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Aruma Resources (ASX:AAJ) - Managing Director, Peter Schwann
Managing Director, Peter Schwann
Source: Bulls N’Bears
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  • Aruma Resources (AAJ) is up 50 per cent today after acquiring two prospective gold projects in the Pilbara region of Western Australia
  • These two projects are the Melrose Gold Project and the Saltwater Gold Project
  • Aruma will now undertake a detailed ground targeting program to rank priority exploration areas within the projects
  • Company shares are still up a strong 50 per cent and are trading for 0.3 cents each

Aruma Resources (AAJ) is up 50 per cent today after acquiring two prospective gold projects in the Pilbara region of Western Australia.

The projects include the Melrose Gold Project and the Saltwater Gold Project, both of which sit within the same regional structure — the Nanjilgardy Fault.

This fault is the primary source of mineralisation for Northern Star Resources’ Paulsens Gold Mine and Mt Olympus Gold Mine.

Melrose Project

The 90 square kilometre Melrose Project is located 105 kilometres south of Pannawonica and is made up of four exploration licence applications.

Modern exploration of the project began in 2004 by NuStar Mining. Northern Star then took over in 2010 and successfully mined until 2017, where it produced up to 100,000 ounces of gold per year.

Since Northern Star finished in 2017, it renounced its areas and Aruma has picked them up.

As most of the historic drilling and sampling was completed on east-west traverses with a significant spacing, Aruma believes that the potential exists for further gold mineralisation to be present.

Saltwater Project

The Saltwater Project covers an area of 311 square kilometres, comprises of three exploration licences, and is located approximately 100 kilometres southwest of Newman.

Aruma voiced its interest in the project after prospectors found several gold nuggets and anomalous areas at the project.

Historical exploration by multiple companies has returned uranium, gold, and silver mineralisation. Tungsten, tellurium and copper mineralisation was also identified.

Aruma will now undertake a detailed ground targeting program to rank priority exploration areas within the projects.

Company shares are still up a strong 50 per cent and are trading for 0.3 cents each at 12:25 pm AEST.

AAJ by the numbers
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