THE BOURSE WHISPERER: Aruma Resources (ASX: AAJ) has been granted the Slate Dam gold tenement east of Kalgoorlie in Western Australia.
Aruma Resources said the new tenement sits adjacent to the company’s Glandore Joint Venture with Southern Gold (ASX: SAU) and its Goddards Dam project.
The company claimed the tenement to cover highly anomalous gold ground within the geology that hosts the Majestic and Imperial gold deposits.
Aruma indicated it is now waiting for granting of the adjacent Mulga Dam lease, which is scheduled for granting in the coming months.
Aruma applied for the Slate Dam and Mulga Dam exploration licences (EL25/553 and ELA25/556) in 2016 with the intention to investigate the gold potential in sulphidic sediments associated with granites and mineralisation like the Invincible deposit at Kambalda.
The company is now arranging statutory requirements for programs of work (PoW) and Heritage Surveys while existing exploration databases and geology are being validated in preparation for drilling.
“Aruma now has a significant landholding in excess of 200 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 Exxchange.
“Our activity in the area will increase this year as we define and drill targets from an extensive database of drilling results, magnetic surveys and HyVista mapping.”