Recently listed gold explorer Auric Mining (ASX: AWJ) has advanced work program planning across its three Western Australian projects just weeks after joining the ASX boards.
In an update to the market, the company confirmed gold resources at two projects and outlines exploration programs.
It is also planning to investigate opportunities to acquire other gold projects.
Auric listed on the ASX on 12 February after raising $7.25 million, the company being established to explore and develop gold deposits in the WA goldfields with an emphasis on areas where previous exploration had focused largely on nickel in the Widgiemooltha district.
Its portfolio includes two mining leases with mineral resources (Munda and Jeffreys Find) and one exploration project with identified gold targets (Spargoville).
Munda has an inferred gold resource of 3.77 million tonnes at 1.43 grams per tonne for a contained 173,700oz.
Jeffreys Find has an indicated and inferred resource of 1.22Mt at 1.22g/t for 47,900oz.
Company’s location has long mining history
In December, in the lead up to its IPO, Auric noted that, even with its extensive mining history, considerable exploration prospects remained in the Widgiemooltha area.
In the past 10 years mines have been developed there, including Mincor Resources (ASX: MCR) at Widgiemooltha (322,000oz at 1.9g/t) and two owned by Toronto-listed Karora Resources — Beta Hunt (944,000oz at 2.9g/t) and Baloo (353.000oz at 1.71g/t.
Auric noted recent exploration success by Anglo Australian Resources (ASX:AAR) at its Mandilla gold project has also highlighted the potential of the area.
WA’s largest gold nugget, the 35.5kg Golden Eagle, was discovered just 8km from Munda.
Munda is considered to be amenable to open pit mining, extending from surface to a depth of at least 150m.
The mineralisation occurs within several intersecting structures.
Several processing plants operate in the area.
Jeffreys is located 45km from Norseman.
Auric paid $675,000 to Mincor for Jeffreys and $1.21 million for Munda, previously owned by Estrella Resources (ASX: ESR).
First drill results expected next week
Drilling at Munda began on 14 February, two days after the listing.
So far 14 reverse circulation holes have been drilled at Munda for 2,170m, with a further 1,530m to be completed.
Preliminary results are expected next week.
This month, and through to April, Auric will begin exploration at Spargoville.
Preliminary work has already started at Jeffreys Find.