Aurumin (ASX:AUN) advances activities during September quarter

• Aurumin (AUN) progresses exploration activities during the September quarter
• Over the period, the company recorded cash outflows of $2.05 million, with $1.48 million spent on exploration and evaluation
• This allowed it to accelerate work on its Central Sandstone project in WA, with mapping and surface sampling activities continuing throughout the quarter
• Whilst its final cash and cash equivalents standing was estimated to last it for only a quarter, AUN says it plans to reduce its operating cash outflows
• Shares are trading flat at 8.3 cents each at 2:25 pm AEDT

Aurumin (AUN) has progressed exploration activities during the September quarter.

Over the period, the company recorded cash outflows of $2.05 million, with $1.48 million spent on exploration and evaluation.

This allowed it to accelerate work on its Central Sandstone project in WA, with mapping and surface sampling activities continuing throughout the quarter.

Over the three-month period, Aurumin reported numerous assays from the project, including a hit of 352.8 metres at 1.5 grams per tonne (g/t) gold.

Managing Director Brad Valiukas said the Two Mile Hill underground deposit will be a key part of the project going forward.

“We have had some excellent results at Central Sandstone this quarter, from both reverse circulation drilling and diamond drilling at Shillington and Two Mile Hill,” he said.

“We are currently working on an updated resource, with Two Mile Hill and Shillington combined, and expect to release the updated resource late this month.”

Staff costs came in at $49,000 and a further $516,000 was directed towards administration and corporate costs.

Additionally, AUN invested $120,000 in exploration and received $2.18 million from its financing activities.

The company finished the period with $2.17 million in cash and cash equivalents, which is estimated to last one quarter.

However, Aurumin said it plans to reduce its net operating cash outflows over the current December quarter.

Shares were trading flat at 8.3 cents each at 2:25 pm AEDT.