THE BOURSE WHISPERER: Aruma Resources (ASX: AAJ) has struck a binding Sale and Purchase Agreement with Westgold Resources (ASX: WGX), under which it will acquire 100 per cent of the Trojan gold project (ML25/104), located south east of Kalgoorlie in Western Australia.
Aruma Resources described the deal as a “strategic acquisition”, saying it expands the company’s Slate Dam project area by 8.75 square kilometres.
The Trojan project includes a JORC 2012-compliant Indicated and Inferred Resource estimate of 2.8 million tonnes at 1.61 grams per tonne gold for 144,800 ounces of gold (at a 0.70g/t cut‐off) at the Trojan Open cut extension.
“The acquisition demonstrates the viability of the company’s exploration model for Slate Dam to host large sediment-hosted gold deposits similar to Gold Fields Limited’s (JSE: GFI) world class Invincible Deposit at the nearby St Ives Gold Mine,” Aruma Resources said I its ASX announcement.
“Numerous significant geochemical anomalies and prospects have been delineated across the Trojan project area by previous project owners.
“A complete and up to date base has been supplied by the previous owners and will be evaluated by Aruma in the coming months.”
Aruma declared its belief that potential exists to generate cash‐flow should mining operations be resumed at the Trojan project.
To that end the company indicated it will undertake further evaluation of the gold mineralisation under and around the Trojan open pit in addition to planned targeted exploration at the project.