Aurumin : Central Sandstone Exploration Update

09 June 2022 onlyASX:AUN

ABOUT AURUMIN

Aurumin Limited (ACN 639 427 099)

(Aurumin or Company) is an

Australian exploration company with advanced projects.

useAURUMIN BOARD

Piers Lewis

Non Executive Chairman

Brad Valiukas

Managing Director

personalShaun Day

Non Executive Director

D rren Holden

Non Executive Director

CAPITAL STRUCTURE

• 139.2 million shares

• 29.5 million options

PROJECTS

• Central Sandstone

• Mt Dimer

• Mt Palmer

• Johnson Range

• Karramindie

CONTACT US
For
T:	[phone]
E:	[e-mail]
W	www.aurumin.com.au
P:	PO Box 446, Subiaco WA 6904

CENTRAL SANDSTONE

EXPLORATION UPDATE

FIRST DIAMOND HOLE DRILLED THROUGH TONALITE TARGET. MULTIPLE INSTANCES OF VISIBLE GOLD LOGGED

AUGER PROGRAMME IDENTIFIES ADDITIONAL TARGETS AND CONFIRMS PREVIOUS TARGETS WITH INCREASED RESOLUTION

Aurumin Limited (ASX: AUN) ("Aurumin" or "the Company") is pleased to provide an update on exploration activity at its 100% owned Central Sandstone Gold Project.

Aurumin's first drilling programme at Sandstone is progressing well with the reverse circulation (RC) portion completed and the first diamond drill hole now through the tonalite target. Diamond drilling is seeking to both extend and better define the existing inferred 14.2Mt @ 1.1g/t Au (500koz Au) Two Mile Hill underground resource.

The first diamond hole has intersected numerous occurrences of mostly fine visible gold (see Annexure G) through the tonalite, and the core is currently being processed on-site in preparation for assay.

All assays from the RC portion of the programme, focused on extending the higher grade portion of the Shillington deposit along a structural control, are currently at the assay laboratory.

Aurumin's auger programme, infilling and extending a 2021 programme, has increased resolution across six known target areas and highlighted five new targets. The increased resolution provides information to better assess and potentially advance these prospects towards drill targets.

Aurumin's Managing Director, Brad Valiukas, commented:

"We have a two-pronged approach that is progressing well at Sandstone.The first part is to make the most of the 500koz Two Mile Hill Resource. We are diamond drilling currently with some specific goals and it's always pleasing to be intersecting visible gold.

The second part is to make the most out of the tenement package that we have at Sandstone. The auger programme is part of that, exploring for new deposits just a couple of kilometres from existing infrastructure. Another five targets is a great outcome and there are still further areas to be assessed with another programme. "

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DIAMOND DRILLING - FIRST HOLE COMPLETE

As per the announcement of 27th May 2022 Aurumin has commenced the diamond portion of the programme targeting the Two Mile Hill Complex. Aurumin's first diamond hole at Sandstone (SN_TM_RD_22_0002) has completed drilling through the tonalite on 08/06/2022 at a down hole depth of 562m.

The target tonalite stock was intercepted 20m earlier than modelled, giving confidence to Aurumin's working interpretations. The hole has returned numerous occurrences of visible, mostly fine gold, typically associated with galena in brittle shallow dipping quartz and quartz-carbonate veins and fractures. See Annexure G for further details.

Visible gold towards the end of the hole, shown in Figure 1, supports mineralisation being open below the base of the existing 500koz Resource, indicated in Figure 2.

Figure 1 - Visible gold in HQ core @ 562.15m down hole approaching western margin of tonalite

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Figure 2 - Cross Section of SN_TM_RD_22_0002

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AUGER RESULTS RETURNED

Auger results have now been received and compiled from the programme completed at the Central Sandstone Project in April (see ASX release 28th April 2022).

Results have confirmed and supported the six targets highlighted in auger work completed in the 2021 campaign, increasing the resolution of anomalism at Two Mile West, Mt Klempt, Wirrimina North, Nugget Patch, Three Mile and Nungarra Town. The increased resolution provides information to assess better and advance these prospects towards drilling.

New targets have been identified at Ridge North, Two Mile North & East, McClaren West, and on the Old Town Well Trend with gold grades up to 1,860ppb. These targets will be further assessed for the next stage of work. Figure 3 highlights auger geochemistry results over the existing prospects and the new anomalies identified. Multi- element analysis is in progress to better understand potential pathfinders and allow comparison with existing deposits.

Figure 3 - Combined Aurumin 2022 and MDI 2021 auger sample Au results

Auger holes drilled ranged from 0.5m to 20m in depth and targeted interface sampling below the transported cover. In some instances, the occurrence of locally derived banded iron float and/or very hard duricrust limited the capacity of the auger rig to penetrate the ground. Results from these holes have been assessed on geological observations to determine if the sample should be included or excluded from interpretation. Interface auger samples are preferenced as they are considered to be uncontaminated from surface small scale prospecting activity and transported material.

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DETAILS ON INDENTIFIED TARGETS

Wirrimina North

Wirrimina north is a potential fault offset of the Wirrimina deposit/s with minor shallow historical drilling. Low level anomalism from the 2021 survey was replicated in lines infilling the 200m x 100m 2021 survey to 100m x 100m. Highest grade results in the southern portion of the area are localised around banded iron stratigraphy and in the north and appear to be associated with historical shallow workings in strongly foliated mafic rocks. Both zones have to date only been tested by limited RAB drilling.

Two Mile West

The Two Mile West target is a 600m extension associated with an ENE striking banded iron ridge. Strong results in the 2021 survey were replicated and expanded with infill lines which in places brought the line spacing down to 50m x 50m. The elevated soil values track East towards the main Shillington trend to the west of Two Mile Pit where depth of transported cover in drainage channels hindered interface auger sampling. Drilling data through this area is limited. The consistent elevated tenor, geological setting and proximity to the centre of activity at Sandstone make Two Mile West and the projection of the anomaly through the Shillington trend priority targets for exploration drilling.

Mt Klempt

Mt Kempt is a poorly tested historical target with minor drilling; The 2022 programme has infilled 200m x 100m to approximately 100m x 100m in order to orient potential drilling. Results were in line with the previous survey confirming the prospectivity of the area. Coherent trends within the Mt Klempt anomaly do not resolve at the current data spacing with sufficient resolution to progress to drilling. Further work integrating results with other geological and geophysical data sets and interpretation of multielement data will be undertaken to generate further geochemical proposals or drilling programmes.

Nugget Patch

Nugget Patch 1 & 2 are in proximity to historical nugget patches exploited by surface prospectors with no drilling having been completed to date. Auger spacing has been reduced from 200m to approximately 100m x 100m with closer ~50m spaced data around some of the higher grade data points from the 2021 survey. Results were of a similar tenor and overall distribution to the 2021 survey. While the presence of nugget occurrences nearby necessitates the consideration of transported alluvial material and drainage channels through this area, the gold signature from auger sampling at depths is believed to be at or below the transported cover and bedrock interface. Further interpretation of multi element data and geophysics is required to improve local geological models in this area.

Three Mile

Sampling at the Three Mile prospect sought to close the existing 200m x 100m sapling to 100m x 100m. Results from this campaign have not resolved orientations or extended the scope of confirmed anomalism of the Three Mile prospect. Grades in the auger sampling drop off to the west and north of the sampled area appearing to constrain the area of interest to the south. The area remains of high interest and prospective, given a recent history of relatively rich yields for alluvial miners and relatively poor drilling coverage.

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