Aruma Resources (ASX:AAJ) has further exploration activities in its sights at its Salmon Gums Gold Project in Western Australia after completing its latest phase of drilling.
The $6.30 million market capitalisation company says 7 diamond core holes have been completed at the priority Thistle prospect and were designed to follow up on and extend previous ‘bonanza-grade’ gold intersections.
These intersections include 5m @ 50.2 grams per tonne (g/t) gold in drillhole SCRC039 from 2022, with grades as high as 224g/t gold.
The company notes the assessment of the core from its latest drilling work indicates the Thistle structure has been intersected in 6 of the 7 completed holes.
Results also indicate the presence of a ‘significant’ pyrrhotite-pyrite-arsenopyrite bearing quartz vein, which aligns closely with the characteristics of the Norseman-style gold mineralisation.
Aruma says the presence of these sulphides also provides further indication for the potential for Thistle to host a ‘significant’ gold-bearing structure.
However, the company says while the visual assessment of core from drilling is ‘highly encouraging’, it does not represent any confirmation of gold mineralisation or gold grade.
Assay results are currently pending.
An evaluation and modelling of the available data from Aruma’s drilling programs, along with other geological data, will begin once assays are received to refine plans for further drilling.
This drilling will be designed to extend the project’s ‘high-grade’ mineralised footprint.
Aruma Resources is focused on the exploration and development of a portfolio of prospective gold, lithium, and rare earth elements projects in major active mineralised belts in Western Australia.
The company’s Salmon Gums project comprises 2 exploration licences and a single exploration licence application, which together cover a total land area of 360km-square.
The project is located about 200km south of the regional centre of Kalgoorlie and about 60km south of the mining town of Norseman.
Aruma Resources had $3.226 million cash and cash equivalents at hand as of 30 June 2023, and the company completed a $2.3 million share placement at the quarter’s end.
Write to Adam Drought at Mining.com.au
Images: Aruma Resources