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Aurumin price rockets as mammoth gold find uncovered in WA

Mon 11 Jul 22, 11:58am (AEST)
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Key Points

  • Aurumin’s share price up 34.7% to 15.5c in morning trade
  • Company has noted gold mineralisation consistent through a whopping 344m worth of core
  • Strong confirmation for total mine plan suggesting 780,000 ounces of gold recoverable

Aurumin's (ASX:AUN) true believers are scrambling to secure shares this morning as the company unveils a 344m long core sample with gold consistent throughout. 

While grades may be on the lower end, this is less important than the sheer volume of in-core mineralisation, at over one third of a kilometre. 

The 344m core reported today comes from a diamond drill rig, and is not based on rock-chip analysis. 

Two Mile hill, from where the result was pulled, is part of Aurumin’s wholly owned Central Sandstone gold project in WA. 

A map detailing the targets at Central Sandstone with regards to the total mineral estimate of 780koz
A map detailing the targets at Central Sandstone with regards to the total mineral estimate of 780koz

Two rig system 

An RC drill rig finished off the first 109m of the hole providing today’s results, and a diamond drill rig then pushed ahead downhole to 580m. 

Aurumin’s geos note visible gold is evident in the core at multiple sections. 

An average grade of 1.1 grams of gold per tonne (g/t) is awarded the whole length, but a 40m section of 2g/t was also logged. 

Investor information service Undervalued Equity notes that 1g/t - 3g/t is considered low-to-mid grade. 

Company management optimistic on future production 

“We are very happy with progress [as we] look for new deposits and advance the 500koz deposit with deep holes,” Aurumin managing director Brad Valiukas said. 

“We continue to see the Two Mile Hill underground deposit as a key part of the project with the scale to potentially underpin future production.” 

“We look forward to future results, with the 4th diamond drill hole and programme now completed.” 

Woah, nelly: the far right of Aurumin's three month charts shows the impact of today's results
Woah, nelly: the far right of Aurumin's three month charts shows the impact of today's results

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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