Auric Mining Limited (ASX: AWJ), an emerging Australian gold explorer and developer focused on projects within Western Australia’s prominent goldfields, has announced its strategic move to acquire the Iron Maiden Gold Project. The company, which aims to establish itself as a standalone gold producer by growing its resource base, has entered a binding term sheet to acquire 100% of Boomerang Mining Capital Pty Ltd (BMC), the owner of the Iron Maiden project. Located approximately 5 kilometres south of the historic Norseman mining hub in Western Australia, the acquisition positions the project around 180 kilometres from Auric’s Burbanks processing facility.
The Iron Maiden Gold Project includes the Iron Duke and Surprise deposits, which hold historical Mineral Resources, reported by a former owner under JORC Code 2004, totalling 1.4 million tonnes at 1.5 grams per tonne gold for 68,500 ounces. Auric notes that these estimates are not yet reported under JORC Code 2012, and it plans validation and infill drilling to upgrade the resources. Approximately 75% of the historical resource is situated within 50 metres of the surface, indicating shallow mineralisation. The project offers immediate exploration upside along the renowned Mt Henry Shear, with previous high-grade results including 11 metres at 22.00 grams per tonne gold from 39 metres.
Under the terms of the acquisition, Auric will pay an initial A$1.0 million cash on completion, which includes a A$100,000 deposit. Additionally, Auric will reimburse A$3.0 million in loan funds used by BMC to acquire the project. Further milestone payments of A$1.0 million each are contingent on defining JORC 2012 compliant resources of at least 150,000 and 300,000 ounces of gold respectively. Managing Director Mark English stated that the Iron Maiden Gold Project represents a compelling opportunity with immediate exploration upside and potential future feed for Burbanks, complementing the company’s focus on high-grade, near-term production gold assets. Auric intends to conduct resource estimation and mining studies to assess its potential as future mill feed for its Burbanks processing hub.
