Aurumin (ASX:AUN) has entered into an agreement to acquire five exploration tenements within its wholly owned Central Sandstone Project in Western Australia.
The additional tenements cover a 60km2 area within the Youanmi Terrane Greenstone in the Sandstone district.
As part of the acquisition, Aurumin will pay $130,000 cash and 4.5 million shares at $0.04 to a syndicate of private holders.
Managing Director Brad Valiukas says these additional tenements are part of a longer term plan to achieve sustainable production, alongside providing more exploration opportunities.
“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,” he says.
Central Sandstone is part of Aurumin’s Sandstone Operations which also includes Birrigrin and Johnson Range projects — and also contains a total resource of 946,000 ounces of gold.
Aurumin is a mineral explorer focused on its Sandstone Gold and Southern Cross operations in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Aurumin
