Auric Mining (ASX: AWJ) has revealed initial assays from a recently completed maiden drilling program at its Munda project, with drilling unearthing a 1m interval grading 42.85 grams per tonne gold.
The company has now completed a 27-hole reverse circulation drilling program at Munda, which comprises a mining lease and exploration licence applications about 35km southwest of Kambalda in Western Australia’s goldfields.
Assays have been received for the first seven holes of the program, which aimed to extend the known mineralisation and increase resources from the current inferred estimate of 3.77Mt at 1.43g/t gold for 173,700 ounces of contained metal.
Highlight intersections were 13m at 6g/t gold from 98m, including 5m at 13.27g/t gold and 1m at 42.85g/t gold.
Another hole uncovered 5m at 3.46g/t gold from 87m.
Auric managing director Mark English said he was “confident” the company will be able to upgrade the resource estimate for Munda.
He added the first 27 holes drilled at the project confirm the company’s geological model and provide “considerable confidence”.
“With assay labs working overtime, we hope to have the balance of the reporting by mid-April.”
Recent ASX listing
Auric is a recent ASX debutant – making its way onto the stock exchange little more than a month ago.
It raised $7.25 million in an oversubscribed IPO that aimed to initially firm up $6.5 million via the issue of 26 million shares at $0.25.
The company accepted a further 6 million subscriptions which bumped its IPO figure to more than $7.25 million.
WA gold projects
Taking with it to market, Auric had Munda, Jeffrey’s Find and Spargoville gold projects.
Munda and Jeffrey’s Find are the most advanced projects with both being located on existing mining leases and hosting mineral resources.
According to Auric, Munda has been subject to multiple exploration phases since the 1960s.
Exploration resulted in Resolute Mining undertaking small trial pit mining in 1999.
Over at Jeffrey’s Find, intermittent exploration since 1985 has resulted in a resource estimate of 1.22Mt at 1.22g/t gold for 47,900oz.
Meanwhile, previous aircore drilling at Spargoville unearthed 25m at 1.67g/t gold from 44m.