Aurumin Ltd (ASX:AUN) shares surged as much as 75% higher intra-day to 28 cents after receiving high-grade gold assays up to 1 metre at 153.50 g/t gold from drilling at the Mt Dimer Project in Western Australia.
Mt Dimer is a historical high-grade production centre, having produced over 125,000 ounces of gold, including open pit and underground production of 600,000 tonnes at 6.4 g/t gold.
Reverse circulation (RC) drilling occurred at seven deposits and prospects returning highlight results including:
Lightning
- LTRC2106: 4 metres at 48.69 g/t gold from 104 metres, including 1-metre at 153.5 g/t from 106 metres.
LO3
- L03RC2106: 5 metres at 19.26 g/t from 61 metres, including 1-metre at 54.8 g/t from 62 metres; and
- L03RC2107: 8 metres at 5.70 g/t from 100 metres, including 1-metre at 21.00 g/t from 102 metres.
T12
- TMDRC2101: 4 metres at 2.76 g/t from 15 metres, including 2 metres at 4.02 g/t from 16 metres; and
- TMDRC2102: 8 metres at 2.58 g/t from 22 metres, including 2 metres at 4.4 g/t from 26 metres.
Aurumin managing director Brad Valiukas said: "This is a tremendous intercept at the historically high-grade Mt Dimer production centre.
“These latest results both extend known mineralisation and progress T12 towards being declared a new deposit, further supporting our view of Mt Dimer having potential for multiple high-grade open pits.
"We are continuing to improve our understanding of the project, and these results support our revised interpretation of lithology, fluid pathways and prospective areas.
“Drilling is planned to recommence at Mt Dimer next month as we look to follow up these high-grade intercepts and increase the value of the project."
Lightning Deposit
Lightning is a high-grade unmined deposit at Mt Dimer.
Mineralisation consists of multiple narrow high-grade quartz bearing ore shoots plunging steeply to the north, within a northerly trending structure primarily hosted by granite.
Two holes were drilled in the July program, following up a potential new high-grade ore shoot.
The first hole did not reach target depth, while the second hole successfully intersected mineralisation and extended the shoot north into the ultramafic unit.
This is the best intersection drilled by Aurumin to date, returning 4 metres at 48.69 g/t gold, including 1-metre at 153.50 g/t, in LTRC2106.
Additional 1-metre results are pending, following positive 4-metre composite results, and may further add to currently reported mineralisation.
Future drilling will aim to continue extending the Lightning deposit into the ultramafic.
LO3 Deposit
The LO3 deposit is one of the three LO deposits mined in the mid 1990s at Mt Dimer.
It has an open pit of similar scale to LO1 and LO2, however, unlike LO1 and LO2, has limited underground workings.
The orebody has not been closed off along strike or below the underground workings and remnant potential exists directly below the open pit.
Seven holes were drilled in the July program, testing north, south and below existing mineralisation.
Two holes drilled from the footwall dipped and did not intersect the target.
Drilling returned positive results south, north and below existing mineralisation, with the highlight being 5 metres at 19.26 g/t gold, including 1-metre at 54.8 g/t, in LO3RC2106 to the north.
Additional 1-metre results are pending, following positive 4-metre composite results, and may further add to currently reported mineralisation.
Future drilling will aim to continue expanding the deposit in all directions.
T12 Prospect
The T12 target was previously identified by Aurumin using a SAM survey and first-pass drilling.
Five holes were drilled in the July program, to confirm structure and link to previous results.
Drilling returned positive results in three holes, with the highlights being the broad shallow mineralisation in both TMDRC2102 (8 metres at 2.58 g/t) from 22 metres downhole and TMDRC2101 (4 metres at 2.76 g/t) from 15 metres downhole.
Additional 1-metre results are pending, following positive 4-metre composite results, and may further add to currently reported mineralisation.
These results will inform the revised interpretation of the orientation of the structure and future drilling will aim to identify additional mineralisation down dip and along strike and confirm T12 as a new deposit.