Aurumin reports strong quarterly activities and divestment agreement with Kula Gold Limited

Aurumin Limited (ASX: $AUN) has reported a strong quarter ending 30th June 2024, with significant drilling results at multiple new targets and a divestment agreement with Kula Gold Limited for the Mt Palmer Project. The company's closing cash position at the end of the quarter was $0.919M.

Executive commentary on strong quarterly performance and future plans

We have had a very strong quarter. RC Drilling was started and completed, with assays confirming significant results at four out of seven new targets and returning a bonanza result from extensional drilling at Plum Pudding, with a top assay of 344g/t Au. Combined with soil sampling and tenements granting, we have no shortage of prospective drilling targets. During the quarter we also announced our final planned divestment in the Southern Cross area, with the sale of a 51% interest in the Mt Palmer Project to Kula and a further earn in by Kula to 80%. Subject to successful completions, Aurumin will be positioned with a 20% interest in the Mt Palmer JV, a royalty on the Mt Dimer mining tenements for gold and silver with Beacon Minerals and the potential future royalty on the Mt Dimer exploration tenements with MinRes. We are focused on generating the critical mass required for future production at our Sandstone Operations, targeting additional open pit material to support an operational restart. This next round of drilling will look to expand the existing Resource at Plum Pudding, flesh-out some of the confirmed new targets on the mining leases and step further afield to the Birrigrin Project and Dandaraga prospect, targeting some potential higher-grade sweeteners.

Summary of quarterly activities and future outlook

Aurumin's strong quarterly activities, including significant drilling results and a divestment agreement with Kula Gold Limited for the Mt Palmer Project, demonstrate the company's commitment to exploration and strategic partnerships. The company aims to expand its existing resource at Plum Pudding, explore new targets, and pursue future production at its Sandstone Operations. With a focus on generating critical mass for future production, Aurumin is targeting additional open pit material to support an operational restart. The company's ambitions and goals are aligned with its ongoing exploration plans and pursuit of further acquisitions to create additional shareholder value.