Aruma has acquired a portfolio of copper and uranium exploration assets in tier1 mineral precincts in South Australia and Queensland; The Wilan IOCG-Uranium Project in the Olympic Dam precinct in South Australia; and The Fiery Creek Copper Project and Bortala Copper Project in the Mt Isa region of Queensland.
The acquisition positions Aruma in two of Australia’s leading mineral precincts, with the potential to develop high-value exploration projects.
On completion of the acquisition, the Company plans to commence targeted, systematic field work programs across the new projects to define priority drill targets, with the aim of progressively drill testing priority targets to unlock each project’s full value proposition.
Aruma Resources managing director Glenn Grayson said: “We are excited about the company-changing potential of this acquisition. In seeking to expand our asset portfolio we have assessed a number of projects against key criteria designed to drive market support for the company and value accretion for shareholders. We see the combination of quality exploration asset portfolio in high-demand commodities, located in active tier-1 mineral belts in progressive mining jurisdictions as the clear right-fit for Aruma Resources. In tandem with our ongoing focus on our Western Australian assets, we plan to implement targeted field work programs across the new asset portfolio, with a view to defining priority targets and systematically drilling these projects to unlock and maximise their IOCG, uranium and copper potential.
The Company views the ability to acquire this IOCG, uranium and copper prospective asset portfolio at a time of prevailing strength in these commodity markets underpinned by a bullish long term outlook as being potentially transformational, and we look forward to sharing details of our journey to unlock the value of this new asset portfolio in the weeks and months ahead.”