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Auric Mining has acquired the Union Jack gold project near Coolgardie in Western Australia for $6.5 million in cash and $3 million in shares, increasing its total mineral resource inventory by 51% to 301,000 ounces. The deal includes a 102,000-ounce resource with promising high-grade drill results, situated just 15 kilometers from Auric’s planned Burbank processing hub. This acquisition allows Auric to efficiently expand its operations within the Eastern Goldfields region and supports its hub-and-spoke production model strategy.
Written locally by qwen2.5:14b on 2026-10-07,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Auric Mining has acquired the Union Jack gold project, located near Coolgardie in Western Australia, for a total of $9.5 million ($6.5 million in cash and $3 million in shares). This acquisition increases Auric's mineral resource inventory by 51% to 301,000 ounces of shallow, open-pitable resources. The Union Jack project itself contains a 3.12 million tonnes gold deposit with an average grade of 1.02 grams per tonne (g/t).
The deal is seen as strategic because the Union Jack resource, which has recorded significant drilling results like a 17-meter hit at 4.57 g/t and up to 12.21 g/t over 5 meters, sits just 15 kilometers from Auric’s planned Burbank processing hub. With this acquisition, Auric aims to enhance its mining scale by integrating multiple gold deposits into a larger operation. The company plans an upcoming drilling campaign to further explore and develop the resource.
Written for “Gold Mining Acquisition” on 2026-10-07,
grounded in this article and the 0 other(s) covering the same event.
Auric Mining has locked in the acquisition of its Union Jack gold project near Coolgardie in Western Australia, swelling its total mineral resource inventory by 51 per cent to 301,000 ounces of shallow, open-pitable resources.
asserted
Mining → lock → resources
The company has settled the purchase of the granted mining lease for a modest $6.5 million in cash and $3 million in shares, bringing the 102,000-ounce resource into its portfolio, just 15 kilometres from its planned Burbank processing hub.
asserted
company → settle → hub
The Union Jack resource currently stands at 3.12 million tonnes grading 1.02 grams per tonne (g/t) gold and comes with a history of solid drill hits, suggesting there could be plenty more at depth.
uncertain
resource → stand → depth
Previous standout intercepts included a 17-metre hit running 4.57g/t from a shallow 24m and high-grade hits up to 5m going 12.21g/t gold from 56m.
With the deal now complete, Auric says it’s keen to get the drill bits turning, with an upcoming campaign of both infill and extensional drilling set for early next month.
‘There was simply no way we could pass on such a strategic purchase, including adding to the ounces we already control in the region.
uncertain
we → include → region
The strategic importance of the acquisition is underscored by its short trucking distance from Auric’s planned Burbanks processing facility.
asserted
importance → underscore → facility
The company first picked up the 180,000-tonne-per-annum Burbanks plant, 20km south of Coolgardie, in late 2024 for the princely sum of just $4.4 million.
asserted
company → pick → million
Since then, it has firmed up plans to beef up the facility to 600,000tpa, sparking a hunt for the processing kit needed to deliver the expansion.
asserted
it → firm → expansion
To that end, Auric recently pulled off yet another coup, snapping up a substantial package of processing infrastructure for the bargain-basement price of just $1.2 million.
asserted
Auric → pull → million
Management says buying equivalent new equipment would likely have cost between $15 million and $20 million, putting some serious daylight between the purchase price and replacement cost.
asserted
buying → say → price
Auric Mining managing director Mark English said: “There was simply no way we could pass on such a strategic purchase, including adding to the ounces we already control in the region.”
uncertain
we → say → region
With the acquisition of Union Jack, Auric is piecing together a classic hub-and-spoke production model around its Coolgardie resources.
asserted
Auric → piece → resources
The company has already completed a successful starter pit campaign at its flagship Munda gold project, which tipped 8886 ounces of gold, generating $44.8 million in revenue.
asserted
which → complete → revenue
Planning for the larger Munda main pit is now underway, following recent successful drilling to expand the shallow resources.
asserted
Planning → follow → resources
The addition of Union Jack to Auric’s suite of Eastern Goldfields assets provides yet another potential ore source to feed the centralised Burbanks mill as the company looks to become a fully integrated WA mining house.
asserted
company → provide → mill
Auric looks to be steadily turning its proven hub-and-spoke strategy into an Eastern Goldfields success story.
asserted
Auric → look → story
Cashed up from its first mining campaign, every new shallow ounce now adding weight to the model and Burbanks waiting at the centre of the wheel, the company is building the scale to turn a collection of gold deposits into something considerably bigger than the sum of its parts.
asserted
company → cash → parts
Is your ASX-listed company doing something interesting?
asserted
company → list → something
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