Auric Mining Ltd. has completed the acquisition of the Union Jack granted mining lease (M15/120) near Coolgardie in Western Australia for AU$6.5 in cash and AU$3 million in shares.
The 89-hectare project directly abuts the Great Eastern Highway and holds an Inferred mineral resource estimate of 3.12 million tonnes at 1.02 grams per tonne of gold, representing 102,000 ounces. Using a higher 0.65 g/t cut-off, the project contains 2.16 million tonnes at 1.22 g/t for 85,000 ounces.
The acquisition expands Auric’s total mineral resource inventory by 51 per cent to 7.5 million tonnes at 1.25 g/t gold, bringing its overall resource base to 301,000 ounces.
In addition, Union Jack is located just 15 kilometres from Auric’s Burbanks processing facility, positioning it as an important source of near-term open-pit feed for the plant, which is slated to reopen in early 2028.
To expand and infill the resource, Auric has booked drill rigs to commence a major exploration program in November 2026.
The site previously returned high-grade drill intercepts, including 17 metres at 4.57 g/t gold from 24 metres, 5 metres at 12.21g/t gold from 56 metres, and 16 metres at 4.34g/t gold from 184 metres.
Auric Mining Managing Director Mark English said the purchase fits the company’s overarching plan of securing open-pit gold assets within trucking distance of Burbanks.
“There was simply no way we could pass on such a strategic purchase, including adding to the ounces we already control in the region,” English said.
“This purchase represents not only a substantial step in de-risking our growth, but also adds significantly to our strategy of becoming a sustainable producer.”
The company will complete mining studies and production scheduling following the upcoming drill campaign to integrate Union Jack into the Burbanks processing pipeline.
