Auric adds a nearby 102,000-ounce gold resource for Burbanks

Settlement Secures 102,000-Ounce Union Jack Resource

Auric Mining Limited (ASX:AWJ) has completed settlement on the Union Jack Project near Coolgardie, securing a granted mining lease for A$6.5 million in cash and agreeing to issue A$3.0 million in shares, subject to shareholder approval. The acquisition gives Auric control of a defined but still Inferred gold resource close to its planned processing hub.

Union Jack contains 3.12 million tonnes at 1.02 grams per tonne gold for 102,000 ounces, based on a 0.5g/t cut-off. Within the same optimised pit shell, a 0.65g/t cut-off produces a higher-grade inventory of 2.16Mt at 1.22g/t for 85,000 ounces. The company says the project’s open-pit potential is supported by its location 15 kilometres from Burbanks and its position beside the Great Eastern Highway.

Union Jack Lifts Auric’s Regional Resource Base

The deal increases Auric’s stated mineral resource inventory by 51% to 7.5Mt at 1.25g/t gold for 301,000 ounces. That combined figure includes the Munda deposit and stockpiles, which account for 194,000 ounces, and Jeffreys Find, with a further 5,000 ounces. Union Jack contributes 102,000 ounces, all in the Inferred category.

That distinction matters: an Inferred resource is an early-stage classification and is not a reserve or a production forecast. Auric says around 16% of Union Jack’s mineralisation is weathered and 84% is fresh rock, while the company’s broader strategy is built around adding feed to Burbanks. The plant’s planned restart and expansion have already been mapped through an integrated Burbanks-Munda study, which outlined a 600,000-tonne-per-year design and first gold targeted for early 2028. Burbanks-Munda project study

November Drilling Will Test Growth Potential

Auric has booked a major drilling program to begin in November 2026. The stated objectives are to infill and extend the Union Jack resource before mining studies and production scheduling, with the aim of determining whether the project can provide additional Auric-owned ore for the Burbanks plant.

Previous drilling has returned several high-grade intersections, including 17 metres at 4.57g/t from 24 metres, 5 metres at 12.21g/t from 56 metres and 16 metres at 4.34g/t from 184 metres. Those results provide targets for follow-up work, but they do not by themselves establish an economic mine or change the Inferred classification. Auric’s Burbanks plans also include a processing equipment acquisition, with the company having previously secured second-hand infrastructure for the planned restart. Burbanks processing equipment

Managing Director Mark English said Union Jack “perfectly fits” Auric’s strategy of acquiring near-term gold production assets within trucking distance of Burbanks. The next hard tests are more technical than promotional: shareholder approval for the share consideration, the November drilling results, resource conversion, and the mining studies needed to establish whether the ounces can be scheduled into a viable operation.