Aureka Revives Comstock Project to Fuel Growth

Aureka is reviving its Comstock project at St Arnaud to generate cash flow within 12 months, which will then be invested in the company's flagship Irvine Gold Project. The move is part of a strategy by Managing Director James Gurry to create a self-sustaining company that can grow without repeatedly raising capital from investors.

The Comstock project carries an inferred resource of 56,500 ounces at 1.21 g/t gold and 2.14 g/t silver, with a further exploration target of 112,000 to 116,000 ounces. Aureka has signed a toll milling agreement with the Wedderburn mill, which will process ore from Comstock.

Gurry estimates that first-year production at Comstock could reach 3,000 to 7,000 ounces, generating an estimated $30 million to $50 million in revenue at current gold prices. The company is targeting a margin of around 50% on this production.