Aruma Resources Ltd (ASX:AAJ) earlier this week updated investors on the successful completion of its Phase 1 diamond drilling campaign at the Tillex copper-silver project in Ontario’s Timmins mining district, with Managing director Grant Ferguson outlining the company’s plans to rapidly advance the project toward resource definition.
Ferguson said the company had completed approximately 1,100 metres of diamond drilling since acquiring the project in February, describing the work as an important first step in building geological understanding and refining future exploration targets.
He noted that the drilling campaign confirmed the company’s ability to operate year-round at the project, despite challenging winter conditions in Canada. Ferguson said this capability would support ongoing development activities as Aruma Resources progresses toward larger-scale drilling programs.
According to Ferguson, the Tillex project hosts an unusual style of copper mineralisation compared with many global copper projects, with wide zones of high-grade sulphide mineralisation beginning from shallow depths of around 25 metres.
He said the mineralised system currently extends over approximately 500 metres of strike length and remains open at depth, with sulphide intersections encountered to around 130 metres. Ferguson added that the system also appeared open along strike to the south and potentially to the north.
The project’s location within the Timmins mining district was highlighted as another key advantage. Ferguson said the project sits close to existing copper mining operations and processing infrastructure, providing access to established regional expertise and potential future development synergies.
Aruma Resources is now awaiting assay results from the Phase 1 drilling campaign, which are expected in June. Ferguson said the assays, together with downhole electromagnetic survey data, would be incorporated into an updated geological model to refine targets for the next stage of drilling.
The company is planning a significantly larger Phase 2 campaign aimed at extending mineralisation further to the southwest and advancing toward a maiden resource definition.
Ferguson also pointed to historical drilling that returned bonanza-grade silver results, although he noted silver grades across the project were generally moderate. He said the silver component nevertheless had the potential to enhance the project’s overall economics.
“We’re doing everything we said we would do,” Ferguson told Proactive, adding that Aruma Resources had “very clear plans” for both the Till project and the broader growth strategy of the company.
With drilling accelerating and assay results pending, upcoming exploration news flow could represent a near-term catalyst for investors monitoring the company’s progress in the Canadian copper sector.
Interview highlights
- Aruma Resources completed approximately 1,100 metres of Phase 1 diamond drilling at the Till copper-silver project in Ontario, Canada.
- The company confirmed year-round operational capability at the project despite winter drilling conditions.
- The drilling program focused on refining geological understanding, collecting metallurgical samples and improving targeting ahead of a larger Phase 2 campaign.
- The Till project hosts shallow, wide copper sulphide mineralisation beginning from around 25 metres depth.
- Mineralisation currently extends over approximately 500 metres of strike and remains open at depth and along strike.
- Downhole EM surveys are helping refine deeper exploration targets and geological modelling.
- Assay results from the drilling campaign are expected in June.
- A significantly larger Phase 2 drill program is planned to target extensions to the southwest.
- Historical drilling identified bonanza-grade silver intersections alongside copper mineralisation.
- The project benefits from proximity to existing mining operations and infrastructure in the Timmins mining district.
Proactive: Welcome back to Proactive Investors. Ladies and gentlemen, I'm your host, Kerry Stevenson. I've asked Grant Ferguson, Managing Director of Aruma Resources ASX: AAJ, to come back and talk to us about the Phase 1 diamond drill program, which has just completed at the Till copper-silver project in the Timmins district in Ontario, Canada.
Now Grant, the company only finalised this project acquisition in February this year, so congratulations. You do what you say you’re going to do in a timely fashion and you’re starting to get some runs on the board. Let’s talk about this completed Phase 1 diamond drill campaign.
Grant Ferguson: Well, thanks very much, Kerry, and thanks for the opportunity to talk again. We’re very excited about this project and keen to get in and do what we say we will do and start to build the value we believe is inherent in this project.
Since we last spoke, we completed approximately 1,100 metres of diamond drilling on the project. I think it’s fair to say we’ve also confirmed we can operate on the project in Canada all year round. Despite drilling during the winter period, we successfully completed the drilling program.
The main objective was to collate existing data, collect new detailed geological information and gather metallurgical samples. This work will support our second phase of drilling over the coming months.
The program has also allowed us to refine our depth targets using downhole EM and gain a better understanding of what’s happening geologically. One of the most important things is understanding exactly what we’ve got before working into the less defined areas. That makes for a more efficient process when defining a potential JORC resource.
Proactive: You only picked up this project in February this year. From a shareholder perspective, where is the value opportunity? Why do you like the Till copper-silver project and why should investors take notice right now?
Grant Ferguson: The deposit is very interesting and quite unusual compared to other copper projects globally. It hosts wide zones of high-grade copper sulphide mineralisation from about 25 metres depth.
The project is located in the Timmins area, which is a tier-one mining province in Canada. It has year-round access and currently shows around 500 metres of strike length with this style of mineralisation.
The depth has not been properly tested yet, but we’ve intersected wide sulphide mineralisation down to 130 metres, so the system remains open at depth. We also believe it remains open along strike to the south and potentially to the north.
Another major advantage is the project’s proximity to established copper mining operations and processing plants. There’s already significant mining knowledge and infrastructure in the area. We believe there is excellent potential to convert this into a resource, which is our key objective.
Proactive: When can investors expect assay results from the first drilling phase?
Grant Ferguson: All samples have been submitted to the laboratory and we expect results in June. Once the assays are returned and pass quality control checks, we’ll integrate those with the downhole EM results from both the current and some historical drill holes. That will help us refine the geological model and targeting for the next drilling phase.
Proactive: Will the Phase 2 drill program be larger?
Grant Ferguson: Yes, it will be significantly larger. We’ll begin working further to the southwest and continue defining the mineralisation as we progress along strike.
Proactive: You’ve described this as a copper-silver project. Is there encouraging silver potential as well?
Grant Ferguson: Yes. In the historical drilling completed by previous operators, there were some bonanza-grade silver results. Generally, silver grades are moderate, but they should still add meaningful value to the project economics overall.
Proactive: You’ve fast-tracked activity at the project and appear to be delivering on your plans. Final word to you — why should investors pay attention now?
Grant Ferguson: Because we’re on a roll. We’re doing everything we said we would do. We have very clear plans for this project and for the company overall as we move into a new phase of development and growth.
Proactive: Great to see you again, Grant. Thanks very much for joining us today on Proactive.
Grant Ferguson: Thank you very much, Kerry.