Auric Mining : AWJ Regional Air Core Drilling Results

ASX Announcement

22 December 2021

ASX: AWJ | ACN 635 470 843

auricmining

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Widgiemooltha Gold Project Air Core Drilling and Soil Sampling

• Gold anomalies generated in early-stage Air core and soil sampling programs around the Widgiemooltha Dome.
• The new anomalies add to a project pipeline from grassroots through emerging to near term development opportunities for Auric.

Auric Mining Limited (ASX: AWJ) (Auric or the Company) recently completed an extensive phase of exploration comprising RC drilling programs at Munda, Guest and Jeffreys Find, air core drilling programs over the Widgiemooltha Gold Project and soil sampling programs over the Widgiemooltha Gold Project and Spargoville Project.

Results of the different programs have been reported as received, with assay results received for RC drilling in the Guest Prospect reported in October1. Auric has since reported results of RC drilling recently completed at Munda2 and RC drilling completed at Jeffreys Find3.

Assay results have now been received for the air core drilling program which was undertaken during August and September 2021 with a total of 198 holes drilled for 7,769m as well as results for 524 soil samples taken over a similar period.

The air core program was undertaken as the first stage in testing large areas beneath extensive surficial cover in the gold-rights tenements recently acquired from Neometals Ltd4 Six tenements were drill tested out of the 13 granted tenements in Auric's Widgiemooltha Gold Project. Air core drill holes and soil sampling traverses are shown in Figure 1. Soil sampling traverses were located to complement the air core drilling where surficial cover was less extensive and soil sampling potentially effective. The soil traverse locations are also shown in Figure 1.

The results are encouraging, particularly around the northern margin of the Widgiemooltha Dome with both air core and soil sampling results defining anomalies that can be related to lithological contacts and fold axes. These will be used to plan follow-up air core drilling.

1. (ASX:AWJ): 21 October 2021: New gold zone in the Guest Prospect including 8m @ 3.95g/t Au
2. (ASX:AWJ): 26 October 2021: Drilling returns consistent gold results at Munda; 5m @ 4.72g/t including 1m @ 17.11g/t Au and 4m @ 6.23g/t including 1m @ 20.63g/t Au
3. (ASX:AWJ): 3 December 2021: Jeffreys Find RC Drilling Completed - Metallurgical Testwork to Commence
4. (ASX:AWJ): 10 June 2021: Auric Mining Limited completes acquisition of Neometals Gold Rights.

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Auric Mining Limited (ACN 635 470 843)

Level 1, 1 Tully Road, East Perth, WA 6004

[phone]

[e-mail]

www.auricmining.com.au

22 December 2021	Auric Mining Limited (ACN 635 470 843)

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For	Figure 1: Air core drill hole and soil sample traverse locations

Air Core Drilling Program

Samples were taken as 4m composites and assayed for gold with the bottom of hole samples also analysed for a suite of 32 other elements. Background gold concentrations are less than 8ppb and anything greater than 10ppb is considered anomalous. Drill hole details and anomalous gold intercepts within the residual profile (ie, below any transported units) at a 10ppb Au cut-off are reported in Appendices A and B respectively.

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

22 December 2021	Auric Mining Limited (ACN 635 470 843)

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Air core drilling around the northern margin of the dome has returned the greater frequency of anomalous values as represented by the bottom-of-hole sample (ie, residual) gold value in each hole shown in Figures 2 and 3.

A total of 14 traverses were drilled around the northern part of the Widgiemooltha Dome and 6 traverse around the southern part of the dome. Bottom-of-hole gold anomalism in the northern area is outlined by a series of ellipses in Figure 2 which interpret most of the anomalism to relate to lithological contacts and/or to fold axes and to be located on or near the northern hinge of the dome. Traverse spacing is too great to confirm this early-stage interpretation and further air core drilling will be used to target and better define these anomalies.

Figure 2: Northern Widgiemooltha gold-in-air core anomalism

Air core drilling around the southern margin of the dome is represented in Figure 3. Weak (+10ppb anomalism) was returned from E15/1576 but any relationship with geological features has yet to be determined.

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

22 December 2021	Auric Mining Limited (ACN 635 470 843)

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Figure 3: Southern Widgiemooltha gold-in-air core anomalism

Soil Sampling Programs

Two of the four soil sampling areas shown in Figure 1 have returned encouraging results.

The most prominent anomalism lies within E15/1583. Auric's sampling was located to complement extensive earlier sampling by Mincor Resources NL (Mincor) and by Neometals Limited (Neometals) where broad and distinctive anomalism coincides with the Guest Prospect and with the north eastern margin of the Widgiemooltha Monzogranite (Figure 4). Transported cover is quite thick in that area and there is some dispersion of gold over the granite but Auric's air core drilling (also shown in Figure

1. has demonstrated that the gold anomalism relates to the margin of the granite in this north eastern portion of the dome. The setting may be analogous to the Chalice gold deposit 31km to the south

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

22 December 2021	Auric Mining Limited (ACN 635 470 843)

which is sited at the contact of a monzogranite and greenstones with gold mineralisation closely related to granitic magmatism (Bucci, et al, 2002)5.

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Figure 4. E15/1583 (Guest area) gold-in-air core and gold-in-soils anomalism

Soil samples taken at 40m spacings along 100m spaced infill lines in P15/6092 have further defined gold anomalism first recognised by Mincor which appears to be controlled by lithology or stratigraphy. The sampling by Auric (triangles in Figure 5) supports that preliminary interpretation with gold anomalism associated with ultramafics and basalts showing alignment within those units.

5 Bucci, L., Hagemann, S., Groves, D., & Standing, J.G. (2002). The Archean Chalice gold deposit: a record of complex, multistage, high-temperature hydrothermal activity and gold mineralisation associated with granitic rocks in the Yilgarn Craton, Western Australia. Ore Geology Reviews, 19, 23-67.

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