Auric Mining (ASX: AWJ) has uncovered an intriguing geological opportunity at its Spargoville project in Western Australia’s Goldfields region after unveiling gold hits up to 1m at 6.08 grams per tonne from 82m at a target wedged between two known high-grade deposits.
The company has today revealed results from a six-hole drill campaign at its Fugitive prospect that sits between the significant Wattle Dam and Spargos Reward gold operations run respectively by Maximus Resources (ASX: MXR) and Karora Resources (TSE: KRR).
The reverse-circulation (RC) program also delivered a 3m hit going 1.18g/t gold from 69m from the same hole as its peak result, while additional highlights show a 2m intercept grading 3.82g/t gold from 96m and 2m at 2.78g/t from 11m in a third hole.
Management says historic drilling by Ramelius Resources and Tychean Resources at Fugitive outlined a significant gold mineralisation zone with about 700m of strike length. Auric’s latest 822m campaign followed up on a significant historic drillhole by Tychean that returned 25m grading 1.67g/t gold from just 44m.
The prospect sits in a good neighbourhood with the 185,000-ounce Spargos Reward gold deposit just 8km to the north and the 266,000-ounce Wattle Dam gold deposit only 8km to the south-east.
The Fugitive Prospect is midway between two prominent, high-grade gold deposits; Wattle Dam and Spargos Reward at Spargoville. Our first-pass drilling has highlighted similarities with both deposits. We’re looking forward to the next phase when we will get the opportunity to test that model.
Auric Mining Managing Director Mark English
The company already has plans for air-core (AC) drilling towards the centre of the Fugitive target to infill the current 100m spacing in the area. A follow-up RC campaign is also being planned beneath the historic and latest drillholes to target the mineralised zone in fresh rock at about 75m to 100m below surface – similar to where high grades occur at the nearby Wattle Dam deposit.
Just last week, Auric netted nearly $4.46 million in gross revenue from its first mining campaign of the year at its Jeffreys Find project in the Goldfields after selling 1256 gold ounces to the Perth Mint. As part of its latest mining program, more than 30,000 dry metric tonnes were processed for its joint venture (JV) partner BML Ventures at a reconciled head grade of 1.44g/t at the Greenfields Mill in Coolgardie.
The partnership produced more than 9740 ounces during two mining campaigns last year, returning a total gold revenue of $29.28 million.
Auric plans to put its surplus cash to work by continuing with the development of its nearby Munda gold deposit, alongside broader exploration. That now appears likely to include follow-up drilling at Spargoville, with results from the company’s latest campaign at the Fugitive prospect delivering several promising new targets.
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