- Aurumin (AUN) increases its footprint at the Central Sandstone gold project in WA after agreeing to buy land from a private company
- The company has signed a heads of agreement to buy tenement E57/1140 within the Youanmi Terrane Greenstone Sequence for $75,000 worth of shares in Aurumin
- The tenement has seen little exploration and is considered under-explored
- The company is currently in the process of compiling and validating data for the project area
- Shares in Aurumin were steady at $0.12 each as of 1:13 pm AEST
Aurumin (AUN) has increased its footprint at the Central Sandstone gold project in WA after securing a deal to purchase land from a private company.
The company signed a heads of agreement to buy tenement E57/1140, located within the Youanmi Terrane Greenstone Sequence which has proven exploration and production success.
According to Aurumin, the tenement has seen little exploration and is considered under explored.
From this little exploration, known drilling is wide spaced and considered to be predominately first pass regional exploration work.
The company is currently in the process of compiling and validating data for the project area.
As consideration for the purchase, Aurumin will issue 500,000 shares to the private company, valued at $75,000 based on a share price of 15 cents. The seller will also retain a one per cent net smelter return (NSR) royalty.
“We are pleased to be expanding our footprint in the Sandstone region with
this granted tenement, nearby to our existing 784,000 ounce gold Central Sandstone
Project,” Managing Director Brad Valiukas said.
“The tenement is a good addition and provides additional exploration opportunity, as we focus on generating critical mass for future production. The closest point of the tenement is just 4km from the existing processing plant location.”
Shares in Aurumin were steady at $0.12 each as of 1:13 pm AEST.