After securing shareholder approval, Aruma Resources (ASX:AAJ) has completed the acquisition of three copper and uranium prospective projects in South Australia and Queensland.
The Wilan Iron Oxide Copper-Gold and Uranium Project lies in the Olympic Dam precinct of South Australia, while the Fiery Creek and Bortala Copper projects sit in the Mt Isa region of Queensland.
Aruma says all three projects have copper-gold discovery potential, alongside a playa lake uranium target at the Wilan Project.
Under the deal with NHM Holdings, the junior explorer issued 26.5 million shares and 24.5 million options. The options will be exercisable at no cost to NHM, once Aruma reports a drill intercept of 3m @ over 600 parts per million (ppm) uranium, or at least 20m @ over 0.8% copper or metals equivalents at one of the new projects.
Aruma has completed an initial assessment of the projects, which revealed copper assays up to 36% from previous explorers in rock chip samples at Fiery Creek.
Multiple initial exploration targets were also identified at the Bortala Project.
Managing Director Glenn Grayson says Aruma has expanded its focus into high-demand commodities, copper and uranium, in two of Australia’s pre-eminent, active mineral precincts.
“With the acquisition now complete, we plan to commence targeted, systematic field work programs across new projects to define drill targets, with the aim of progressively drill testing priority targets to unlock each project’s full value proposition,” Grayson says.
“We look forward to sharing details of progress in our plans and work programs across the project portfolio in the coming months.”
Initial fieldwork will include detailed geophysical surveys, particularly at the Fiery Creek Project. Fiery Creek has regional-level gravity and magnetic data available only.
Geophysical surveys are expected to provide more detailed data to create a structural model suitable for exploration for structurally controlled Mt Isa-style orebodies. The data will form the base data to create a pipeline of targets.
An initial field trip is planned to be conducted to visit the more prospective areas with a plan to follow-up the work with ground geophysical surveys.
Aruma also plans to progressively drill priority targets uncovered by its target generation work.
Aruma Resources is a mineral explorer focused on the discovery and development of a portfolio of prospective projects in copper and uranium in South Australia and Queensland, as well as gold, lithium, and rare earths in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Aruma Resources
