Auric Mining : AWJ Munda Resource Upgrade

ASX Announcement

28 January 2022

ASX: AWJ | ACN 635 470 843

auricmining

For personal use only

INCREASE IN ESTIMATED RESOURCES AT MUNDA AND

RECLASSIFICATION FROM INFERRED TO INDICATED

HIGHLIGHTS

• Munda Gold Deposit estimate of resources (Indicated and Inferred) increased to 4.481M tonnes at 1.38g/t at a 0.5gpt cut-off for 198,700 oz Au, an increase of 14%.
• 82% of the Munda resources now in the Indicated category.
• The reclassification and corresponding increase in confidence in the resources estimate allows for detailed assessment of mining potential.
• Group Resources (Munda and Jeffreys Find) increased to a total of 245,900 oz Au, with drilling underway at Guest Prospect.

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce an updated estimate of gold resources for Auric's Munda gold deposit, as well as combined resources.

FSS International Consultants (Australia) Pty Ltd (FSSI) have completed a new estimate of Mineral Resources for the Munda gold deposit. Table 1 presents gold Mineral Resource estimates for Munda for a range of gold cut-off grades. The figures are rounded to reflect the precision of the estimates and may include rounding errors.

Au gpt		Indicated			Inferred		Indicated + Inferred
Cut-off	MTonnes	Au gpt	Koz	MTonnes	Au gpt	Koz	MTonnes	Au gpt	Koz
0.2	8.928	0.75	215.3	2.807	0.61	54.7	11.735	0.72	270.0
0.3	6.113	0.98	193.0	1.597	0.88	45.4	7.710	0.96	238.4
0.4	4.598	1.19	176.3	1.070	1.15	39.5	5.668	1.18	215.8
0.5	3.684	1.38	163.1	0.797	1.39	35.6	4.481	1.38	198.7
0.6	3.052	1.55	152.0	0.633	1.61	32.7	3.685	1.56	184.7
0.8	2.240	1.86	133.9	0.450	1.98	28.7	2.690	1.88	162.6
1.0	1.737	2.14	119.4	0.353	2.28	25.9	2.090	2.16	145.3
Table 1 January 2022 Munda gold deposit Mineral Resources estimate

Auric has undertaken a substantial volume of work since the previous resource estimate, completed in September 2020 and described in ASX announcement on 2 March 20211 That work has included the drilling of 39 RC holes, adding 5210 samples to the resource database, work done to qualify the historical data and the mapping of the depth of complete and partial oxidation.

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

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ASX Announcement 28 January 2022	Auric Mining Limited (ACN 635 470 843)

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For comparison, Table 2 presents the FSSI estimate of Mineral Resources for the Munda gold deposit as at September 2020. The estimates were reported in accordance with the 2012 JORC code. The figures in this table are also rounded to reflect the precision of the estimates and may include rounding errors.

Au gpt			Inferred
Cut-off	MTonnes		Au gpt		Koz
0.4	4.85		1.21		189.1
0.5	3.77		1.43		173.7
0.6	3.06		1.64		161.1
0.8	2.18		2.02		141.7
1.0	1.68		2.35		127.3

Table 2 September 2020 Munda gold deposit Mineral Resources estimate

At a 0.5 gpt cut-off, the current estimate of Munda resources is increased by 25,000 oz Au over the 2020 estimate. Of particular note, this represents a change from 100% in the Inferred category to 82% in the Indicated category and only 18% Inferred category This represents a significant increase in confidence in the exploration results to a level that can provide a basis for mine scoping or feasibility studies.

Managing Director, Mark English, "The Munda resources upgrade and particularly the conversion of

Inferred to Indicated Resources reflects Auric's diligent approach to exploring and developing a high-quality tenement package. We are confident in our ability to systematically build our resource base in the Widgiemooltha area."

Technical Director, John Utley, "Auric has built understanding of the Munda gold deposit to the stage where the estimated resources have substantially increased and most of the resources can now be classified as Indicated. This is a very important step toward eventual development of the gold deposit."

Auric's Combined Resources

Auric have previously reported resource estimates for the Jeffreys Find gold deposit1. Table 3 presents current gold Mineral Resources for the Jeffreys Find deposit for a range of gold cut-off grades. The figures in this table are rounded to reflect the precision of the estimates and may include rounding errors.

Au gpt

Indicated

Inferred

Indicated + Inferred

Cut-off

MTonnes

Au gpt

Koz

MTonnes

Au gpt

Koz

MTonnes

Au gpt

Koz

0.4	1.01	1.18	38.3	0.37	0.96	11.4	1.38	1.12	49.7
0.5	0.91	1.26	36.9	0.3	1.08	10.4	1.22	1.22	47.9
0.6	0.82	1.35	35.6	0.24	1.2	9.3	1.06	1.31	44.6
Table 3 September 2020 Jeffreys Find Mineral Resources estimate

The combined group resources represent a total of 245,900 oz Au at a 0.5 gpt cut-off. The increase in total resources and changes in resource classification are represented in Figure 1. This illustrates the now predominant component of ounces in the Indicated category.

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

ASX Announcement 28 January 2022	Auric Mining Limited (ACN 635 470 843)

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Auric Combined Resources

	300,000
Gold	250,000
Ounces	200,000
150,000
Estimated
100,000
Total	50,000
	0

Jul-20				Jan-22
		Inferred		Indicated		Total

Figure 1. Auric's gold resources inventory at a 0.5gpt cut-off defined by resource category

Information Material to the Estimates of Mineral Resources

Munda Summary

The Munda Gold Project is an advanced project around 5 km west of Widgiemooltha. It is situated on mining lease M15/87 and is linked to the Coolgardie-Esperance Highway by miscellaneous licences L15/414 and L15/397 which are currently in application.

There have been numerous phases of exploration and resource drilling at Munda since the 1960's. The majority of this work was undertaken by Western Mining Corporation with subsequent programs by seven different companies including excavation of a small trial pit by Resolute Mining in 1999. The most recent drilling was by Auric with 55 RC holes drilled, of which 39 have contributed to the current estimate of resources (Figure 2).

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

ASX Announcement 28 January 2022	Auric Mining Limited (ACN 635 470 843)

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Figure 2. Munda drilling with resource drill holes referenced by exploration company and hole type

The resource model of the gold mineralisation extends over 900 metres east to west and by 400 metres north to south. Estimated resources extend to the base of mineralised drilling at around 180 metres vertical depth. Approximately 90% of the estimated resources are less than 110 metres depth and less than 1% are from depths of greater than 160 metres.

A plan view of drill hole grade ranges and estimated panel grades are shown in figure 3 for the 332.5m RL, approximately 50m below surface.

Cross sectional views of drill hole grades and estimated panel grades are shown in figures 4 and 5.

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

ASX Announcement 28 January 2022	Auric Mining Limited (ACN 635 470 843)

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Figure 3. Munda plan view 332.5m RL - Showing drill hole grade ranges and estimated panel grades

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