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- Aruma Resources (AAJ) intersects anomalous gold during drilling at its Melrose gold project in Western Australia’s Pilbara region
- While no high-grade gold mineralisation was intersected during the 48-hole reverse circulation program, the company says the location of the anomalous material in an oxidised siltstone-greywacke contact is still encouraging
- Aruma says the lack of shales in the area is interpreted as a possible reason for the lack of grade and sulphides
- The company now plans to undertake a mapping and chip sampling program to follow up on historical geophysics
- Meanwhile, AAJ has received a research and development tax incentive refund of over $830,000 for the 2020/21 financial year
- Aruma Resources shares are trading at 6.5 cents at 10:45 am AEDT
Aruma Resources (AAJ) has struck anomalous gold while drilling at its Melrose gold project in Western Australia’s Pilbara region.
The company received results from its recently-completed program, which comprised 48 reverse circulation holes for 4784 metres.
The drilling intersected anomalous gold and confirmed the presence of anomalies on an east-west structural target at Gossan Hill.
While no high-grade gold mineralisation was intersected, the company said the location of the anomalous material in an oxidised siltstone-greywacke contact was still encouraging. Aruma said the lack of shales in the area was interpreted as a possible reason for the lack of grade and sulphides.
Aruma said the drilling results confirmed the low-grade mineralised host to be on a contact with the coarse greywacke, which is a fine siliceous sulphidic siltstone.
The company now plans to undertake a mapping and chip sampling program on historical geophysics as its next phase of exploration at the project.
Meanwhile, Aruma today announced it had received a research and development (R&D) tax incentive refund of $830,677 for the 2020/21 financial year.
This amount represents 43 per cent of allowable research carried out by Aruma through its recently-registered “Mineralisation Model Incorporating Volcanic Ash Sequences” research project.
With the refund in hand, this brings the total R&D Tax Incentive refund received by Aruma to in excess of $5.5 million over 12 years.
Aruma Resources shares were trading at 6.5 cents at 10:45 am AEDT.
