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Highlights
- Processing of ore from Jeffreys Find gold mine began at Three Mile Hill this week.
- Initial campaign targets 40,000 tonnes, with potential to expand to 75,000 tonnes.
- Toll milling deal with Focus Minerals allows processing of up to 120,000 tonnes.
- Auric expects further cash distributions by December and aims to complete Stage 2 by early 2025.
Auric Mining (ASX:AWJ) has announced that ore from the Jeffreys Find gold mine is now being processed at the Three Mile Hill plant in Coolgardie, marking a significant step in its operations.
The project is managed by joint venture partner BML Ventures, which anticipates milling at least 40,000 tonnes of ore in the current campaign. Depending on mill feed, the campaign could reach 75,000 tonnes, though recent heavy rains have slowed haulage.
Revenue Sharing and Toll Milling Agreement
Under the agreement, revenue generated from gold sales will be distributed as follows:
- BML deducts mining, haulage, milling, and related costs.
- Remaining proceeds are evenly split between BML and Auric Mining.
A toll milling deal finalized last month with Focus Minerals (ASX:FML) allows for processing up to 120,000 tonnes of ore at Three Mile Hill.
Stockpiles and Capacity
- Three Mile Hill Plant: Processes 4,000 tonnes per day or 1.2 million tonnes annually.
- Current Stockpile:
- 25,000 tonnes delivered to Three Mile Hill.
- 50,000 tonnes awaiting haulage at Jeffreys Find.
- Additional ore is also being processed at the Greenfields mill under a separate contract, targeting 142,000 tonnes by early 2025.
Project Completion in Sight
Auric expects to process a total of 420,000 tonnes of ore by the end of Stage 2 at Jeffreys Find, wrapping up mining activities by early 2025.
