Auric Mining (ASX:AWJ) partners with BML to mine gold at Jeffreys Find – The Market Herald

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  • Auric Mining (AWJ) partners with BML Ventures (BML) to begin gold mining at the Jeffreys Find deposit near Norseman, WA
  • The Jeffreys Find deposit hosts known gold mineralization, however, it has never been mined, which the company says presents a strategic opportunity
  • Auric and BML will contribute to costs associated with construction, equipment and other working capital costs associated with mining
  • AWJ shares end the day 11.1% in the green to close at 10 cents

Auric Mining (AWJ) and BML Ventures (BML) have reached an agreement to commence gold mining at the Jeffreys Find deposit near Norseman, Western Australia.

The deposit is part of the Jeffreys Find project and is one of two areas where gold mineralization has been confirmed, the other being at the Neo prospect which lies 550 meters northwest of the deposit.

Jeffreys Find has a mineral resource estimate of 1.21 million tonnes at 1.22 grams per tonne gold for 47,900 ounces.

Auric recently completed metallurgical testing that defined “excellent” characteristics for conventional carbon leach processing, then completed a scoping study for surface mining and third-party toll processing of the Jeffreys Find deposit .

The results of the study were positive, prompting companies to take the “next logical step” in mining business progression.

The deposit has never been mined, which the company says represents an opportunity to realize its commercial potential.

Under the agreement, Auric will be responsible for all costs associated with permitting the project and constructing an access road to the site. However, a pre-mining grade control program and diamond drilling to better optimize mining will be funded equally by the two companies.

In making a decision to mine, BML will be solely responsible for all capital costs and payment for transportation, personnel, equipment, contractors and all working capital costs associated with mining. .

Auric CEO Mark English said the partnership is a “substantial step” in Auric’s growth.

“The skills and resources that BML brings to the project will enhance the development of Jeffreys Find, benefiting both companies while limiting Auric’s risk of loss to zero,” he said.

“The opportunity presented by BML was just too good not to continue.”

The companies will now undertake mine permitting and planning activities.

AWJ shares ended the day 11.1% in the green to close at 10 cents.

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