Auric Mining Secures Nickel, Lithium Rights at Munda
Auric Mining (ASX:AWJ) announced on Tuesday (August 27) that it has completed the acquisition of WIN Metals’ (ASX:WIN) nickel, lithium, and other associated metal rights at the Munda gold project. This acquisition grants Auric sole mining rights at Munda for the next eight years in a specific area.
Deal Details and Strategic Acquisition
Under the terms of the agreement, Auric will pay a total of AU$1.2 million, with AU$700,000 already transferred to WIN Metals. The remaining AU$500,000 will be provided to WIN Metals over the next eight months. The initial announcement of this deal was made on July 23, giving Auric exclusive rights to mine within the Auric rights area for eight years, with ongoing mining rights beyond that period. Additionally, Auric now possesses all minerals up to a depth of 150 meters within the Auric rights area, along with access to in-pit water for mining operations.
Insight: Expanding Mineral Interests
In addition to the Munda gold project, Auric has expanded its mineral interests through the acquisition of all the mineral interests in five tenements at Spargoville and two tenement applications at Higginsville as part of the agreement with WIN Metals. This move demonstrates Auric’s strategic focus on diversifying its mining portfolio and establishing a strong presence in key mineral-rich areas.
Auric’s Managing Director, Mark English, highlighted the significance of the acquisition, stating that securing the nickel and lithium rights at Munda and gaining sole rights to the specified area is a major advancement towards initiating a trial pit at the site. He also emphasized the importance of acquiring access to stored water in the 132 North pit from WIN Metals, which resolves a significant challenge for Auric’s operations at Munda.
Positive Partnership and Future Prospects
Steve Norregaard, Managing Director and CEO of WIN Metals, expressed optimism about the agreement, emphasizing the mutual benefits for both companies. The partnership allows Auric to exploit its gold resource without the complexity of involving a third party, while WIN Metals secures funding without compromising its substantial share of the Munda nickel resource.
Looking ahead, Munda is one of Auric’s key projects alongside Jeffreys Find and Spargoville. The Munda asset, which is estimated to hold 200,000 ounces of gold, is situated at Widgiemooltha, 100 kilometers from Kalgoorlie in Western Australia. Auric is targeting the potential commencement of a trial pit at Munda in the first quarter of 2025, showcasing its commitment to advancing its mining operations in the region.
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