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ARUMA RESOURCES LIMITED — Interim / Quarterly Report 2018
Oct 30, 2017
64273_rns_2017-10-30_e3507a6e-f0f8-448f-8c5a-0c89242bd90d.pdf
Interim / Quarterly Report
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31 October 2017
ASX Announcement
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ASX : AAJ
Capital Structure 436.8 Shares on Issue $6.5m Market Cap
Board of Directors
Non-Executive Chairman Paul Boyatzis Managing Director Peter Schwann
Non-Executive Director Mark Elliott Company Secretary Phillip MacLeod Exploration Manager Kathryn Cutler
Active Projects
SLATE DAM GOLD PROJECT
BEOWULF GOLD PROJECT
SHEELA GOLD PROJECT
QUARTERLY ACTIVITIES STATEMENT
FOR THE QUARTER ENDED 30 SEPTEMBER 2017
HIGHLIGHTS
-
Beowulf Gold Project Acquired
-
Slate Dam progressing
Aruma Resources Limited is a West Australian focused gold exploration company, with advanced projects in the Kalgoorlie gold district. Aruma’s leases, inclusive of applications cover 760km[2] of which 30km[2] are under joint venture (Southern Gold Ltd) with the remainder wholly operated by Aruma.
KALGOORLIE PROJECT UPDATES
The Kalgoorlie Projects will be the focus for the Aruma exploration team in the next three months, with a systematic approach to gold exploration under cover in Greenfields areas with highly prospective geology, Figure 1.
The new Beowulf Gold Project tenements extend the Company’s land holding over the highly anomalous geology of the Kalgoorlie Terrane to ~ 760km[2] (Figure 1). Beowulf also adds to the gold portfolio available to the exploration team to work concurrently with the Slate Dam Gold Project, continuing the Company’s systematic approach to gold exploration in Greenfield areas.
BEOWULF GOLD PROJECT
Head Office
Level 1, 6 Thelma Street West Perth, WA 6005 T +61 8 9321 0177 F +61 8 9226 3764
E [email protected] W www.arumaresources.com
Postal Address
The Beowulf Gold Project comprises four granted Exploration Licences, E28/1900, 1901, 2086 and 2087, and five Exploration Licence applications E31/1165, E28/2706, E28/2707, E28/2713 and E28/2714, located 70km north-east of Kalgoorlie (announced 4 October 2017). The 100% Aruma owned leases cover a major belt (490km[2] ) of Greenfields terrane that is now known to host significant gold deposits.
Geological evaluation of the area established that the granted leases had existing eluvial mining, which has been producing gold for the past decade. These leases now form the central part of the 490km[2] Beowulf Gold Project.
Locked Bag 2000, Nedlands, WA 6909
ABN 77 141 335 364
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Figure 1 Aruma’s Beowulf and Slate Dam Gold Projects of the Kalgoorlie District, with geological interpretation and existing gold mines of the region.
SLATE DAM GOLD PROJECT
The granted Slate Dam, Mulga Dam and Juglah exploration licenses (E25/553, E25/534, E25/556 and E25/558) cover 209km[2] of felsic sediments to the east of the Glandore Gold Project, held in joint venture with Southern Gold Ltd. The leases were applied for when geological evaluation of the felsic units identified similarities to the style gold modelled in sediments at Gold Fields Ltd.’s large scale Invincible gold projects near Kambalda.
The previously reported 7km[2] 200ppb gold anomaly of Slate Dam (Figure 2) is indicative of this type of orebody and amply demonstrates this area to be a large gold system. The highly anomalous Slate Dam Project (100% AAJ, 209km2) is expected to have the Section 18 Ministerial Consent issued in mid-November that will allow planned drilling to commence.
Aruma Resources Limited (ASX: AAJ) | www.arumaresources.com | ABN 77 141 335 364 2
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Figure 2. Aruma’s Slate Dam Gold Project cover 209km[2] of highly prospective gold geology of the Kalgoorlie Terrane.
Conceptual targeting, given the geological setting, identified the pressure shadows surrounding the granite domes as likely structural targets. However, the presence of lake sediments and the felsic nature of the host rocks precluded standard soil techniques, and the absence of outcrop has hindered exploration in previous years.
The Company looks forward to progressing these projects with its maiden drill programs for Slate Dam and Beowulf scheduled for the next two Quarters.
CORPORATE
The Company had a cash balance at 30 September 2017 of $0.89M. Subsequent to the end of the quarter, the Company raised $770,000 (before costs) in a placement to sophisticated investors with the assistance of Armada Capital & Equities and State One Stockbroking. The funds raised will be used for exploration on the advanced Slate Dam and Beowulf projects.
