Auric Mining Lifts Gold Resource 51% to 301,000oz With Union Jack Purchase
Key Takeaways
- Auric has completed the Union Jack settlement, adding 102,000 ounces and lifting its resource 51% to 7.5Mt @ 1.25g/t Au for 301,000 ounces.
- The price is A$6.5 million cash plus A$3.0 million in shares, with the share component still subject to shareholder approval.
- Union Jack sits about 15km from the Burbanks processing facility, and the 2.16Mt @ 1.22g/t Au higher-grade case points to potential mill feed.
- Drilling begins in November 2026 with the Burbanks Mill marked for re-opening in early 2028, but no mining timetable for Union Jack has been set.
- The deposit is entirely Inferred, so 135,000 of Auric's 301,000 combined ounces now sit in the lowest confidence category until infill drilling upgrades them.
Union Jack settlement completed, lifting Auric’s resource 51% to 301,000 ounces
Settlement on the Union Jack Project has been completed, and it adds a 102,000-ounce deposit to the books of Auric Mining. The ASX-listed gold company confirmed on 7 October 2026 that it has bought the granted mining lease (M15/120) for A$6.5 million cash and A$3.0 million in shares, with the share component subject to shareholder approval.
The prospecting licence (P15/6183) was acquired earlier, as outlined in the company’s 9 September 2026 announcement. Together, the two tenements make up the Project.
The purchase lifts Auric’s Mineral Resource inventory by 51%, to 7.5Mt @ 1.25g/t Au for 301,000 ounces. A drill program is set to begin in November 2026, and the Burbanks Mill is marked for re-opening in early 2028.
For investors, the appeal is a potential near-term feed source within trucking distance of Burbanks. It fits the company’s stated strategy of becoming a sustainable producer, although no mining timetable for Union Jack has been set.
Mark English, Managing Director
“There was simply no way we could pass on such a strategic purchase including adding to the ounces we already control in the region.”
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Union Jack Project: 102,000 ounces close to the Burbanks processing facility
Union Jack sits close to existing infrastructure, which is a large part of its appeal. Here is what the company has disclosed about the deposit.
Resource snapshot
- Inferred Mineral Resource: 3.12Mt @ 1.02g/t Au for 102,000 oz at a 0.5g/t Au cut-off
- Higher-grade case: 2.16Mt @ 1.22g/t Au for 85,000 oz at a 0.65g/t Au cut-off, within the same optimised pit shell
- Rock type: approximately 16% weathered and 84% fresh rock
- Size and location: 89 hectares, directly abutting the Great Eastern Highway east of Coolgardie
- Distance to processing: approximately 15km from the Burbanks processing facility
Why proximity matters
An Inferred Mineral Resource is the lowest confidence category under resource reporting rules, meaning more drilling is needed before the estimate can be upgraded. A cut-off grade is the minimum gold grade a block of rock must have to be counted as potentially worth mining.
A deposit near an existing mill can be a lower-capital route to production, because ore can be trucked rather than requiring a new processing plant. The higher-grade case matters here, as Auric says it highlights the potential for Union Jack to deliver additional feed for the Burbanks processing plant.
Drilling results and the planned November 2026 program
Gold mineralisation at Union Jack remains open, which the company says offers substantial growth potential. Auric intends to undertake a substantial drilling program aimed at both infilling and expanding the Mineral Resource ahead of mining studies and production scheduling.
Previous drilling includes the following intercepts:
- 5m @ 12.21 g/t from 56m
- 5m @ 9.64 g/t from 10m
- 5m @ 8.91 g/t from 19m
- 2m @ 6.54g/t from 200m
- 10m @ 4.72 g/t from 19m
- 17m @ 4.57 g/t from 24m
- 16m @ 4.34 g/t from 184m
- 15m @ 4.22 g/t from 62m
Intercepts show the grade found over a stated drilled length, and these are drill results rather than resource estimates.
The investment angle is stated plainly in the announcement. The objective of the program is to add additional Auric-owned ore to the operating life of the Burbanks processing plant.
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Updated resource inventory and what comes next
Auric’s combined Mineral Resource
The table below reproduces the company’s current Mineral Resource estimates, all reported at a 0.5 g/t cut-off. The source notes that rounding errors are apparent.
| Deposit | Category | Tonnes (thousand) | Grade (g/t Au) | Ounces (k oz Au) |
|---|---|---|---|---|
| Munda in situ | Indicated | 3,500 | 1.45 | 163 |
| Munda in situ | Inferred | 700 | 1.3 | 29 |
| Munda Stockpiles | Indicated | 76 | 0.81 | 2 |
| Munda subtotal | 4,276 | 1.41 | 194 | |
| Jeffreys Find | Indicated | 10 | 2.1 | 1 |
| Jeffreys Find | Inferred | 70 | 1.8 | 4 |
| Jeffreys Find subtotal | 80 | 1.8 | 5 | |
| Union Jack | Inferred | 3,100 | 1.02 | 102 |
| Union Jack subtotal | 3,100 | 1.02 | 102 | |
| Combined | Indicated | 3,586 | 1.44 | 166 |
| Combined | Inferred | 3,870 | 1.08 | 135 |
| Combined total | 7,456 | 1.25 | 301 |
Union Jack is entirely Inferred, so it adds volume rather than confidence. 135,000 of the 301,000 combined ounces sit in the Inferred category, which is why the planned infill drilling matters.
Next steps
The announcement points to the following sequence:
- Drilling begins in November 2026
- Mining studies and production scheduling follow the drilling program
- The Burbanks Mill is marked for re-opening in early 2028
- A revised Appendix 5B updating the issue of the shares will be released following the announcement
Managing Director Mark English described the purchase as representing “…not only a substantial step in de-risking our growth but also adding significantly to our strategy of becoming a sustainable producer.” Union Jack remains an Inferred resource, and the announcement does not confirm production or set a mining timetable.
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