Auric Mining's Munda Starter Pit Yields 46% More Gold

0:00It's March 24th. This is Sydney News Today, local news powered by AI. Oric Mining has wrapped up its first mining campaign at the Mundo Starter Pit in Western Australia with strong results. The company produced 8,086 ounces of gold, beating its budget of 6,100 ounces by 46%. They sold all the bullion from the second processing run for an average of 7,178 Australian dollars per ounce. After covering all costs, ARC now holds $43.5 million Australian dollars in net cash, excluding goods in services tax. This comes on top of a recent $2.2 million payout from closing its Jeffree's fine joint venture, boosting their total cash from that, project to nearly $16.5 million. The starter pit delivered an average head grade of 2.46 grams per ton, well above the predicted 1.8 grams per ton. Every rates hit 89.5%, compared to the expected 83.3%.

1:02These numbers suggest the deposit could be larger and richer than initial models showed, or time their sales perfectly, offloading the gold just 4 days before prices dropped over $1,000 per ounce, though they have. Since recovered somewhat, to around $6,200. The company has also flagged about 18,000 tons of ore left on site for possible future processing. With this success under their belt, ARC is now kicking off planning for the main open pit at Munda, which could unlock even bigger returns down the line.