Latest news with #Auric
West Australian
3 days ago
- Business
- West Australian
Auric lights fuse on first blast at WA Munda gold mine
Auric Mining has lit the fuse on the first blast at the company's Munda gold mine near Widgiemooltha in Western Australia's Goldfields region, marking a major milestone as it shifts from planning to production amid a buoyant gold market. The first blast was fired earlier this week at Auric's starter pit, just weeks after excavation began, clearing the way for full-scale mining. The company says it has already managed to shift 70,000 bank cubic metres (BCM) of material in the past month from a pit design encompassing 380,000BCM. Since much of the initial material has been free-digging, with no need for blasting, Auric would likely have scored an early cost-saving bonus before work on harder rock got underway. Auric is using a dry-hire fleet on site that includes a 125-tonne excavator and four 40t 'Moxi' dump trucks, along with ancillary gear. Kalgoorlie-based Total Drilling Services is handling the grade control, blast-hole drilling and blast supervision to ensure operations are managed with experienced local crews. Auric expects to extract 125,000t of ore grading 1.8 grams per tonne (g/t) gold from the starter pit, most of which will come towards the end of the initial mining at the base of the pit. The company is eyeing a maiden 6100-ounce gold haul from early mining at an all-in sustaining cost of just $2635 per ounce. When it first crunched the numbers, Auric based its projections on a conservative $3500 gold price - enough to deliver a tidy $5.3 million in free cash. With gold now trading at a blistering $5100 an ounce, the upside is looking far juicier, setting the stage for a much bigger payday from Munda's opening act. The initial pit, which is part of a larger resource, is expected to be wrapped up by October. Beneath the surface, Munda is also flexing some serious gold muscle. At a 0.5g/t cut-off, the deposit contains 3.65 million tonnes of ore grading at 1.23g/t for a solid 145,000 ounces of gold. If the cut-off is dropped to 0.2g/t, the resource swells to 189,000 ounces across the indicated and inferred categories. A 2023 scoping study by Kalgoorlie-based Minecomp ran the ruler over the broader Munda project and liked what it saw. Using a now-outdated base-case gold price of $2600 per ounce, the numbers pointed to 1.716Mt at an impressive 2.2g/t, which translates to a juicy $76.9 million in undiscounted surplus cash flow. It is anyone's guess what that figure could balloon to in today's hyper-bullish gold price environment. When the first mining phase is complete, Auric plans to finalise detailed plans for a much larger pit development at Munda, which is slated to begin in 2026. The early $6.5 million development cost has been fully funded from gold sales generated by Auric's Jeffreys Find project near Norseman, avoiding the need for further capital raisings or share price dilution. It also kills several other birds with one stone. By removing overburden - with a pre-strip ratio of 7.6:1 - while gold prices are strong, the company says it is likely to cut future mining costs and build resilience into the broader Munda operation against potential market swings. The initial phase will also deliver critical insights into the larger deposit, giving Auric a chance to refine its strategy ahead of scaling up to full production. Meanwhile, work preparing the site for longer-term operations is in full swing. Auric has completed waste dump and run-of-mine pad preparation, setting the scene for efficient ore handling and stockpiling as mining ramps up. Given its proximity to established infrastructure and a gold price that continues to sparkle, Munda is shaping up as a key revenue driver for Auric, especially given its unhedged status, which the company says will give it full exposure to market upside. As the gold price flirts with record territory, it appears Auric's timing couldn't be better. With equipment on the ground, blasting underway and ounces soon to be hauled out of the earth, the company is ticking every box on the path to early cash flow and long-term expansion. Is your ASX-listed company doing something interesting? Contact:
The Age
3 days ago
- Business
- The Age
Auric lights fuse on first blast at WA Munda gold mine
Auric Mining has lit the fuse on the first blast at the company's Munda gold mine near Widgiemooltha in Western Australia's Goldfields region, marking a major milestone as it shifts from planning to production amid a buoyant gold market. The first blast was fired earlier this week at Auric's starter pit, just weeks after excavation began, clearing the way for full-scale mining. The company says it has already managed to shift 70,000 bank cubic metres (BCM) of material in the past month from a pit design encompassing 380,000BCM. Since much of the initial material has been free-digging, with no need for blasting, Auric would likely have scored an early cost-saving bonus before work on harder rock got underway. Auric is using a dry-hire fleet on site that includes a 125-tonne excavator and four 40t 'Moxi' dump trucks, along with ancillary gear. Kalgoorlie-based Total Drilling Services is handling the grade control, blast-hole drilling and blast supervision to ensure operations are managed with experienced local crews. 'Mining is in full swing and all activities are progressing as we expected.' Auric Mining managing director Mark English Auric expects to extract 125,000t of ore grading 1.8 grams per tonne (g/t) gold from the starter pit, most of which will come towards the end of the initial mining at the base of the pit. The company is eyeing a maiden 6100-ounce gold haul from early mining at an all-in sustaining cost of just $2635 per ounce. When it first crunched the numbers, Auric based its projections on a conservative $3500 gold price - enough to deliver a tidy $5.3 million in free cash. Auric Mining managing director Mark English said: 'Mining is in full swing and all activities are progressing as we expected. We are achieving our targets and are exactly where we expected to be in the mine development. We are pleased to be monetising our major asset in such a bullish gold market, the timing is excellent. It is a great place to be as an unhedged gold producer.' With gold now trading at a blistering $5100 an ounce, the upside is looking far juicier, setting the stage for a much bigger payday from Munda's opening act.
