Perth, Australia – 25 July 2024 | Aurumin Limited (ASX: AUN) ("Aurumin'' or the "Company") is pleased to announce that it has engaged Southern Geoscience Consultants (SGC) to undertake modelling of the Company’s existing geophysical datasets at its 100% owned, 881koz Au Central Sandstone Project. This initiative aims to aid in the generation of iron ore exploration targets within the project area.
Highlights:
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Engagement of SGC: Southern Geoscience Consultants will conduct a detailed modelling process using Aurumin’s extensive geophysical datasets, including gravity and magnetics, to quantify an Exploration Target for iron ore.
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High-Grade Iron Ore Potential: Recent rock chip results have indicated the presence of high-grade iron ore at the Sandstone Project, highlighting the potential for additional mineralisation alongside the existing gold resources.
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Strategic Location: The high-grade iron formations are located proximal to a main sealed road currently used for hauling direct shipping ore (DSO) iron ore, presenting potential logistical advantages.
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Upcoming Drilling Campaign: Drill testing of the identified high-grade iron formations is expected to be part of Aurumin’s next drilling campaign.
Speaking on the announcement, Brad Valiukas, Managing Director, commented:
“We are pleased to have engaged SGC to help us evaluate the iron ore potential at Sandstone. This is something we can undertake due to the extensive and valuable geophysical datasets we previously inherited, and is a great example of the value at Sandstone beyond just the gold Resources.
First pass rock chip sampling on outcrops returned numerous high-grade DSO quality results, with a peak of 67% Fe. There is a 6km strike of banded iron outcrops with potential widths of 5 to 40m, requiring further exploration, and representing an exciting discovery.
The SGC work will progress us towards a JORC compliant Exploration Target for the iron and assist in drill planning. We expect the results to be available to market by mid-August.
Aurumin’s focus is firmly on Sandstone and generating the critical mass required for future production. The close proximity of the iron ore to some of our gold deposits, not to mention the potential value of the iron ore itself, could significantly alter the project economics.”
The Project:
The Central Sandstone Project, located 520km north-east of Perth, is part of Aurumin’s Sandstone Operations, which also include the Birrigrin and Johnson Range Projects. The project has a total Resource of 946koz Au, comprising:
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Central Sandstone Project: 881,300 ounces of gold mineral resource with significant project infrastructure and an expanding tenement footprint.
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Johnson Range Project: 64,700 ounces of gold at a grade of 2.51g/t Au.
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Birrigrin Project: Historical production grades up to 196g/t Au from 39 mapped shafts.
The Sandstone Operations also exhibit potential for DSO iron ore, identified through a 6km strike of banded iron outcrops with potential widths of 5 to 40m and a peak grade of 67% Fe from rock chips.
Aurumin is also actively exploring its tenements and pursuing further acquisitions that complement its existing focus, aiming to create additional shareholder value. The engagement of SGC and the subsequent exploration activities are pivotal steps in advancing the iron ore potential alongside the established gold resources.
Brad Valiukas
Managing Director
Phone: +61 (8) 6555 2950
Email: [email protected]
About us:
About Aurumin Ltd:
Aurumin Limited (ASX:AUN) is an Australian gold exploration company with advanced projects. With a portfolio of strategically chosen, historically significant projects in the Western Australia's leading gold region.The Sandstone Operations were cornerstone by the acquisition of the Central Sandstone Project by the Company in early 2022. In addition to the Sandstone Operations, the Company has a significant landholding at its Southern Cross Operations. The Company is actively exploring its tenements and pursuing further acquisitions that complement its existing focus and create additional Shareholder value.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]