Aurumin (ASX:AUN) said its joint venture option agreement with Newcam Mineral was expanded to include 10 additional tenements, and the option exercise period was extended until October 8, according to a Friday Australian bourse filing.
It conducted drilling at the Central Sandstone project in Western Australia targeting iron ore, as part of its exclusive option agreement with Newcam, forming part of the Newcam due diligence process. This was undertaken as part of their option to form a joint venture on the iron ore rights held on certain mining leases. As a result of this drilling the JV has been expanded and extended.
The drilling program returned shallow high-grade iron mineralization with highlights including an intercept of 10 meters at a grade of 62.12% iron from one meter.
Its shares fell over 1% in recent trading on Friday.
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