Auric Mining Lifts Munda Gold Resource by 32 Percent to 192,000 Ounces

Resource Upgrade Boosted by Starter Pit Production

Auric Mining Limited (ASX:AWJ) has confirmed a substantial 32% increase in the Mineral Resource estimate for its Munda Gold Deposit, now standing at 4.20 million tonnes grading 1.43 grams per tonne for 192,000 ounces of gold after accounting for recent mining depletion. This uplift comes despite the removal of approximately 10,000 ounces through Starter Pit mining, underscoring the deposit’s robust potential.

The resource upgrade is underpinned by grade control drilling conducted during the mining of the Munda Starter Pit, which delivered numerous high-grade intercepts, including a standout 14 metres at 115.67 g/t gold. These results provide compelling evidence that the previous resource model was conservative, particularly in its treatment of high-grade samples.

Higher Gold Price Assumptions Reflect Improved Economics

Unlike the December 2024 resource estimate, which was constrained by a pit shell optimised at a gold price of AUD$3,200 per ounce, the current model uses a significantly higher gold price of AUD$7,000 per ounce. This adjustment expands the economic pit shell, extending the resource’s strike to around 980 metres and depth to approximately 200 metres, about 50 metres deeper than before.

Matrix Resource Consultants Pty Ltd, responsible for the updated estimate, applied a less conservative approach to high-grade drill samples and incorporated selective mining factors consistent with the observed production. The result is a resource estimate that appears more aligned with actual mining outcomes, as evidenced by the Starter Pit’s mill reconciled gold production of 8,886 ounces, which was 46% higher than the budgeted 6,100 ounces.

Stockpiles and Combined Resource Base

Adding to the in situ resource, Auric has included remaining Starter Pit stockpiles in the total resource tally. These stockpiles, estimated from detailed 5 metre by 5 metre grade control drilling, contribute approximately 2,000 ounces of gold, bringing the combined Munda project resource to 4.26 million tonnes at 1.42 g/t for 194,000 ounces. The stockpile grades have been verified through reconciliation against processed ore, confirming their classification as Indicated Resources.

Technical Rigor and Confidence in Estimates

The updated resource estimate benefits from a comprehensive drilling database spanning decades, including 759 reverse circulation and 144 diamond drill holes totalling over 80,000 metres. Auric’s recent infill drilling, combined with historical data from multiple previous operators, supports the geological model and resource continuity.

Multiple Indicator Kriging with block support correction was used for resource estimation, reflecting open pit mining selectivity at a scale consistent with the Starter Pit operations. The classification splits the resource into Indicated and Inferred categories based on drill spacing and data quality, with the majority of the resource classified as Indicated.

Next Steps and Development Plans

Auric is advancing a Scoping Study to evaluate the combined development of the Munda open pit and the nearby Burbanks Processing Plant, aiming to leverage the upgraded resource and improved economics. Further drilling is planned to infill and extend the resource along strike and at depth, with the deposit remaining open in both directions.

Managing Director Mark English highlighted the significance of the Starter Pit results, noting that the initial mining phase not only validated the resource model but also generated substantial cash reserves to support the company’s transition to a fully integrated mining operation.

With Auric’s recent operational successes and resource growth, the company is positioning itself for a step-change in production scale, although the ultimate economic outcomes will depend on ongoing drilling results, processing efficiencies, and market conditions.