Time of India
3 days ago
- Business
- Time of India
Amazon awards $100,000 grant to 3 startups
Amazon India has named Auric , ISAK Fragrances, and Fix My Curls as the winners of its Propel Global Business Accelerator Season 4, awarding the three startups a combined $100,000 in equity-free grants. Launched in May 2024, the accelerator received over 900 applications from D2C brands across 15 Indian cities, with 54 finalists selected, according to a company statement. Amazon has also announced the launch of Propel Season 5. The top 100 applicants will be inducted into a two-month mentorship where they will receive marketplace insights as well as compliance and logistics support to help them expand into international markets. From these participants, a panel will select the top three winners, who will share a total of $100,000 in equity-free grants.
AU Financial Review
4 days ago
- Business
- AU Financial Review
Award-winning journo disappeared for spruiking on HotCopper
It's hard not to marvel at schemes when they're so brazen. Former journalist Ross Dunkley hatched a fun one, using pseudonyms to post about ASX-listed gold miner Auric on the pump-and-dump website HotCopper. Dunkley was Auric's head of investor relations. He also used usernames 'LENIN' and 'GOLDATWIDGIE' to make sterling posts like 'What a sexy little beast Auric is' and 'I'm a newby here and I've just bought a sizeable package of Auric shares'. There were more than 300 posts like it.
Yahoo
30-05-2025
- Business
- Yahoo
Auric Minerals Announces Completion of Phase 1 Exploration on the Bub Property in Central Mineral Belt, Labrador
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2025) - Auric Minerals Corp. (CSE: AUMC) ("Auric" or the "Company") is pleased to report the successful completion of Phase 1 fieldwork at its Bub Uranium Property ("Bub" or the "Property") in Labrador's Central Mineral Belt ("CMB"). In spring 2025, a four-person geological team collected 60 lake-bottom sediment samples and 9 rock samples over four field days operating out of Goose Bay, Labrador. Chris Huggins, CEO, commented: "Completing this first-pass geochemical program so early in the field season gives us a robust foundation for the year ahead. Analytical results expected in the coming weeks will guide tighter follow-up work and help vector us toward high-priority drill targets. We are excited to share the analytical results with shareholders and to keep building momentum at Bub." Phase 1 Sampling Highlights 60 lake bottom sediment samples systematically collected across high-priority radiometric anomalies and structural trends. 9 rock samples taken from exposed outcrop coincident with geophysical and geochemical targets. Program executed safely and on schedule by a crew of four using a chartered helicopter based in Happy Valley-Goose Bay, Labrador. Analytical results are expected in the coming weeks; the Company will report findings once received and interpreted. The Phase 1 sampling described above directly tests these radiometric and structural targets and will refine Auric's understanding of uranium dispersion across the Property. About the Bub Property Location: 55 km southwest of Postville, NL and 200 km northeast of Auric's Route 500 Project. Geology: Situated in the southern CMB along regional structures hosting deposits such as Michelin, Mustang and Jacques Lake. Targeting Rationale: Radiometric anomalies correlate with anomalous uranium in historical lake-sediment data within a northeast-trending, structurally controlled corridor. To view an enhanced version of this graphic, please visit: Next Steps Upon receipt of assay results, Auric plans to: Integrate new geochemical data with existing geophysical models. Define follow-up ground mapping, prospecting and detailed sampling grids for summer 2025. Finalize drill target selection for a planned inaugural drill campaign at Bub. Qualified Person Statement The technical information in this news release has been reviewed and approved by Jeremy Hanson, a Qualified Person as defined by National Instrument 43-101. About the Company Auric is a mineral exploration company based in Oakville, Ontario and holds options over the Route 500, Bub and Portage Uranium properties in Labrador, Manic, Kawip and Kaboose properties in Quebec, and the Goodeye property in British Columbia, Canada. Note: Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Company's properties. AURIC MINERALS CORP. Chris Huggins, Director, and CEO For more information, please call Chris Huggins at (604) 968-4844 or email chris@ Forward-Looking Statements Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's intentions, plans and future actions described herein and the terms thereon. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
