PROCESSING

Auric strikes Jeffreys Find toll treatment deal

AURIC Mining hopes to generate cash within six months after formalising a toll treatment agreement for the Jeffreys Find gold deposit near Norseman in Western Australia.

 Auric managing director Mark English at Jeffrey's Find

Auric managing director Mark English at Jeffrey's Find

Jeffrey's Find ore will be milled at FMR's Greenfields mill 3km east of Coolgardie.

Auric will mine Jeffreys Find in partnership with local mining contractor BML Ventures, with all ongoing and working capital costs to be covered by BML.

The net cash surplus, after costs, will be split 50:50 between Auric and BML.

A decision to mine was taken once the toll milling agreement was finalised.

Gold mineralisation at Jeffrey's Find extends from the surface to at least 110m in vertical depth and is thickest near the surface.

The deposit will be mined in two stages with a starter pit and a final pit.

The starter pit will be mined from April to July, with 150,000 tonnes to be delivered to the Greenfields mill in three parcels.

Gold is expected to then be delivered to the Perth Mint for further refining.

Auric managing director Mark English said equipment mobilisation and detailed mine planning had begun.

"This is an important stage in Auric's growth, to be generating cash within the next six months with negligible downside is a terrific result," he said.

"The cash generated will be used to advance our exploration projects and Munda gold deposit [with] our timing perfect with the surging Australian gold price."

Auric has also lodged an application for a miscellaneous licence to build a haul road linking the site to the Eyre Highway.

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