Aurumin : Lithium Potential Identified at Mt Palmer

24 March 2022 onlyASX:AUN

ABOUT AURUMIN

Aurumin Limited (ACN 639 427 099)

(Aurumin or Company) is an

Australian gold exploration company with advanced projects.

useBOARD & MANAGEMENT

Piers Lewis

Non Executive Chairman

Brad Valiukas

Managing Director

personalShaun Day

Non Executive Director

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

LITHIUM POTENTIAL IDENTIFIED AT MT PALMER

PHASE 1 SOIL SAMPLING COMPLETE, PRELIMINARY XRF RESULTS CONFIRM PROSPECTIVITY FOR LITHIUM PEGMATITES

PEGMATITE INTERCEPTS UP TO 50M IN HISTORICAL DRILLING, PREVIOUSLY ONLY ASSAYED FOR GOLD

COMPARABLE GEOLOGICAL SETTING TO THE MT HOLLAND LITHIUM PROJECT (ASX:WES)

RECONNAISSANCE DRILLING PLANNED, POW APPROVALS IN PROGRESS

Aurumin Limited (ASX: AUN) ("Aurumin" or "the Company") is pleased to provide an exploration update for its 100% owned Mt Palmer Project. Mt Palmer has a history of high-gradegold production, producing approximately 158,000 ounces at 15.9g/t Au before ceasing commercial operations in 1944.

A broad spaced (100m by 400m) Ultrafine soil sampling programme (phase 1) has been completed in an area nearly 5km x 5km in the southern portion of our Mt Palmer tenements with around 350 samples collected.

Preliminary assessment of these samples using a desktop XRF Bruker CTX instrument has been completed by Portable Spectral Services and the results include their in-house developed and proprietary Lithium Index Calibration. 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 Lithium Index has identified multiple targets, some of which are coincident with historically logged pegmatite in drilling with intercepts up to 50m downhole and where outcropping pegmatite has been observed from field work.

Managing Director, Brad Valiukas, commented:

"Pegmatites are well known around the Mt Palmer area, and they cut-off some of the gold lodes at the historical Mt Palmer mine. As exploration work for 2022 has a more regional focus we have been considering other commodities.

"The recent identification of flatter lying pegmatites in the south of our tenements, analogous to those of Mt Holland, is a result of continuing to build our dataset from pre-digital records and shows the value of this work.

"We are pleased to add this extra dimension to Mt Palmer for 2022 and the programme is prospective for both gold and lithium.Our phase 1 soil samples and associated rock chip samples are currently at the laboratory for full multi element analysis. An infill (phase 2) soil sampling programme, is currently in progress and we plan to undertake a reconnaissance drilling programme as soon as practicable after receiving approvals.

Aurumin Limited

24 March 2022

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Ongoing compilation of historical data and desktop review of the Mt Palmer project has identified the potential for lithium mineralisation, particularly in the southern portion of the tenements around the Vickers Find South prospect. Using historical drilling information, the review identified pegmatites within a mafic-ultramafic sequence in a geological setting analogous to the Mt Holland lithium deposit located approximately 65km to the south of Mt Palmer. 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 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

Figure 1 - Cross-section 748,345 E of historical drilling showing logged pegmatite over broad widths. Pegamtites are

untested for lithium and open at depth.

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A broad spaced (100m by 400m) Ultrafine soil sampling programme (phase 1) has been completed in an area nearly 5km x 5km in the southern portion of our Mt Palmer tenements with around 350 samples collected. A phase 2 Ultrafine soil sampling programme to reduce spacing to 100m x 200m is currently in progress in the same area along with geological reconnaissance and available results from that programme are also reported.

Preliminary assessment of these samples using an XRF instrument has been completed by Portable Spectral Services and the results include their in-house developed Lithium Index Calibration. 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 LCT pegmatites, i.e., Ga, Rb, Nb, Cs, and Ta, along with additional elements used to evaluate the fertility of granites.

The Lithium Index has identified multiple targets, some of which are coincident with historically logged pegmatite in drilling with intercepts up to 40m downhole and where outcropping pegmatite has been observed from field work. The targets are located between 1 and 4km from the granite-greenstone contact in an area often termed the "Goldilocks Zone". The Goldilocks Zone is considered the most favourable geological setting for LCT pegmatites based on zonation of these elements from a fertile granite.

All phase 1 samples have been dispatched to Labwest for Ultrafine soil sampling analysis and results are expected in approximately 6 to 8 weeks. Samples will be analysed for a suite of minerals including lithium, lithium pathfinders such as Cs, Rb and Nb as well as gold and gold pathfinders including Ag, As and base-metals.

Programme of Works (PoW) applications have been submitted the Department of Mines, Industry Regulation and Safety (DMIRS) for an initial reconnaissance drill programme targeting areas where historical drilling has intercepted pegmatites over wide widths downhole. Flora surveys may be required to support POW applications.

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Figure 2 - Image showing lithium targets from soil samples collected and analyised using an XRF instrument underlain by satellite image. Collar positions of historical drilling is coloured by if pegmatite has been logged in the hole while the "Goldilocks Zone" is also shown to represent the favorable geological setting.

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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
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