Aurium Resources

850MT Maiden Inferred Resource

Aurium Resources (asx:AGU) IS very pleased to announce a maiden JORC Inferred Resource for the Telecom Hill Deposit at their Peak Hill Iron Project Joint Venture (“JV” or “Project”).

 The Maiden Mineral Resource comprises 850Mt at 27.3% Fe, 46.2% SiO2, 3.4% Al2O3, 0.14% P and 6.52% LOI hosted by magnetite‐bearing banded iron formation (BIF) units.

Initial Davis Tube Recovery (DTR) test work shows the magnetite

‐bearing BIFs can produce high‐grade concentrates :Read more

http://www.asx.com.au/asxpdf/20110329/pdf/41xq2sy79l45fx.pdf

Exploration target is for 3.5 to 5 Bt of Magnatite at somewhere between 25-35% and for +50mt of Hematite/DSO

Projects Overview

The Peak Hill Joint Venture (the JV) has been formed between Aurium Resources Ltd and Padbury Mining Ltd (the JV Partners) to explore the highly prospective Robinson Range area of the Padbury-Bryah Basin in Western Australia for iron ore resources and other commodities.  The project comprises a large group of tenements (see Figure 1) covering a substantial 60km strike length of the Robinson Range Formation banded iron formation(BIF) and granular iron formation (GIF) stratigraphy.

Initial work on the project has delineated areas with potential for both hematite – goethite direct shipping ore (DSO) and magnetite beneficiation feed ore (BFO) deposits.   Additionally the tenements contain significant potential for gold and base metal mineralisation in the areas adjacent to the Robinson Range.

The JV partners in the Peak Hill joint venture are committed to increasing shareholder value by actively exploring and delineating large iron ore resources.  The three year vision is to delineate a magnetite resource large enough to underpin a sustainable and profitable mining operation for a 30 year mine life, and develop a project pipeline of additional projects that add value to the company.

Peak Hill Joint Venture

Aurium and its Peak Hill joint venture partner Padbury Mining  Ltd resolved on the  20th February 2009 to vary the terms of the Peak Hill Joint Venture as follows:

    • The joint venture area has been extended to also include 4 exploration licences and 2 applications for exploration licences at Mt Padbury near Peak Hill covering a total of approximately 871 sq kms.
    • The joint venture has been extended to exploring and exploiting all minerals and commodities (excepting manganese) instead of being limited to gold and uranium.
    • The participating interests of the companies shall now be 70%Padbury and 30% Aurium Resources.
    • The term of the joint venture has been extended to 31 March 2016.
    • Aurium has met all its obligations as per the variation.
    • Aurium issued 35,000,000 shares to Padbury in consideration of the variation to the joint venture.

These new Peak Hill Joint Venture arrangements give both companies the opportunity to exploit this highly prospective area and the focus is the directly on the Iron Ore prospectivity.

Directors
Eddy Saunders (Non Executive Chairman)
Terry Quinn (Managing Director)
Brenton Lewis (Non Executive Director)

Top 20 shareholders currently hold 47% of the 302m shares on issue.