Aruma Resources confirms new gold system at Slate Dam in Western Australia

Aruma Resources ASX AAJ new gold system Slate Dam
Drilling at the Slate Dam gold project.

Aruma Resources (ASX: AAJ) has confirmed a new gold system at the Slate Dam project in Western Australia, with strong grades and thick gold mineralisation zones intersected during a maiden drilling program.

The gold explorer today released results from the first 20 holes of the campaign, with highlights including a 5m intersection grading at 3.8 grams per tonne of gold from a depth of 10m, and 7m at 2.1 g/t gold from a depth of 11m.

A thick 16m zone of mineralisation was also discovered, grading 1.34 g/t of gold from a depth of 8m.

All intersections remained open along strike with more repetitions likely to occur to the east, Aruma reported.

Aruma managing director Peter Schwann said the results justified the company’s decision to drill the previously known gold anomaly.

“The extent of the historic gold anomaly is limited only by drilling and sampling and will continue in the favourable stratigraphic trends to the north and south,” he said.

“The decision to control the whole stratigraphic belt is now becoming important both at Slate Dam and Beowulf. Major producers are now acquiring land positions in the underexplored Kurnalpi-Bulong terranes,” Schwann added.

The drilling program was completed yesterday with the company anticipating assay results from the remaining 20 holes before the end of February.

Exploration plans

In its second quarterly report also released this week, Aruma outlined its proposed exploration activities for the third quarter of fiscal 2018.

These include the completion of first phase drilling and soil sampling at its wholly-owned Slate Dam project with all assays received and processed.

It is also anticipating the completion of an reverse circulation drilling program and the commencement of soil sampling at its Beowulf gold project, and has planned a follow-up soil sampling program at the Clinker Hill gold project.

In addition, Aruma is awaiting the grant of two leases making up the Kopai gold project, where it is planning a rotary air blast drilling campaign.

It also has an exploration licence application for an area covering the Mt Deans lithium deposit in Western Australia.

Shares in Aruma were 10% higher on the news by afternoon trade.

Join Small Caps News

Get notified of the latest news, events and stock alerts