Aurumin (ASX: AUN) is one of the best performing ASX stocks today off the back of exploration results at its Central Sandstone Gold Project. The company is a gold explorer and mine developer and one of its recent purchases appears to be paying off.
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Central Sandstone paying off for Aurumin
Aurumin bought the Sandstone gold project from Middle Island Resources (ASX:MDI) for $12m. MDI reported positive exploration results at the project.
Things all fell apart after a study last year found the economics did not stack up. But AUN amalgamated the project into its nearby Johnson Range project and it now appears more appealing – even before this morning’s results.
It reported assay results of 344m @ 1.29g/t. This grade is only average (anything above 5g/t is typically high grade). But remember, this was a big intersection and it included some highlights with higher grades, including 16.1m @ 2.9g/t.
What now for Aurumin?
Aurumin will continue exploration at the project and build up its mineral resource. It has a Mineral Resource Estimate (MRE) of 14.2Mt @1.1g/t for 500,000koz at Two Mile Hill (an underground part of the project). The whole project has a combined resource of 849koz.
We also think it could expand its footprint even further, having acquired its latest exploration license just three weeks ago. And with over 1Moz produced regionally at Sandstone in times gone by, shareholders are inevitably dreaming of eventual production.
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