Auric Mining (ASX: AWJ) has produced 938 ounces of gold following the fourth and final outturn of the starter pit at its Munda gold mine in Western Australia and processing at Black Cat Syndicate’s (ASX: BC8) nearby Lakewood Mill.
The outturn was completed on 2 March and follows three previous outturns in February as part of a second campaign of ore processing which has produced a total 5,757oz gold to date.
Auric’s first campaign produced 2,718oz, giving an overall production total between the two campaigns of 8,475oz compared to a budget of 6,100oz.
A total of just over 125,000 tonnes has been treated through Lakewood Mill in two separate campaigns since milling commenced in October.
Valuable Munda Insights
The starter pit is providing Auric with valuable insights into the Munda orebody relating to resource estimation, mining techniques, and processing.
The company expects to reconcile gold recovered from the two campaigns with its existing data ahead of detailed scoping and planning for the Munda main pit.
“The overall total of 8,475oz produced to date is excellent news for our shareholders, with these unprecedented results all serving to confirm our Munda Main Pit as a substantial economic gold resource for the company,” managing director Mark English said.
“Exciting news for us that successive outturns have outperformed every budget estimate for grade over the duration of this second campaign—we look forward to spending the money astutely to expand and grow our company.”
ABC Refinery Account
Auric’s metal account at ABC Refinery in New South Wales — known as Australasia’s pre-eminent independent precious metal assayer, refiner and mint — now totals 4,210oz of gold and 343oz of silver.
The combined value of its cash, bullion, and listed investments sits at approximately $41 million.
Auric’s ore treatment arrangement with Black Cat was finalised in July and presents a cost-effective pathway to monetise Munda starter pit ore while positioning Auric for long-term growth.
The company believes the Main Pit represents a major opportunity to expand production and reinforce its ambition to grow into an integrated, sustainable gold producer.
