Aruma locks in QLD copper and SA uranium projects

All three projects have copper-gold (stratiform and IOCG) discovery potential, as well as a playa lake uranium target at the Wilan project in South Australia.
All three projects have copper-gold (stratiform and IOCG) discovery potential, as well as a playa lake uranium target at the Wilan project in South Australia.

Explorer Aruma Resources (ASX: AAJ) has completed the acquisition of a copper and uranium exploration portfolio across two Australian states.

Last quarter, the company executed a share acquisition arrangement for the Wilam IOCG-uranium project in the Olympic Dam precinct in South Australia and the Fiery Creek and Bortala copper projects in the Mt Isa region of Queensland.

Shareholder approval was granted on August 1, with 26.5 million fully-paid Aruma shares issued to NHMHA shareholders along with 52.5 million options.

The shares issued to NHMHA shareholders are subject to a voluntary escrow period of 6 months.

High-grade copper assays of up to 36% Cu have been reported from historical exploration at the Fiery Creek project in Queensland.
High-grade copper assays of up to 36% Cu have been reported from historical exploration at the Fiery Creek project in Queensland.

Aruma Resources managing director Glenn Grayson says the company is delighted to complete this pivotal acquisition.

“[It] will see Aruma expand focus into key high-demand commodities, copper and uranium in two of Australia’s pre-eminent, active mineral precincts,” he said.

“With the acquisition now complete, we plan to commence targeted, systematic field work programs across the new projects to define drill targets, with the aim of progressively drill testing priority targets to unlock each project’s full value proposition.

“We look forward to sharing details of progress in our plans and work programs across the project portfolio in the coming months.”

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