Auric Mining Ltd (ASX:AWJ) has executed an exclusive option agreement with Mineral Business Development Pty Ltd to acquire all mineral rights for Chalice West Project in the Widgiemooltha/Norseman region of Western Australia.
Auric has acquired the right to purchase 100% of the shares in Mineral Business – a company controlled by well-known local geologist John Williams – and thus the tenement through a staged series of payments and exploration commitments over a three-year period.
The area concerned is 340 square kilometres of largely ‘unrecognised greenstones’ about 630 kilometres from Perth, with a drill-ready gold target interpreted to host similar geology to the nearby Chalice Gold Mine – which produced more than 672,000 ounces of gold over a seven-year period.
“Excellent opportunity for gold”
“The Chalice West Project tenements are an exciting addition to our footprint in the Widgiemooltha area. This is a large and underexplored area of Western Australia,” Auric Mining managing director Mark English said.
“We believe this project provides an excellent opportunity for gold deposits and for a suite of other minerals. Not only have we been posting excellent gold drilling results on Auric’s leases, but we have now captured a sizeable chunk of land that has enormous gold potential.”
The tenure also holds known nickel targets – found in soil sampling – as well as the potential for rare earth oxides and lithium, likely in the form of pegmatites.
“The possibility for nickel and lithium makes this a mouth-watering concept for our company,” English continued.
“With almost 450 square kilometres of tenements, we have a tremendous opportunity to grow our resources. This is an exciting moment for Auric Mining as we move another major step down the road.”