Auric Mining sold gold at an average of $3697 per ounce to generate $10.8 million in gross cash from its second gold milling campaign at the Jeffreys Find gold mine in WA.
Through its joint venture with BML Ventures, Auric is on target to process 150,000 tonnes of ore at the Greenfields mill as part of the campaign, contributing to 300,000 tonnes processed for 2024.
“Total gross gold sales for 2024 have now been received by the joint venture at just shy of $3700 an ounce,” Auric Mining managing director Mark English said.
“It’s a very satisfying result and reflects the surging gold price.
“Over the coming month, Jeffreys Find … is expected to generate around $25 million in gross gold sales as 150,000 tonnes gets processed at the mill. Everything is right on target.”
English said Jeffreys Find was performing “much better than originally anticipated”.
“On current projections, we will extract in excess of 20,000 ounces of gold this year,” he said. “This would be a phenomenal result for Auric.”
The current milling program is set to conclude in early September, with additional milling planned for November and December.
BML plans to mine 400,000 tonnes through to early 2025, with 300,000 tonnes of that to be processed at the Greenfields mill.
After the sale of the gold, the partners split the surplus cash proceeds on a 50:50 basis after subtracting all direct costs.
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