Auric Mining (ASX:AWJ) has “considerably enhanced” its mining operations at the Munda Gold Mine after buying nickel rights, water access, and a fully equipped mine camp from WIN Metals (ASX:WIN) for $1.4 million this week.
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The agreement includes full ownership of all nickel rights (and associated minerals) at Munda M15/87 – except for lithium, which WIN has retained.
“Completion of this acquisition now provides Auric greater control and simplifies open-pit mining at Munda,” company managing director Mark English said today.
In particular, the company is lauding the nickel rights pickup, with Auric’s MD declaring it “another major step forward” at Munda. “Mining at Munda is proceeding according to plan,” he added. “We’re happy with our progress.”
Auric now has sole access to stored water at the 132N pit, along with control of a long-standing mine camp six kilometres north of the site. Both have been a “great benefit” for the company, Mr English explained.
In return, WIN was paid $900,000; a further $500K is due by November 30.
HotCopper understands the $1.4M package will now go towards WIN’s ongoing gold projects at Butchers Creek and the newly-bought Radio Mine.
“The Munda nickel deposit was a non-core nickel asset for WIN that does not feature in short to medium term development of Mt Edwards,” WIN’s CEO, Steve Norregaard, explained. “This is another example of a win-win.”
Before open, AWJ has been 19cps. WIN is selling at the same.
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