Aurumin Ltd (ASX:AUN) non-executive chairman Piers Lewis has demonstrated his faith in the company’s gold strategy with an on-market purchase of shares.
Lewis acquired 75,000 shares valued at $21,375 on May 18 in an indirect interest, increasing the total number of securities held in that interest to 700,000 shares with another 76,219 ordinary shares held in another indirect interest.
Shares today were as much as 9.1% higher to 30 cents up from 23.5 cents at the market close on May 5.
First drill program at Mt Palmer
The company has completed a reverse circulation (RC) drilling campaign at its 100%-owned Mt Palmer project, which is around 40 kilometres ESE of Southern Cross in Western Australia.
There were 32 holes completed for 2,563 metres designed to test for extensions to specific lodes in and around the historic mine and extensions north and south of the mine footprint.
All initial samples have been dispatched to the assay laboratory and results are expected in mid-June.
Mt Palmer has a history of high-grade production, producing about 158,000 ounces of gold at 15.9 g/t before ceasing commercial operations in 1944.