Auric Mining Limited (ASX: AWJ), a gold exploration and development company focused on projects in the Western Australian Goldfields, announced on 9 September 2026, the strategic acquisition and resource upgrade of its Union Jack Project. The company has executed two binding agreements, one subject to due diligence, to purchase two leases forming the project. This move is set to substantially enhance Auric’s mineral resource inventory, with the project located just 5 kilometres east of Coolgardie and a mere 15 kilometres from the Burbanks processing facility, positioning it as a compelling near-term open pit gold mining opportunity.
The Union Jack Project boasts an Inferred Mineral Resource estimate of 3.12 million tonnes at 1.02 grams per tonne of gold for 102,000 ounces. This significant addition will increase Auric’s current Mineral Resource inventory by 51%, bringing the total to 7.5 million tonnes at 1.25 grams per tonne of gold for 301,000 ounces. Initial consideration for both contracts includes A$6.6 million in cash and A$3.0 million in shares, payable upon completion. Furthermore, milestone payments contingent on resource growth, potentially up to 200,000 ounces, have been outlined.
Mark English, Auric Mining’s Managing Director, stated that the Union Jack Project aligns perfectly with the company’s strategy of acquiring near-term gold production assets within trucking distance of the Burbanks Mill. He highlighted the opportunity as material and compelling, noting its role in adding substantially to the ounces the company controls in the region. The project’s potential to extend the Burbanks Mill’s feed and production capacity, with plans to re-establish Burbanks as a strategic gold processing hub by early 2028, is seen as a significant step in de-risking Auric’s growth and fostering its goal of becoming a sustainable producer. Gold mineralisation at Union Jack remains open, with drilling expected to commence upon completion to explore further growth potential.
