Aurumin (ASX:AUN) has closed trade just over 26% higher on the Australian Securities Exchange (ASX) today (6 September 2023).
Privately held 7 Enterprises, which is based in New South Wales, today also emerged as a significant shareholder in the company with a 6.03% stake.
The surge on the ASX comes a week after Aurumin completed the sale of the Karramindie Project assets to Lithium Resources Investments, a subsidiary of Mineral Resources (ASX:MIN).
The Karramindie Project consists of tenement E15/1769 and is located some 20km east of the Coolgardie townsite in the Goldfields of Western Australia.
Aurumin is an ASX-listed mineral exploration company focused on 2 project areas in Western Australia. The Sandstone Gold Operations were cornerstone by the acquisition of the Central Sandstone Project by in early 2022.
The Sandstone Project comprises an 881,300 ounce gold mineral resource, significant project infrastructure and an expanding tenement footprint where Aurumin aims to support a gold mining operation in the future.
The company’s Johnson Range Project has a Mineral Resource of 64,700 ounces at a grade of 2.51g/t Au, located midway between Southern Cross and Sandstone.
The Birrigrin Project area was added in late 2022 and is 70km north of the Central Sandstone Project. The project has 39 mapped shafts dating to the early 1900s with recorded production grades up to 196g/t Au.
In addition to the Sandstone Gold Operations, Aurumin has a significant landholding at its Southern Cross Operations, including two historical high-grade production centres, Mt Dimer and Mt Palmer.
The Mt Dimer Project produced over 125,000 ounces of gold from open pit and underground production of about 600,000 tonnes @ 6.4g/t and has a substantial tenure footprint.
The historical Mt Palmer Project produced via open pit and underground methods, generating about 158,000 ounces of gold at an average grade of 15.9g/t.
Aurumin is committed to ensuring all exploration activities are conducted responsibly and that risks and impacts from historical activities are minimised.
Wherever practicable, Aurumin utilises local contractors and purchases good and services in the local community.
Write to Adam Orlando at Mining.com.au