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Aruma Resources (ASX:AAJ) - Managing Director, Peter Schwann - The Market Herald
Managing Director, Peter Schwann
Source: The Kalgoorlie Miner
  • Aruma Resources (AAJ) has identified a large magnetic target and expanded its claims at the Saltwater Gold Project, near Newman in northwest WA
  • The company's tenements cover 65 kilometres of prospective strike on the same structure as Northern Star's Paulsens Gold Mine
  • Aruma has identified three prospective targets across its Saltwater tenements; the Saltwater, Atlantis and Monster anomalies
  • Aruma is set to conduct a desktop study and ground reconnaissance to identify and prioritise targets for further exploration
  • It'll take an extended and potentially expensive program of exploration to claim any major discovery at Saltwater
  • Aruma closed Tuesday's session 16.7 per cent lower at 0.5 cents per share

Aruma Resources (AAJ) has identified a large magnetic target and expanded its claims at the Saltwater Gold Project, near Newman in northwest WA.

The company will hold a total area of 463 square kilometres, covering 65 kilometres of prospective strike along the Nanjilgardy fault — the same regional structure hosting Northern Star Resources’ Paulsens Gold Mine and the historical Mt Olympus Gold Mine.

Three prospective targets

Aruma has identified three prospective targets across its Saltwater tenements: the Saltwater, Atlantis and Monster anomalies.

The Saltwater anomaly has some historical workings at its outcropping edge to the west, but the eastern end of the structure is covered, and remains untested and untouched.

During previous drilling, the Atlantis and Monster anomalies were shown to contain hydrothermal alteration zones.

Exploration will target these zones, where coincident gold and sulphur levels are thought to be expressed in the intersection between quartz vein systems and reactive rocks.

Next steps

Aruma is set to conduct a desktop study to identify and prioritise targets for further exploration. This targeting work will also include ground reconnaissance.

The company is in discussions with a local pastoralist to arrange necessary access permits. The company believes there to be good physical accessibility of the prospective areas via station tracks.

There's still a long road ahead for Aruma at Saltwater. Extensive ground reconnaissance, geophysical surveying and drilling will be required before the company can make any claim to a new discovery.

It appears some shareholders aren't up for the trek — Aruma closed Tuesday's session 16.7 per cent lower at 0.5 cents per share.


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