Successful IPO To Help Fund Upcoming Campaign In WA
Auric Mining Limited (ASX: AWJ) has successfully listed on the Australian Securities Exchange following a successful capital raising of $7.256 million.
With approximately $6.9 million in cash post IPO costs, Auric’s immediate focus is now on planned exploration and development activities at Munda, Jeffreys Find and Spargoville Gold Projects located in Western Australia.
The company said it will also continue to pursue opportunities to expand its gold resource base by acquisition.
The Auric Projects comprise two gold exploration and development projects and one exploration project in the West Australian goldfields, in an area extending from 35 km southwest of Kambalda to 45 km northeast of Norseman.
The Munda Gold Project is an advanced project which is situated on a mining lease M15/87 and is situated around 5 km west of the settlement at Widgiemooltha.
The Munda gold deposit is hosted within a basalt unit and overlying ultramafic flows and occurs in association with carbonate and biotite alteration, with only rare sulphide minerals except where nickel mineralisation is present. The distribution of gold mineralisation is interpreted to be controlled by the intersection of a south-easterly dipping fault or shear, and layering in the basalts and ultramafics subparallel to the basalt-ultramafic contact.
There have been numerous phases of exploration and resource drilling at Munda since the 1960’s. The majority of this work was undertaken by Western Mining Corporation with subsequent programs by six different companies including excavation of a small trial pit by Resolute Mining in 1999.
Drilling in February will test potential extensions to known gold mineralisation along the basalt-ultramafic contact and along the mineralised structure together with several locations where gold anomalism indicates that other, distinct zones of gold mineralisation may be present.
Jeffreys Find Gold Project
The Jeffreys Find Gold Project comprises mining lease M63/242 and lies around 45km northeast of Norseman in Western Australia. An existing mining lease at Jeffreys allows for accelerated development, a major benefit for Auric’s strategic goals to grow resource value.
Gold mineralisation identified at the Jeffreys Find Project includes the Jeffreys Find Deposit and the Neo Prospect around 550 m to the northwest of the Jeffreys Find deposit. This mineralisation is associated with a moderately south westerly dipping Banded Iron Formation (BIF) unit which is distinctive in magnetic images over approximately 1.6 km. The BIF comprises magnetite-grunerite-chert and is bounded by sandstones, siltstones, cherts and limestones.
Spargoville Gold Project
The Spargoville Project is centred around 4 km west of the Coolgardie-Esperance Highway, and 35 km southwest of Kambalda. It comprises two exploration licences; one granted and one in application.
Soil and auger sampling within the Spargoville Project by previous explorers has defined several gold anomalies that have only been partially tested by drilling.
