Auric Mining has commenced the final toll milling campaign from its Jeffreys Find gold mine, with processing underway at the Three Mile Hill mill in Coolgardie, Western Australia.
Approximately 60,000 tonnes (t) of ore are being hauled from Jeffreys Find, with more than 52,000t already stockpiled at the mill as of June 30. The campaign, expected to conclude by the end of July.
“It will be the project’s last toll milling campaign, with circa 60,000 tonnes going through the mill,” Auric Mining managing director Mark English said.
“The target is to produce 2750 ounces. That would be an impressive result, and see the total ounces mined and sold from Jeffreys Find exceeding 30,000 ounces.”
Auric has invoiced joint venture partner BML Ventures for $3.6 million as an interim cash surplus distribution, with payments scheduled across July and August. Final accounting and surplus distribution are expected by October.
The company said there is an expectation of about $7.5 million to $9 million total surplus cash being generated from this final milling and gold sales campaign.
The surplus will be shared equally between the joint venture partners as per the agreement, which sees BML Ventures act as the miner, operator and manager of Jeffreys Find.
“This will be a bumper final payday from the project,” English said. “Particularly as most mining costs have already been paid.
‘We expect we will receive around $4 million being our share of surplus cash that will be generated from this campaign.”
Auric expects to bank over $17 million in total from its share of the joint venture.
“This has been a game changer for us as we transition to becoming a gold producer in our own right,” English said.
“These additional funds will principally be used to support the operations already underway at Munda.”
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