Aruma Resources Limited (ASX: AAJ) | www.arumaresources.com | ABN 77 141 335 364 3
Table 1. Project Status and Activity Table
Projects Summary
▪ Glandore Gold Project - JV underway with Southern Gold Limited (SAU) and has completed its 75% earn in the second year ▪ Slate Dam - 209km[2] ELs over anomalous areas ▪ Beowulf - 9 leases for 490km[2] ) on prime stratigraphy ▪ Goddards Dam - PoW is approved and cleared for RC drilling ▪ Clinker Hill - PoW approved for south east extensions
Proposed Exploration Activities for Q2 FY2018
-
Glandore – JV continues and stage three is underway
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Slate Dam:
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Awaiting Section 18 approval
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RC drilling scheduled
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Beowulf:
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RC drilling planned for purchased area
-
Soil sampling program planned
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Clinker Hill:
-
Soil sampling program planned
Aruma will also be appraising leases that become available in the Sediment Terranes in WA, especially where adjacent to current projects or with resources or intersections.
For further information please contact: Peter Schwann Managing Director
Michael Cairnduff Media contact
Aruma Resources Limited Cannings Purple Telephone: +61 8 9321 0177 Mobile: 0406 775 241 Mobile: +61 417 946 370 Email: Email: [email protected] [email protected]
Competent Person’s Statement
The information in this release that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Peter Schwann who is a Fellow of the AIG and Australasian Institute of Mining and Metallurgy. Mr Schwann is Managing Director and a full time employee of the Company. Mr Schwann has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve’. Mr Schwann consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.
Forward Looking Statement
Certain statements contained in this document constitute forward looking statements. Such forward-looking statements are based on a number of estimates and assumptions made by the Company and its consultants in light of experience, current conditions and expectations of future developments which the Company believes are appropriate in the current circumstances. These estimates and assumptions while considered reasonable by the Company are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, achievements and performance of the Company to be materially different from the future results and achievements expressed or implied by such forward-looking statements. Forward looking statements
Aruma Resources Limited (ASX: AAJ) | www.arumaresources.com | ABN 77 141 335 364 4
include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. There can be no assurance that Aruma plans to develop exploration projects that will proceed with the current expectations. There can be no assurance that Aruma will be able to conform the presence of Mineral Resources or Ore Reserves, that any mineralisation will prove to be economic and will be successfully developed on any of Aruma’s mineral properties. Investors are cautioned that forward looking information is no guarantee of future performance and accordingly, investors are cautioned not to place undue reliance on these forward-looking statements.
Summary of tenements
| Glandore | Interest at beginning of Quarter | Interest at end of Quarter |
|---|---|---|
| M25/327 M25/329 M25/330 P25/2073 P25/2074 P25/2075 P25/2076 P25/2103 P25/2117 P25/2118 P25/2119 P25/2154 P25/2215 P25/2216 |
100% Southern Gold Limited JV Southern Gold can earn up to 90% |
75% Southern Gold Limited JV Southern Gold can earn up to 90% |
| Goddards Dam(Gold) |
Interest at beginning of Quarter | Interest at end of Quarter |
| P25/2089 P25/2090 P25/2091 P25/2092 P25/2093 P25/2094 P25/2153 P25/2202 P25/2203 P25/2204 P25/2388 P25/2400 P25/2401 P25/2402 |
100% Aruma Exploration PtyLtd | 100% Aruma Exploration PtyLtd |
| P25/2389 | Under application by Aruma Exploration Pty Ltd |
Under application by Aruma Exploration PtyLtd |
Aruma Resources Limited (ASX: AAJ) | www.arumaresources.com | ABN 77 141 335 364 5
| Slate Dam | Interest at beginning of Quarter | Interest at end of Quarter |
|---|---|---|
| E25/553 E25/534 |
100% Aruma Exploration PtyLtd | 100% Aruma Exploration PtyLtd |
| E25/556 E25/558 |
Under application by Aruma Exploration Pty Ltd |
100% Aruma Exploration PtyLtd |
| Clinker Hill | Interest at beginning of Quarter | Interest at end of Quarter |
| P25/2201 P25/2319 P25/2320 |
100% Aruma Exploration PtyLtd | 100% Aruma Exploration PtyLtd |
| E25/568 | Nil | Under application by Aruma Exploration PtyLtd |
| Beowulf | Interest at beginning of Quarter | Interest at end of Quarter |
| E28/1900 E28/1901 E28/2086 E28/2087 |
Nil | 100% Aruma Exploration PtyLtd Purchased on 2ndOctober 2017 |
| E28/2706 E28/2707 E28/2713 E28/2714 E31/1165 |
Nil | Under application by Aruma Exploration Pty Ltd |
| Kopai | Interest at beginning of Quarter | Interest at end of Quarter |
| P15/6145 P15/6146 |
Under application by Aruma Exploration Pty Ltd |
Under application by Aruma Exploration Pty Ltd |
| Hickman’s Find |
Interest at beginning of Quarter | Interest at end of Quarter |
| P25/2426 P25/2427 P25/2428 |
Under application by Aruma Exploration Pty Ltd |
Under application by Aruma Exploration Pty Ltd |
| Mt. Deans | Interest at beginning of Quarter | Interest at end of Quarter |
| P63/2063 | Under application by Aruma Exploration Pty Ltd |
Under application by Aruma Exploration Pty Ltd |
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Aruma Resources Limited is a proud supporter and member of the Association of Mining and Exploration Companies, 2017.
Aruma Resources Limited (ASX: AAJ) | www.arumaresources.com | ABN 77 141 335 364 6