The Sandstone Gold Operations are set to expand, with Aurumin Limited announcing it has acquired five new exploration tenements.
The newly acquired tenements span an additional 60km², include historical workings and well-defined mineralisation trends, which the company says are key to its ongoing development strategy.
Tenements E57/1279, E57/1296, E571315, E571317 and E571360 were acquired from a syndicate of private holders.
Existing targets and prospectivity include:
- Existing targets on tenements, including historical workings and mineralisation trends
- Good Hope deposit mined at 29t at 23.17g/t gold in early 1900s
- Footprint consolidated and extended directly north of the mining leases holding Aurumin Limited’s 881koz
- Central Sandstone resource
- Data compilation work ongoing
Key terms of the acquisition include $130,000 cash and 4.5 million Aurumin Limited shares at a deemed issue price of $0.04.
Aurumin Limited hopes the tenements will enhance the company’s exploration capabilities and drive significant value for stakeholders.
Aurumin Limited’s Managing Director, Brad Valiukas, said, “After repositioning Aurumin Limited for growth, we are pleased to be further investing into our flagship 946koz Sandstone Gold Operations with these additional tenements.
“We are focussed on the Central Sandstone Project and generating the critical mass required for future production and have recently completed drilling of seven new targets and two extensional positions targeting additional open pit material to support an operational restart.
“These additional tenements are part of our longer term plan to achieve sustainable production at Sandstone and provide more exploration opportunities into the medium term.”
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