Auric Mining announces resource update

Auric Mining (ASX:AWJ) has released an updated estimate for the Munda Gold Deposit's mineral resources. The update includes 3.65 million tonnes at 1.23 grams per tonne gold, amounting to 145,000 ounces of gold. This update is based on new data from a close-spaced drilling program, aimed at optimizing the initial phase of mining.

Auric Mining's strategic outlook

Auric Mining has updated its mineral resource estimates for the Munda Gold Deposit, reflecting a focus on economic extraction. The estimates show a resource of 3.65 million tonnes at 1.23 grams per tonne gold, totaling 145,000 ounces. This update follows a detailed drilling program and considers a gold price of AUD 3,200/oz. The company aims to initiate starter pit mining by 2025, with a conservative approach to resource estimation ensuring economic viability. Auric Mining's strategy is supported by high metallurgical recovery rates and an optimal pit shell design, positioning it to advance its mining operations efficiently.

Management discusses the updated estimates

Managing Director Mark English expressed confidence in progressing to mining a starter pit by early 2025. Technical Director John Utley highlighted the conservative approach to high-grade contributions in planning the starter pit.