Aruma Resources Limited (ASX: AAJ) (Aruma or the Company) is pleased to announce that it has received firm commitments for a placement to raise approximately $900,000 (before costs) from sophisticated and professional investors at a price of $0.0085 per share with a free attaching Option for each share issued (Placement).
The Placement was strongly bid, and has seen a number of new investors join the Aruma share register. The funds raised through the Placement will strengthen the Company's existing cash position and enable the execution of planned drilling and fieldwork programs across its core projects, beginning with drilling at the Salmon Gums Gold Project in the Eastern Goldfields of Western Australia. In addition, funds raised under the Placement will be deployed to fund drilling at the Fiery Creek Copper-Gold Project in the Mt Isa region of Queensland, the Saltwater Project in the Pilbara region of WA, and to progress approvals at the Wilan Project in South Australia, as well as for general working capital.
Salmon Gums Project: an 80 hole - 2,000m aircore drilling program has commenced at the Sage, Poppy and Rose Prospects with the targets identified from a geological and structural reinterpretation of the Project. This highlighted the presence of lithologies and structures analogous to those hosting significant mineralisation in the Norseman Greenstone Belt. Drilling will aim to; test extensions of gold zones defined by previous Aruma drilling (including 5.9m @ 10.5g/t Au from 38.4m in SG23DD00711) 1, evaluate new structural targets and enhance the geological understanding of the Project area.
Fiery Creek Copper-Gold Project: a maiden reverse circulation (RC) drill program is planned for the priority Piper Prospect on completion of approvals for drilling. The Piper drill target has been defined from a detailed geophysical program (ground gravity survey and IP survey) and field sampling completed by Aruma. Two significant gravity anomalies have been defined, coincident with two parallel IP anomalies along a 300m strike. In addition, high-grade copper-silver and antimony rock chip assays have been returned, including; 20.93% Cu, 31.3g/t Ag, 10,883ppm Sb and 0.91% Zn2. Funds will also be used assess other targets with the project area.
Saltwater Project: Sampling at the Talmine Prospect has returned high-grade gallium assay results, with a total of 16 samples grading higher than 24g/t Ga2O3 and a highest result of 136.05g/t Ga2O3.3 Funds will be used for a next phase of fieldwork, designed to follow up these results and vector in on targets for first-pass drilling. At the Terceira Prospect, Aruma has generated a drill ready gold target, and first pass drilling is planned to commence on receipt of all approvals.
Wilan Project: Aruma is focused on expediting approvals for the commencement of exploration at the Cypher Prospect, within the Wilan Project. Initial work is planned to include a close-spaced aerial radiometric survey to refine the existing Cypher Prospect radiometric anomaly, to be followed by a ground-based passive seismic survey4. Soil sampling will also be planned, incorporating a comprehensive suite of elements to support pathfinder vectoring in on initial drill targets (subject to exploration results). On-ground exploration is planned to commence on completion of all approvals.
Contact:
Grant Ferguson
Managing Director
Aruma Resources Limited
Tel: +61 8 9321 0177
Email: info@arumaresources.com
About Aruma Resources
Aruma Resources Limited (ASX: AAJ) is an ASX-listed minerals exploration company focused on the exploration and development of a portfolio of prospective projects in high-demand commodities - copper and uranium - in world-class mineral belts, in South Australia and Queensland. It also holds gold, lithium and REE prospective projects in Western Australia.
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