Aruma Resources (ASX:AAJ) has increased its cash and cash equivalents at hand to over $2.6 million, according to its latest quarterly report ending 31 March 2024.
The company’s balance sheet was bolstered by a Research & Development Tax Incentive Refund of $1.1 million for the 2023 financial year that was received during the quarter.
With no debt and sufficient funding, Aruma has submitted a Program of Work (PoW) for the next phase of drilling at its Mt Deans Lithium Project in Western Australia.
Aruma plans to conduct a diamond drilling program with the aim to provide core for more detailed metallurgical testwork. Further details on this drill program, including timing, will be announced once requisite approvals are obtained.
An initial phase of metallurgical testwork was conducted in 2023, as previously reported, in which results confirmed lithium concentrate could be produced from Mt Deans pegmatites via simple flotation.
Based on results from an aircore drilling program at the Salmon Gums Project in Western Australia, Aruma is planning to conduct a targeted second phase of rare earth element (REE)-focused drilling.
As this news service previously reported, the company will aim to better define the anomalism and assess the project’s REE resource potential.
At the Carter Well Gold Project in Western Australia, the company is currently assessing the next steps for the project upon no anomalous results being returned from a first-pass auger drilling program.
Meanwhile, at the Saltwater Project in Western Australia, a systematic soil sampling program is continuing, with multiple surface sampling results being returned, as previously reported.
The next phase of the sampling program is anticipated to begin this quarter, with Aruma’s technical team to conduct a field visit to Saltwater this month.
Aruma Resources is focused on exploring and developing its portfolio of prospective gold and lithium projects that lie in major, active mineralised belts in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Aruma Resources
