Auric pockets $17M for broad WA gold growth

Résumé détaillé

Auric Mining has locked in $17 million to accelerate its WA gold growth strategy, including drilling at its Munda, Union Jack and newly acquired Iron Maiden projects.

Auric Mining has secured $17 million in firm commitments through a strongly supported placement to accelerate its ambitious growth strategy across its Western Australian gold portfolio. The two-tranche placement, set at 18.5 cents per share, has generated keen interest from new and existing Australian and international institutions, giving the company a significant war chest to fund acquisitions and fast-track exploration.

Today’s early trading reached a high of 20.5 cents per share, a hike of 11 per cent on the placement price, suggesting the attractively priced raise has been well received by the market.

The company says once the dust settles, the cash injection will boost its total war chest to almost $50 million and will be primarily directed towards growing Auric’s resource base and advancing its hub-and-spoke strategy centred on the proposed Burbanks processing facility near Coolgardie.

Specifically, funds will support the purchase and launch of drilling at the company’s new Iron Maiden project, five kilometres south of the historic gold town of Norseman and 180km south of Burbanks. That acquisition appears well-timed, with the Norseman district emerging once more as an active exploration and production centre.

Next to Iron Maiden, Pantoro Gold holds a significant 4.6-million-ounce gold resource and is targeting annual production of between 90,000 and 105,000 ounces, highlighting the region’s prospectivity. Although Iron Maiden has seen little exploration in the past 20 years, it has a combined historical 2012 resource estimate for the Iron Duke and Surprise deposits of 1.4 million tonnes at 1.5 grams per tonne (g/t) gold for 68,500 ounces.

The new funds will also back extensional and resource growth drilling at the recently acquired Union Jack project, immediately east of Coolgardie and just 15km from the proposed Burbanks processing hub.

Rounding out the use of funds for resource growth, Auric is progressively de-risking its flagship Munda gold mine, with…

Auric…

Début de l'article, extrait de The Sydney Morning Herald. Pour lire la suite, ouvrez l'article chez le média.