Auric Mining buys 102,000-ounce Union Jack project near Coolgardie for $9.6 million plus milestone payments
Auric Mining has signed binding agreements to acquire the 102,000-ounce Union Jack gold project in Western Australia, adding to its resource inventory and bringing it within trucking distance of its processing facility.
Auric Mining completed a deal to purchase the Union Jack gold project near Coolgardie, Western Australia. The company agreed to pay $6.6 million in cash and $3 million in Auric shares as an upfront sum. Additional milestone payments are tied to future resource growth, but specific amounts for these stages were not detailed in available reports. This acquisition brings the project's total inferred resource inventory to 301,000 ounces, up from a previous 201,000 ounces, representing a 51 percent increase. The project holds an initial inferred resource of 3.12 million tonnes grading 1.02 grams per tonne gold for the stated 102,000 ounces. This figure is based on data from just 241 drill holes and remains open along strike and at depth. Auric confirmed the location sits exactly 15 kilometres by road from its existing Burbanks processing facility. The company plans to refurbish Burbanks as part of its strategy to become a fully integrated gold producer. Both locations feature shallow workings with significant surface potential for further exploration. Industry analysis suggests historic mine shafts and modern drilling could yield deeper deposits.
