Aruma Resources (ASX:AAJ) is set to raise $900,000 through a placement to fund exploration activities at its core projects, primarily focusing on drilling at the Salmon Gums Gold Project in Western Australia. The placement allows investors to acquire shares at $0.0085 each, accompanied by a free-attaching option for every share issued. GBA Capital will manage the placement.
The raised capital will reinforce Aruma’s financial position and enable the execution of drilling and fieldwork programs across multiple projects. Besides the Salmon Gums project, funds will support drilling at the Fiery Copper-Gold Project in Queensland and the Saltwater Project in Western Australia. The company also intends to accelerate approval processes for exploration at the Wilan Project in South Australia. At Salmon Gums, the company plans to conduct 80 aircore drill holes (2,000m) to test extensions of previously identified gold zones and new structural targets, specifically evaluating the Sage, Poppy, and Rose prospects.
Managing Director Grant Ferguson highlighted that a detailed review of the project has generated new targets. A maiden reverse circulation drilling program is planned for the Piper prospect at the Fiery Creek project, guided by geophysical data and field sampling. At Saltwater, fieldwork will follow up on prior sampling results to pinpoint targets for initial drilling. Aruma aims to expedite approvals for exploration work at the Cypher prospect within the Wilan Project, involving an aerial radiometric survey and a ground-based passive seismic survey.
