Auric finds another shallow gold opportunity for Burbanks

Auric targets fourth asset near Norseman

Auric Mining Limited (ASX:AWJ) is adding another gold project to its expanding Western Australian portfolio, signing a binding term sheet to acquire 100% of Boomerang Mining Capital and its Iron Maiden Gold Project, about 5 kilometres south of Norseman.

“Iron Maiden Project Map, with regional geology and deposits.”

“Iron Maiden Project, located ~5km south of Norseman (~180km from Burbanks).”

Caption and image © Auric Mining Limited. From “Acquisition of Iron Maiden Gold Project”, 10 Nov 2026.

The attraction is its proximity to Auric’s planned Burbanks processing hub, roughly 180 kilometres away, and a shallow mineralised system that the company says could provide future mill feed. The proposed deal follows Auric’s Burbanks-Munda plan, which included securing processing infrastructure and targeting a 600,000-tonne-per-year hub, but the transaction is not yet complete.

Historical resource carries a JORC 2004 warning

Iron Maiden’s Iron Duke and Surprise deposits contain historical resources of 1.381 million tonnes at 1.5 grams per tonne gold for 68,500 ounces, according to estimates reported by Accent Resources under the JORC 2004 code. About 75% of the historical resource is reported to sit within 50 metres of surface.

That figure is a starting point rather than a current compliant resource. Auric has not independently validated the estimate, and says it may materially change when the deposits are assessed under JORC 2012. The historical database also has gaps around sample recovery, sampling methods, assay records, collar locations and chain of custody. The company plans database validation, twin and infill drilling, step-out drilling and a fresh resource estimate.

High-grade historical intersections support exploration case

“Iron Duke and Surprise deposits remain open at depth and along strike.”

The project’s exploration appeal rests on more than the old resource table. Historical drilling includes 11 metres at 22.00 g/t gold from 39 metres, 19 metres at 10.51 g/t from 28 metres and 10 metres at 19.85 g/t from 16 metres. The company says Iron Duke and Surprise remain open along strike, at depth and in the lightly drilled ground between them.

“Map of Iron Maiden geology, resource areas and historical drilling.”

Auric also points to underexplored structures along the Mt Henry Shear, including cross-cutting east-northeast targets where higher-grade shoots may occur. The project database contains 589 holes for 26,443 metres, 98% of it reverse-circulation drilling, although most of the drilling was completed to less than 100 metres vertical depth.

Acquisition cost extends beyond the headline A$1 million

The upfront consideration is A$1 million in cash, including a A$100,000 deposit. At completion, Auric will also repay up to A$3 million in loans used to fund BMC’s acquisition of the project, plus applicable interest and holding costs.

The deal includes a further A$1 million payment if a JORC 2012 resource reaches 150,000 ounces and another A$1 million at 300,000 ounces. These milestones may be paid in cash or partly in shares, subject to shareholder approval, with the share component capped at 6.25 million Auric shares. Auric will also guarantee BMC’s deferred A$1 million payment to Accent, payable after the relevant mining lease and approvals are secured.

Burbanks pipeline grows, but royalties and approvals remain

The project would broaden Auric’s options around Burbanks after the company completed its Union Jack acquisition, a 102,000-ounce Inferred resource that was positioned as another potential source of feed for the planned restart. Iron Maiden is materially earlier-stage: mining studies will only begin after updated resource estimates, and production would require further approvals including the grant of mining lease application M63/682.

There are also ongoing project-level deductions to consider. Most tenements carry a 4% gross gold royalty, M63/229 carries a 2.5% royalty after 10,000 ounces, and state and Ngadju native title royalties also apply. Completion is subject to satisfactory due diligence and execution of an agreement with Accent, with either party able to terminate if conditions are not met by 31 December 2026.

Auric expects the validation and re-estimation program to begin in the March 2027 quarter and take up to 12 months after completion, funded from existing resources. The immediate test is therefore not whether Iron Maiden can eventually add ounces, but how quickly the company can convert a decades-old, non-compliant estimate into a resource that can be used in a credible mining and Burbanks feed plan.