THE BOURSE WHISPERER: On the eve of its presentation to the Resources Roundup in Sydney, Aruma Resources (ASX: AAJ) announced the purchase of the new tenement ground.
Aruma Resources has purchased the Juglah leases (EL25/534 and ELA25/558, 22 graticular blocks) over the southern extension of the company’s Slate Dam project 40 kilometres east of Kalgoorlie.
The company said the tenements cover prospective gold ground within the geology that hosts the Majestic and Imperial gold deposits.
Aruma anticipates the adjacent Mulga Dam lease to be granted in the coming month.
The leases have been purchased from Resource Holdings Pty Ltd for 10 million Aruma shares (escrowed for 6months) and a $20,000 cash component.
Aruma is currently arranging statutory requirements for the approved program of work (PoW) and Heritage Surveys while existing exploration databases and geology are validated in preparation for drilling.
Aruma has scheduled 5,000 metres of first pass Reverse Circulation drilling a drill-defined gold anomaly at Slate Dam.
“Aruma now has significantly increased its landholding to over 260 square kilometres in a desirable address east of Kalgoorlie which is highly prospective for gold,” Aruma Resources managing director Peter Schwann said in the company’s announcement to the Australian Securities Exchange.
“Our activity in the area is progressing well as we prepare to drill covering the large high tenor gold anomaly at Slate Dam.”