Join our daily newsletter At The Bell to receive exclusive market insights
- Aruma Resources (AAJ) subsidiary, Aruma Exploration, has sold its Slate Dam Gold Project to Black Cat Syndicate subsidiary, Black Cat Bulong, for $500,000
- Under the sale, the Slate Dam Gold Project includes the Trojan Resource and Clinker Hill Projects
- Black Cat has paid a non-refundable deposit of $50,000 with the remaining balance to be paid on the settlement of transaction
- The sale will allow the company to focus on exploration at its four other gold projects- Saltwater, Melrose, Scotia South and Capital
- Aruma is down 6.25 per cent on the market this afternoon and is trading for 0.8 cents per share
Aruma Resources (AAJ) subsidiary, Aruma Exploration, has sold its Slate Dam Gold Project to Black Cat Bulong, for $500,000.
The Slate Dam Gold Project covers 250 square kilometres of the Bulong sequence in the Kalgoorlie Terrain and includes the Trojan Resource and Clinker Hill Projects.
Black Cat Bulong is a subsidiary of Black Cat Syndicate (BC8) and has paid a non-refundable deposit of $50,000, the remaining balance will be paid on settlement.
Settlement of the deal is expected to occur within 10 business days after Aruma Exploration obtains Ministerial approval to the transfer.
The sale will allow the company to focus on exploration at its four other gold projects- Saltwater, Melrose, Scotia South and Capital.
Saltwater covers 736 square kilometres at the significant Nanjilgardy fault in the Pilbara region in WA. It’s other Pilbara project, Melrose, is opposite Northern Star’s Paulsens Gold Mine.
Scotia South covers an area of 217 square kilometres at the southern end of the prolific Norseman- Wiluna greenstone belt in south-east WA.
While its last gold project, Capital, is in the Goluburn region in New South Wales. This project covers an extension of the stratigraphy and structure of Sky Metals Hume gold discovery.
Last month, Aruma started to prepare for exploration at Saltwater and Melrose, after ticking off some requirements it needed.
At Saltwater it signed heritage and survey agreements with the Indigenous Land Use Agreement Claimant group, allowing to conduct exploration.
While the company expanded its Melrose gold project by adding a new exploration licence.
Aruma is down 6.25 per cent on the market this afternoon and is trading for 0.8 cents per share at 1:10 pm AEDT.
