Business · Companies · 3 hrs ago
Auric Mining agrees to buy Iron Maiden gold project in WA
Auric Mining has agreed to acquire the Iron Maiden gold project near Norseman in Western Australia.
The project includes a historical resource estimated at 68,500 ounces of gold, based on a 2004 mineral resource estimate.
Auric will pay $1 million in cash initially and repay up to $3 million in loans; further payments may follow if the resource grows to specified levels.
Iron Maiden is 180 kilometres from Auric’s Burbanks processing facility, which is being refurbished.
Auric says much of the gold mineralisation is close to the surface, and previous drilling found high-grade gold, but the project has had little modern exploration in the past two decades.
The project could provide ore for Burbanks as Auric seeks to build a pipeline of supply for the facility.
Auric may make further payments if exploration expands the resource, while work continues to restore Burbanks as a processing hub.
Auric Mining has agreed to acquire the Iron Maiden gold project near Norseman in Western Australia.
The project contains a historical resource of 68,500 ounces of gold, according to the article.
Auric will pay an initial $1 million in cash and repay up to $3 million in loans used to fund the project’s original purchase.
The deal includes a further $1 million deferred payment and up to $2 million in milestone payments tied to resource growth.
Auric says the project could provide future ore for its Burbanks processing facility, which is being refurbished.
- Who
- Auric Mining has agreed to buy the project from its owner, Boomerang Mining Capital.
- What
- The deal is for the Iron Maiden gold project and includes cash, loan repayments and possible milestone payments.
- When
- November 10, 2026.
- Where
- Near Norseman in Western Australia, about 180km south of Auric’s Burbanks processing facility.
- Why
- Auric says the project offers exploration and development potential and could provide future feed for Burbanks.
This story does not have two clearly opposing sides.
Auric Mining announced it had agreed to acquire the Iron Maiden gold project.
Auric completed the Union Jack project near Coolgardie, adding a 102,000-ounce resource, according to the article.
- Historical resource
- 68,500 ounces of gold
- Initial cash payment
- $1 million
- Loan repayment
- Up to $3 million
- Deferred payment
- $1 million to Accent Resources
- Potential milestone payments
- Up to $2 million
- Distance from Burbanks
- 180km
What people are saying
Iron Maiden offers Auric a near-term, low-cost growth and development opportunity that can be rapidly monetised.
The Iron Maiden Gold Project is a compelling opportunity, having seen little exploration outside the Surprise and Iron Duke resources in the last 20 years.