining will restart gold mining at Jeffreys Find near Norseman next week aiming to process at least 300,000 tonnes of ore.

The company last week told the ASX it had processed 175,000 tonnes during last year’s inaugural campaign, generating almost $10 million.

The year’s operations would again be undertaken in joint venture with Kalgoorlie-Boulder mining services firm BML Ventures, and the ore would be processed at FMR Investments’ Greenfields mill near Coolgardie.

Managing director Mark English said there would be multiple processing campaigns during the year for stage two of the project, with BML Ventures contracted to put the first parcel through the mill in April.

“Stage one of the project produced 9741 ounces of gold which averaged 1.86 grams per tonne,” he said.

“Jeffreys Find is straightforward mining and we know what to expect.

“Our level of confidence is high that stage two will produce substantially more ounces, compared to 2023.”

Ausic said operations at Jeffreys Find would run until early next year.

The company said it had paid $1m as a working capital contribution to BML for this year.

Auric said BML was incurring and paying all additional mining costs and expenses, and after completing this final phase of mining the two partners would subtract all costs before splitting the surplus cash proceeds on a 50-50 basis.

Auric said it was expecting first cash in the last quarter of 2024, and further cash in the first quarter of 2025.