Auric Mining : Jeffreys Find RC Drilling Completed

ASX Announcement

3 December 2021

ASX: AWJ | ACN 635 470 843

auricmining

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Jeffreys Find RC Drilling Completed - Metallurgical Testwork to Commence

• Assays received for 7 RC holes drilled at Jeffreys Find.
• Intercepts including 5m @ 3.51g/t and 8m @ 2.53g/t Au support the widths and tenor of historic results.
• Samples will be submitted for metallurgical testwork tailored to several toll treatment facilities in the Kalgoorlie and Coolgardie areas

Auric Mining Limited (ASX: AWJ) (Auric or the Company) recently completed an extensive phase of exploration comprising RC drilling programs at Munda, Guest, and Jeffreys Find, air-core drilling programs over the Widgiemooltha Gold Project and soil sampling programs over the Widgiemooltha Gold Project and Spargoville Project.

Results of the different programs have been reported as received, with assay results received for RC drilling in the Guest Prospect reported in October1. Auric has also reported results of RC drilling completed at Munda2.

Assay results have now been received for the RC drilling program at Jeffreys Find which was undertaken during September 2021 with a total of 7 holes drilled for 397m.

Six of the seven holes were drilled as twins of holes drilled by previous explorers with the data from those earlier holes used in the current estimates of resources at Jeffreys Find. The BIF unit that hosts gold mineralisation at Jeffreys Find was intersected in the new holes over the expected intervals and assay results show reasonable correlation with those returned from the earlier holes. These results provide further confidence in the data set used in the resource estimates and will be used as the basis for selection of metallurgical samples for ore characterisation testwork specific to toll mills in the Kalgoorlie and Coolgardie areas.

The 7th hole (AJRC002) was drilled to infill a gap at the margin of the current resource model, confirming the continuity of mineralisation. Hole locations are shown in Figure 2.

Managing Director, Mark English. "Our systematic drilling and assessment of Jeffreys Find has resulted in confirmation of the gold mineralization. It gives us strong confidence of pursuing a cashflow scenario whereby we toll treat our material at nearby facilities. This fits with our Company strategy to bring our assets into development and cashflow as efficiently as possible for the benefit of both the Company and shareholder value."

1. (ASX:AWJ): 21 October 2021: New gold zone in the Guest Prospect including 8m @ 3.95g/t Au
2. (ASX:AWJ): 26 October 2021: Drilling returns consistent gold results at Munda; 5m @ 4.72g/t including 1m @ 17.11g/t Au and 4m @ 6.23g/t including 1m @ 20.63g/t Au

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Auric Mining Limited (ACN 635 470 843)

Level 1, 1 Tully Road, East Perth, WA 6004

[phone]

[e-mail]

www.auricmining.com.au

ASX Announcement 3 December 2021	Auric Mining Limited (ACN 635 470 843)

Jeffreys Find Project

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The Jeffreys Find Project comprises mining lease M63/242 and lies around 45km northeast of Norseman in Western Australia.

Gold mineralisation identified at the Jeffreys Find Project includes the Jeffreys Find Deposit and the Neo Prospect around 550 m to the northwest of the Jeffreys Find Deposit. This mineralisation is associated with a moderately south westerly dipping Banded Iron Formation (BIF) unit which is distinctive in magnetic images over approximately 1.6 km. The BIF comprises magnetite-grunerite- chert and is bounded by sandstones, siltstones, cherts and limestones (Figure 1).

Figure 1. Jeffreys Find drilling over a magnetic image

Jeffreys Find has an Indicated and Inferred gold resource estimate at 0.5g/t cut-off grade of 1.22Mt @ 1.22g/t for 47,900 oz gold.3 As detailed in Table 1.

Cut off	Resource	Tonnes	Au	Au
Au g/t	Category	Million	g/t	koz
	Indicated	0.91	1.26	36.9
0.5	Inferred	0.3	1.08	10.4
	Total	1.22	1.22	47.9

Table 1: Jeffreys Find Mineral Resource estimate

3 (ASX:AWJ): Announcement 2 March 2021: Auric Mining Limited Resources Summary and Exploration Update

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[phone] | [e-mail] | Level 1, 1 Tully Road, East Perth, WA 6004 | www.auricmining.com.au

ASX Announcement 3 December 2021	Auric Mining Limited (ACN 635 470 843)

Drill hole details for the latest holes are shown in Table 2.

