Auric Mining's Jeffreys Find Yields $16.5M

0:00I'm Cory with the story, bringing you the latest from Sydney News today. Eric Mining has wrapped up its first gold mining project at Jeffrey Spine near Norseman in Western Australia. The company just received a final $2.2 million cash payment from his joint venture partner. That brings the total return to $16.5 million on an original investment of $1.2 million. The open-pid operation started in May 2023 and processed 633,000 tons of ore at 1.58 grams. Per ton. Recovery's average 92 percent with the last 60,000 tons handled at a nearby mill. Leaders at Eric say the project transformed them from explorers into producers. It provided key cash flow and experience for bigger moves ahead, boosting confidence in their operations. Now the company sits on $43 million in cash, bullion, and investments. Proceeds from Jeffrey Spine are fueling work at the Munda Gold Mine nearby.

1:01Its starter pit of 125,000 tons at 1.8 grams per ton delivered 8,475. Ongses 40 percent above targets. Higher gold prices have doubled the value of recent output compared to the first mine. Current plans to develop Munda's larger main pit soon. With a resource of 189,000 ounces, positioning them for strong growth. The Daily News Now is powered by our sponsor. It looks like a pillow. It sounds like headphones. Feel for comfort and sound, us O-L-I-SoliPillow.com