Aurumin Limited (ASX: AUN) ("Aurumin" or the "Company") is pleased to announce the signing of an agreement to acquire private company Kurnod Pty Ltd (Kurnod). This acquisition includes the exploration tenement applications E57/1294 and E57/1302, winning the recent tenement ballots and positioned adjacent to Aurumin’s 881koz Au Sandstone Project.
Both applications reside within the highly productive Youanmi Terrane Greenstone, where over 1Moz Au has been produced at Sandstone. Application E57/1294 connects to Aurumin’s Central Sandstone mining tenements to the northeast and contains the Hacks Creek Structure running through its length. Meanwhile, Application E57/1302 further cements the greenstone trend that hosts the Bellchambers, Bulchina, and Golden Raven mineralisation.
These tenements have only seen minimal exploration to date. E57/1294 mainly underwent initial regional exploration work, involving surface sampling and wide-spaced reconnaissance drilling. E57/1302 is still largely untouched by drilling, with only six drillholes known to have been completed so far. Aurumin is actively compiling and validating data for these project areas, using information from open file reports and the historical Troy Resources Database.
The terms of the acquisition include a cash consideration of $32,087 and one million Aurumin Limited shares at a deemed issue price of $0.03, plus a 1% net smelter return (NSR) royalty.
Brad Valiukas, Aurumin's Managing Director, stated, "We are pleased to be further expanding our footprint in the Sandstone region with these tenement applications, including a great addition directly adjacent to Aurumin’s existing mining tenements at Sandstone. The tenements, when granted, will provide additional exploration opportunity, as we focus on generating critical mass for future production at Sandstone.”
This acquisition represents a strategic expansion for Aurumin, as the Company moves forward with its Sandstone Operations, including the Birrigrin and Johnson Range Projects, currently boasting a total resource of 946koz Au.
Aurumin Limited is an ASX-listed mineral exploration Company focused on two project areas in Western Australia.