Aurumin bags more than 76g/t gold in WA validation | Australian Markets

Aurumin Limited has bagged high-grade gold hits in the company’s first drilling program since 2013 at its Johnson Range project, halfway between Sandstone and Southern Cross in Western Australia, with a prime 6-metre hit grading 16.5 grams per tonne (g/t) gold from 65m.

The outcome consists of 3m assaying 32.1g/t gold and 1m at 76.1g/t gold, placing a shine on the company’s infill and validation program at its present 64,700-ounce Gwendolyn gold useful resource.

Two different holes helped verify the highest hit with the second-best intercept boring by means of 7m at 9.3g/t gold from 16m, together with 2m at 23.4g/t gold from 19m.

The third-best intercept probed 9m at 3.6g/t gold from 111m, together with 2m at 13.3g/t gold from 111m.

Two additional holes produced encouraging main intercepts of 4m assaying 6.25g/t gold from 68m and 7m at 3.65g/t gold from 85m.

The latest 18-hole reverse circulation drilling program at Gwendolyn put in 1353m of drilling throughout three precedence zones to check between the floor and about 80m vertical depth.

The program sought to improve geological confidence in the present 64,700-ounce inferred useful resource at 2.51g/t gold to help an imminent improve to indicated useful resource standing and follow-on mining research.

Importantly, the mineralisation outlined so far at Gwendolyn is comparatively shallow and options a number of high-grade zones beginning at much less than 20m, which Aurumin sees as a attainable alternative for near-term, low-cost, open-pit mining.

These high-grade intercepts verify the power of the Gwendolyn deposit and help a useful resource improve, a key step in positioning this asset for near-term development. Importantly, a number of of the strongest outcomes are from shallow depths, together with 7m at 9.3g/t gold from simply 16m downhole.

Raihani stated with gold trading above $5000 per ounce – it’s trading at $5120 in the present day – the timing is right to progress the asset. Aurumin’s technical crew is now urgent forward with its useful resource modelling and planning for the following part of drilling.

Aurumin’s drilling program has considerably improved the company’s confidence in the prevailing Gwendolyn useful resource, main it instantly into technical research and mine-permitting.

The Gwendolyn deposit is on a granted mining lease with a historical past of mining relationship back to the late Nineteen Eighties. That historical past consists of a 2014 bulk sampling program by Vector Resources, which yielded 3150 ounces gold from 29,219 dry metric tonnes at an average grade of 3.35g/t and a 94.08 per cent restoration fee.

The Johnson Range project is within 200 kilometres of practically a dozen potential processing choices well-suited to a fast exploitation marketing campaign of the initial shallow Gwendolyn useful resource. Further deeper drilling might also uncover extra mineralisation at depth.

In mid-May, Aurumin inked a binding phrases sheet with Newcam Minerals, permitting Newcam to earn up to a 50 per cent curiosity in Aurumin’s Johnson Range and Mt Dimer gold initiatives by means of staged expenditure.

The settlement additionally contemplates a three way partnership over the gold mineral rights, with Aurumin retaining an option to be free-carried to web revenue.

The transaction helps Aurumin’s strategy to advance in direction of gold manufacturing and release worth from its non-core belongings with out shareholder dilution.

In the instant time period, Aurumin will transition its Gwendolyn useful resource from exploration to development. This consists of submitting and analysing 1m drill samples taken from anomalous composite intervals to generate a full set of 1m assays. The outcomes will underpin a remodelled mineral useful resource from its latest drilling marketing campaign.

The company expects to start out scoping-level financial research when the useful resource is upgraded to indicated standing.

It can then plan and execute follow-up drilling to check down-dip extensions to increase the useful resource and search unexplored strike extensions alongside the northeast-southwest structural hall.

Aurumin appears to be like to have in hand the four-horse guess each explorer/miner strives for: A shallow, high-grade gold useful resource with a fast-track path to open pit development and proximity to a number of processing choices amid near-record gold costs.

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