6 February 2025 – Perth, Australia | Aurumin Limited (ASX: AUN) ("Aurumin" or "the Company") is pleased to announce the commencement of drilling at its Sandstone Iron Project, marking a significant milestone in its exclusive option agreement with Newcam Minerals Pty Ltd (Newcam). This drilling campaign forms part of Newcam’s due diligence process as it evaluates the potential joint venture to develop Direct Shipping Iron Ore (DSO) opportunities at the project.
Highlights
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Drilling Started: A 54-hole reverse circulation (RC) drill program (~2,000m) has commenced testing seven priority targets.
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High-Grade Potential: Follow-up on rock chip assays of up to 67% Fe, confirm extensive banded iron formations (BIFs) over a discontinuous 6km strike length.
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Fast-Track Program: Program is designed to test high-priority areas and rapidly define economic potential.
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JV Funding: Newcam is funding 50% of the drilling costs, with a potential joint venture worth up to $7 million funding.
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All Activity Within Mining Leases: The program is within granted mining leases M57/654, M57/128, and M57/129.
Exploration Strategy & Next Steps
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Targeted Drilling: Focus on identifying contiguous high-grade iron mineralisation pods, prioritising areas with:
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Shallow-dipping banded iron formations
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Existing high-grade hematite enrichment
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Proximity to infrastructure for cost-effective logistics
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Historical Data Utilisation: Systematic re-assay of historical drill pulps to be conducted where available.
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JV Decision Timeline: Results will support Newcam's decisions for exercise of option for joint venture to develop iron ore rights at Project.
Managing Director, Daniel Raihani, commented:
Managing Director, Daniel Raihani: “The Central Sandstone Project shows great potential for DSO iron ore and the Company is pleased to be working with Newcam on this opportunity to unlock additional value from the Central Sandstone Project. We are excited to be back on the ground drilling.” “The potential joint venture with Newcam could be worth up to $7 million in project funding and will accelerate our activity, remove logistical hurdles for export and de-risk the project overall. Importantly for Aurumin shareholders, by joint venturing the iron ore we maintain far more upside and potential profit compared to a royalty-based transaction.”
For Further Information:
Daniel Raihani
Managing Director
Aurumin Limited
[email protected]
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]
About us:
About Aurumin Limited
Aurumin Limited (ASX: AUN) is an exploration company focused on the Sandstone region in Western Australia. The Company’s Sandstone Operations include a 951koz gold resource, with the Central Sandstone Project hosting both gold and Direct Shipping Ore (DSO) iron potential. Aurumin continues to explore and unlock further value from its projects through strategic partnerships and resource development.
For more information, visit www.aurumin.com.au.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]