Aruma Resources (ASX: AAJ) has completed the second tranche of its previously announced A$2.5 million placement to professional and sophisticated investor clients of BBY Limited.
The second tranche netted the company a further $1.5 million from the issue of 25.03 million shares.
Aruma received strong support for the overall placement from existing shareholders as well as a number of new professional and sophisticated investors.
The funds raised will be used for targeted gold exploration programs at the company’s existing projects – Glandore, Gindalbie and Jundee South – in the Kalgoorlie goldfields of Western Australia.
The three projects are advanced and located near proven gold producing centres of the Eastern Goldfields of Western Australia, which is considered to be both highly prospective for gold as well as amenable to the development and exploitation of new deposits.
The June quarter’s exploration program has been designed to prioritise scheduled drilling of these three targets that are defined by high gold assays in drill or chip results together with HyMap or Fluid Flow targets.
The company’s plan is to develop a gold production hub centred on its flagship Glandore Project.
At Glandore, visible gold has been found at Steves Zone on the Fluid Flow target.
Around 3,000 metres of reverse circulation drilling is booked for April-May 2013.
At the Jundee South Project, a heritage survey is planned for May and a 2000 metres reverse circulation drilling program will begin in the June quarter.
Meanwhile, at the Gindalbie Project a HyMap survey has revealed anomalies with visible gold.
Field mapping and reconnaissance has shown visible gold at the Lady Lauren Shaft and this will be reverse circulation drilled in light of the Quartz Vein (hard) nature of the outcrop and the strong alteration of the rocks adjacent the vein and workings.
A 1,000 metre reverse circulation drilling program will be carried out on the gold occurrence at Lady Lauren in the June quarter.
At the end of the March quarter, Aruma held around $2.1 million in cash.
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