Aruma Resources (ASX:AAJ) is seeking to raise $900,000 to advance exploration activities at its core projects, beginning with drilling at the Salmon Gums Gold Project in Western Australia.
Under the placement, investors can subscribe for shares at $0.0085 per share, with a free-attaching option for each share issued.
GBA Capital will act as lead manager to the placement.
The funds will be used to strengthen Aruma’s existing cash position and enable the execution of drilling and fieldwork programs.
In conjunction with the Salmon Gums drilling program, the funds will be used to conduct drilling at the Fiery Copper-Gold Project in Queensland and the Saltwater Project in Western Australia. The funds will also be used to progress approvals at the Wilan Project in South Australia.
At Salmon Gums, 80 holes for 2,000m of aircore drilling will be conducted to test extensions of gold zones defined by previous drilling. The program will also evaluate new structural targets and enhance the geological understanding of the project area, including the Sage, Poppy and Rose prospects.
The targets within Salmon Gums have been delineated following an extensive geological and structural reinterpretation of the project area, which uncovered lithologies and structures analogous to those hosting mineralisation in the Norseman Greenstone Belt.
Managing Director Grant Ferguson says this phase of drilling marks a step forward in the company’s exploration of Salmon Gums.
“We have undertaken a detailed review of the project, which has generated a number of exciting new targets — the Sage, Poppy and Rose prospects,” Ferguson says.
“These will be the focus of this aircore drilling program and we aim to uncover further high-grade gold mineralisation and build on our previous successes in the area.”
A maiden reverse circulation drilling program will be carried out at Fiery Creek, specifically prioritising the Piper prospect. The Piper drill target has been defined from a detailed geophysical program and field sampling conducted by Aruma.
The program will also assess other targets within the project area.
Meanwhile at Saltwater, a fieldwork program will be conducted to follow-up previous sampling results and vector in on targets for first-pass drilling.
Once completed, a first-pass drilling program will be undertaken upon receiving all approvals.
At the Wilan Project, the company intends to expedite approvals to begin exploration work at the Cypher prospect. Initial work is planned to include an aerial radiometric survey to refine the existing Cypher prospect radiometric anomaly and a ground-based passive seismic survey.
A soil sampling program will also be undertaken, followed by on-ground exploration upon completing all approvals.
Aruma Resources is a junior mineral explorer focused on its portfolio of projects considered prospective for copper, uranium, gold, lithium, and rare earths.
Write to Aaliyah Rogan at Mining.com.au
Images: Aruma Resources
