Australian miner Auric has announced it is close to achieving a first pour of gold at its Jeffreys Find gold project.
The project in Western Australia has been under way for around six weeks, with 90,000 tonnes (t) of gold ore already mined. The pour is expected to take place before the end of July.
Of the 90,000t mined, 12,500t has already been delivered to the company’s Greenfields mill in Coolgardie. Once a further 20,000 is transported, the company can make a first gold pour from the cumulative approximate of 30,000t.
“With 12,500t of ore already transported to Coolgardie, we are just a short time away from our maiden gold pour,” said Auric managing director Mark English. “Once the first approximately 30,000t is processed it will be clear how this project is going to unfold. I can say both parties are well satisfied with the effort to date.”
A short-term project, the Jeffreys Find site’s mine life is only expected to run until the end of 2024 at the latest. The mine is a joint venture conducted between Auric and BML Ventures, a Western Australia-based gold mine developer.
The first pour will indicate the progression of “phase one” of the project, which will see between 100,000t and 180,000t of ore mined and transported to the Greenfields mill.
After phase one, the two companies will subtract costs, retain some cash for the second stage, and then split the profit 50:50. Auric will use its share of the profits generated to develop its Munda gold deposit, also in Western Australia, as well as other exploration activities.
The second stage will see the mine’s pit expanded into what will be its final design for mining up until the expected closing date of 31 December 2024.