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Aruma Resources a leading ASX gainer on discovery of gold anomalies

A geochemical program has identified multiple gold anomalies at the Slate Dam project.

Aruma Slate Dam cross section
A cross-section of the Slate Dam Gold Project and geological interpretation

Aruma Resources Ltd (ASX:AAJ) has been one of the leading ASX gainers on news of the discovery of new large, high-grade gold anomalies at the Slate Dam Gold Project in Western Australia.

Shares were up as much as 67% to $0.035 after midday on strong volume of more than 25 million.

A geochemical program has identified multiple gold anomalies at the project, which is in the Eastern Goldfields.

READ: Aruma Resources targets gold system at Slate Dam

The anomalies cover an area of 1.3 kilometres in strike length and 250 metres in width, with a peak value of 444ppb gold plus 10 further gold zones of greater than 10ppb.

This has extended the main gold system, which was recently discovered in Aruma’s maiden drilling program at Slate Dam.

It also provides immediate, high-priority drill targets for the next phase of drilling.

Successful geochemical technique

The geochemical program included 750 soil samples designed to infill and complete the soil/geochemical database for the project.

Aruma’s geochemical technique has been successful in defining trends that will allow for relatively fast and cost-effective drill target definition.

Seeking to extend ground position

The company has also applied for a new 28 square kilometre exploration licence at Slate Dam.

Slate Dam is in the Eastern Goldfields of Western Australia.

If successful, this would extend Aruma’s ground position of Black Flag Group sediments at the project area to 280 square kilometres.

R&D Tax Incentive refund

Aruma has also received an R&D Tax Incentive refund of $224,562 before costs, for the year ending 30 June 2017.

This represents 43.5% of allowable research carried out by Aruma on its Hydrothermal Mineralisation in Sediments theory, a targeting technique used at all of its projects.

The success of the R&D claims has seen the company receive more than $3 million in the last six years in incentives.

Quick facts: Aruma Resources

Price: 0.004 AUD

ASX:AAJ
Market: ASX
Market Cap: $3.29 m
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