Aruma Resources (ASX: AAJ) has wound up its second phase drilling program at its wholly-owned Slate Dam gold project in Western Australia, after the company discovered a “significant new gold system” earlier in the year.
The phase two campaign at the eastern goldfields project began in early April and included 23 reverse circulation holes for 2,900m, with 10 holes testing grade and dimensions of the known 20m thick mineralisation, 10 holes exploring mineralisation to the east and three holes evaluating a lead soil anomaly to the north.
Once the company has received results from the campaign, it will firm up more drill targets for the third drilling phase, which will comprise at least 2,100m of RC drilling.
Slate Dam gold project
In February, Aruma reported its final drill results from the first drilling program at Slate Dam which led to the discovery of a large-scale gold system.
The first campaign comprised 40 RC holes, with mineralisation struck in 34 of the holes.
Notable intersections from the first campaign were 24m grading 1.04 grams per tonne gold, with a 16m interval comprising 1.35g/t gold.
Higher grade gold of 3.79g/t was found in a 5m interval, while 2.05g/t was identified in a 7m section.
According to Aruma managing director Peter Schwann, the results reflect those from historic diamond drill core data which yielded 21m at 1.06g/t gold and 19m at 1.08g/t gold.
Mr Schwann has also pointed to the fact the company is looking at developing a large scale, open pit operation due to the wide and shallow nature of the mineralisation.
As part of this strategy, Aruma has increased its landholding at Slate Dam after securing an exploration licence which covers 19 square kilometres to the project’s south. The licence hosts historic gold mines that produced 970 tonnes of gold grading 26.7g/t.
Beowulf gold tenements granted
The company has also been officially granted the majority of tenements for its Beowulf gold project, which is also in WA’s goldfields.
Exploration licences for more than 370sq km of the total 480sq km project area have been received, with Aruma advancing a soil and geochemistry survey over the granted tenements.
Drilling has been pencilled to begin in the September quarter.
By midday, Aruma’s share price was at A$0.021 – a 5% gain on the previous day’s close.