Aurumin : Drill programme targeting lithium to commence at Mt Palmer

21 April 2022

ASX:AUN

ABOUT AURUMIN

DRILLING PROGRAMME TARGETING LITHIUM TO COMMENCE AT MT PALMER

Aurumin Limited (ACN 639 427 099) (Aurumin or Company) is an Australian gold exploration company with advanced projects.

BOARD & MANAGEMENT

Piers Lewis

Non Executive Chairman

Brad Valiukas Managing Director

Shaun Day

Non Executive Director

Darren Holden

Non Executive Director

CAPITAL STRUCTURE

• • 130.2 million shares

• • 29.6 million options

PROJECTS

• • Central Sandstone

• • Mt Dimer

• • Mt Palmer

• • Johnson Range

• • Karramindie

CONTACT US

T: [phone]

E:[e-mail] Wwww.aurumin.com.au

P: PO Box 446, Subiaco WA 6904

PRELIMINARY ASSESSMENT OF ULTRAFINE SOIL SURVEY DEFINES LITHIUM TARGETS

Aurumin Limited (ASX: AUN) ("Aurumin" or "the Company") is pleased to announce drilling targeting lithium bearing pegmatites at its 100% owned Mt Palmer Project is planned to commence next week.

Aurumin's Ultrafine soil sampling programme at Vickers Find South has been completed, with the grid infilled to a spacing of 100m x 200m, and all samples submitted to the laboratory for analysis. A preliminary XRF assessment of these samples using Portable Spectral Services' proprietary Lithium Index Calibration has highlighted promising targets at the Vickers Find South prospect. Some of these targets are coincident with historically drilled pegmatites, interpreted to be flat lying, and that were only sampled for gold.

Aurumin now plans to drill test the targets where pegmatites have previously been identified. The initial Programme of Works has been approved with the drilling contractor scheduled to commence work the week commencing 25th April for a 1,000m to 1,500m orientation programme.

A further Programme of Work is in the process of being submitted for a planned second phase of drilling to target additional areas of surface anomalism identified from the soil sampling programme.

Managing Director, Brad Valiukas, commented:

"We are eagerly awaiting the full soil sample results from the assay lab, but there are lot of positive indicators both at Mt Palmer and in comparison to other projects in the region.

This first programme will drill through the pegmatite package and help define the geology, using the XRF results and historical logs as an initial guide."

Aurumin Limited

ULTRAFINE SOIL SAMPLES DEFINE DRILL TARGETS

Aurumin has completed an Ultrafine sampling programme at the Vickers Find South prospect at Mt Palmer. A total of 735 samples, exclusive of QAQC samples, were collected during the programme (phase 1 and phase 2) reducing the sample spacing to 100m by 200m. All samples have been submitted to Labwest for multielement analysis with the results expected mid to late May.

Prior to submission to Labwest, a preliminary assessment was completed by Portable Spectral Services (PSS) for lithium prospectivity based on an in-house developed Lithium Index Calibration using a desktop XRF Bruker CTX instrument. The Lithium Index acts as a proxy for lithium concentrations as pXRF instruments are unable to directly detect lithium. The Lithium Index uses detectable elements which correlate to Lithium-Cesium-Tantalum (LCT) pegmatites, i.e., Ga, Rb, Nb, Cs, and Ta, along with additional elements used to evaluate the fertility of granites.

The additional infill sampling has firmed up the initial targets identified (reported ASX, 24th March 2022). A number of these targets consist of surface anomalism coincident with historically logged pegmatite in drilling with intercepts up to 50m downhole (Figure 1 and Figure 2). Aurumin now plans to drill test targets VFSA and VFSB.

ORIENTATION DRILL PROGRAMME

The initial Programme of Works (POWs) were submitted prior to preliminary soil results becoming available and were based on where pegmatites have been logged in historical drilling. These POWs cover the VFSB target and have now been granted.

Aurumin has engaged a drilling contractor to drill a orientation first pass reverse circulation (RC) programme of 1,000m to 1,500m to assess these identified pegmatites. The programme is planned to commence the week beginning 25th April. A POW submission is being completed for the high priority VFSA target, identified from the Lithium Index Calibration.

Figure 1. Cross-section 748,345mE of historical drilling showing logged pegmatite over broad widths with proposed drill holes shown.

Figure 2. Lithium targets from Ultrafine soil sample Lithium Index analysis underlain by satellite image. Collar positions of historical drilling are coloured pink if pegmatite has been logged in the hole. The Goldilocks Zone is also shown to represent the area considered a favourable geological setting. The "Goldilocks Zone" is also shown to represent the area considered a favourable geological setting. Two target areas are highlighted for drill testing.

ABOUT MT PALMER LITHIUM PROSPECTIVITY

Aurumin has recently completed a lithium prospectivity analysis of the Mt Palmer project using a compilation of available historical data to compare the geological setting of Mt Palmer to the Mt Holland lithium deposit1 (189Mt @ 1.50% Li2O) located approximately 65km to the south of Mt Palmer. Aurumin has also incorporated widely accepted lithium mineralisation vectors e.g. the "Goldilocks Zone", an area between 1 and 4km from the granite-greenstone contact considered the most favourable geological setting for LCT pegmatites.

This review has identified pegmatites within a mafic-ultramafic sequence in the Vickers Find South area in a geological setting analogous to the Mt Holland lithium deposit. Recent reconnaissance field work in the area has confirmed the presence of pegmatite in historical drilling spoils and outcropping pegmatite on the eastern margins of the sample area. The recent lithium index work by PSS has confirmed the prospectivity at Vickers Find South.

Geological similarities between Mt Palmer and Mt Holland identified from the review include:

Located within the Southern Cross - Forrestania Greenstone Belt

Pegmatites with thickness >20m occurring as sheets with a moderate dip

Local geology includes ultramafic units within a broader greenstone sequence

Located south of the Big Bell Suite granite intrusion

Located in the "Goldilocks Zone" - between 1km and 4km from a granite-greenstone contact

Located proximal to significant gold deposits

1 Kidman Resources ASX Release 19th March 2018 - Substantial Increase in Earl Grey Lithium Mineral Resource Estimate

Figure 3 - Regional map of Southern Cross - Forrestania Greenstone Belt and location of lithium prospects

References: 1 - Kidman Resources ASX Release 19th March 2018 - Substantial Increase in Earl Grey Lithium Mineral Resource Estimate