Auric Mining buys Iron Maiden Gold Project for $4M
Key points
- Auric Mining agreed to acquire 100% of Boomerang Mining Capital, owner of the Iron Maiden Gold Project.
- The deal involves $1 million in cash and $3 million in reimbursed acquisition loans.
- Auric plans to evaluate the shallow deposit as future ore feed for its Burbanks mill.
Auric Mining (ASX:AWJ) agreed to acquire Boomerang Mining Capital and its 68,500-ounce Iron Maiden Gold Project for $4 million.
The acquired deposits host 1.4 million tonnes of historical gold resources that have seen minimal exploration over the past two decades.
"Iron Maiden offers Auric a near-term, low-cost growth and development opportunity, perfectly complementing our strategy of targeting high-grade, near-term production ready gold assets that can be rapidly developed and monetised," said Auric Mining Managing Director Mark English.
Under the agreement, Auric will pay $1 million in cash upon completion and reimburse $3 million in project acquisition loans.
Following the announcement, the Auric Mining share price was unchanged at $0.24.
The company noted that approximately 75% of the historical resource sits within 50m of the surface across two open deposits.
Auric plans to conduct infill drilling and mining studies to assess the site as a future feed for its Burbanks processing facility.
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