Aurumin Limited (ASX:AUN) Commences Drilling at Central Sandstone Iron Project
Drilling Commences
Aurumin Limited (ASX:AUN) has commenced drilling at its Central Sandstone Project, targeting iron ore under an option agreement with Newcam Mineral Pty Ltd.
Exploration Highlights
The initial RC drilling programme will test seven priority targets with 54 holes planned, covering approximately 2,000 metres. This follows high-grade assays indicating up to 67% Fe from banded iron formations over a discontinuous strike exceeding six kilometres. The 14-day drilling programme is designed to rapidly progress high-priority targets, with Newcam funding fifty per cent of the costs. The potential joint venture could secure up to $7 million in project funding.
Executive Comments
Managing Director Daniel Raihani stated, “The Central Sandstone Project shows great potential for DSO iron ore and the Company is pleased to be working with Newcam on this opportunity to unlock additional value from the Central Sandstone Project. We are excited to be back on the ground drilling.” He added, “The potential joint venture with Newcam could be worth up to $7 million in project funding and will accelerate our activity, remove logistical hurdles for export and de-risk the project overall. Importantly for Aurumin shareholders, by joint venturing the iron ore we maintain far more upside and potential profit compared to a royalty-based transaction.”
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