Auric Mining has completed the acquisition of the Union Jack project in Western Australia, adding a near-term open-pit gold opportunity and expanding its mineral resource inventory.
The acquisition includes the granted Union Jack mining lease (M15/120), which was purchased for $6.5 million cash and $3 million in Auric shares, subject to shareholder approval.
Located 15km from Auric’s Burbanks processing facility, Union Jack is expected to provide additional potential feed for the plant, which is planned to reopen in early 2028.
The project hosts an Inferred mineral resource estimate of 3.12 million tonnes (Mt) at 1.02 grams per tonne (g/t) gold for 102,000 ounces, reported at a 0.5g/t gold cut-off.
Auric said the resource presents a near-term open pit mining opportunity, with gold mineralisation remaining open and offering further growth potential.
Previous drilling at Union Jack has returned results including 17m at 4.57g/t gold from 24m, 17m at 3.99g/t gold from 13m, 15m at 4.22g/t gold from 62m and 5m at 12.21g/t gold from 56m.
A major drilling program is scheduled to commence in November 2026, targeting resource growth and further definition of the mineralisation ahead of mining studies and production scheduling.
Auric managing director Mark English said the acquisition aligned with the company’s strategy of securing near-term gold production opportunities close to existing infrastructure.
“We’re absolutely delighted to have completed settlement on the Union Jack project,” English said.
“This granted mining lease perfectly fits our strategy of acquiring near-term gold production assets within trucking distance of the Burbanks mill.”
The acquisition increases Auric’s mineral resource inventory by 51 per cent to 7.5Mt at 1.25g/t gold for 301,000 ounces.
Auric said the Union Jack project covers 89 hectares east of Coolgardie and directly abuts the Great Eastern Highway.
The company plans to undertake further drilling aimed at infilling and expanding the mineral resource, to add additional Auric-owned ore to support the operating life of the Burbanks processing facility.