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Hole_ID	Type	Hole Depth	MGA_East	MGA_North	Orig_RL	Dip	MGA_Azi
		(m)
AJRC001	RC	32	419728.58	6465295.74	501.85	-90	360
AJRC002	RC	65	419687.93	6465282.81	500.90	-90	360
AJRC003	RC	48	419782.64	6465208.41	499.84	-90	360
AJRC004	RC	80	419715.47	6465200.88	498.93	-90	360
AJRC005	RC	83	419744.59	6465161.97	498.35	-90	360
AJRC006	RC	29	419890.11	6465137.19	498.79	-90	360
AJRC007A	RC	60	419835.27	6465111.64	497.93	-90	360

Table 2. Drill Hole Details

Gold mineralisation was intersected predominantly within the BIF unit at depths correlating well with the original drilling. Of the 34 1m intervals that graded greater than 0.5g/t Au, 32 were hosted by BIF and 2 hosted by the bounding sandstone and siltstone units. Significant assays at a 0.5g/t Au cut-off and up to 2m internal dilution are recorded in Table 3.

Hole ID	From	To	Downhole	Au (ppm)
	(m)	(m)	Interval (m)
AJRC001	17	23	6	1.69
AJRC002	44	45	1	0.61
	49	50	1	0.76
AJRC003	30	38	8	1.81
AJRC004	62	65	3	0.91
	68	70	2	1.98
AJRC005	68	73	5	3.51
AJRC006	12	20	8	2.53
AJRC007A	41	42	1	0.60
	48	50	2	0.85

Table 3. Significant Assays at 0.5g/t cut-off

Significant assays are represented in plan view in Figure 2. Significant assay intervals show some grade variation from the origianal intervals as illustrated in cross section in Figure 3 but are considered reasonable overall.

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[phone] | [e-mail] | Level 1, 1 Tully Road, East Perth, WA 6004 | www.auricmining.com.au

ASX Announcement 3 December 2021	Auric Mining Limited (ACN 635 470 843)

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Figure 3. Jeffreys Find drill hole cross section A-A'

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[phone] | [e-mail] | Level 1, 1 Tully Road, East Perth, WA 6004 | www.auricmining.com.au

ASX Announcement 3 December 2021	Auric Mining Limited (ACN 635 470 843)

Development Pathway

Auric is assessing the potential to toll treat gold mineralisation from Jeffreys Find.

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Kalgoorlie-based metallurgical consultancy Hardcore Metallurgy have designed a testwork program that will assess the gold mineralisation at Jeffreys Find relative to the grinding and processing requirements at several toll treatment facilities in the Kalgoorlie and Coolgardie area. The latest RC assay results will be used to select samples for testwork and those samples processed in January and February of 2022.

A miscellaneous licence allowing for a haul road connecting Jeffreys Find to the Eyre Highway, 14km to the south of Jeffreys Find is under application with grant expected in the first quarter of 2022.

About Auric

Auric Mining Limited was established to explore for and develop gold deposits in the Widgiemooltha area where previous exploration has largely focussed on nickel mineralisation.

In June 2021, Auric acquired the gold rights to a suite of tenements in the Widgiemooltha and Spargoville areas from Neometals. Widgie Nickel Ltd (ASX: WIN), the 'spin-out' from Neometals, retains the rights to all other minerals. Auric's projects combine these tenements as well as Munda where rights to nickel and lithium minerals are held by Widgie Nickel Limited and Auric holds the rights to all other minerals including gold. At the Jeffreys Find and other Spargoville tenements, Auric owns all mineral rights. The combined tenements cover an area of 102km2 (Figure 5)

Figure 5: Auric Project Locations

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[phone] | [e-mail] | Level 1, 1 Tully Road, East Perth, WA 6004 | www.auricmining.com.au