Aruma Resources expands Tillex Project copper strike
Key points
- Aruma Resources has secured a 90% interest in mineral right PAT4887 next to its Canadian copper deposit.
- The announcement saw Aruma Resources shares hold steady at $0.003.
- The deal extends the prospective copper-silver trend to a 3.2-kilometre strike.
Aruma Resources (ASX:AAJ) has acquired a 90% stake in patented mineral right PAT4887 near its flagship Canadian project to expand its copper-silver footprint.
The immediate addition extends the core mineralised trend by 760m to a prospective length of 3.2km
"This acquisition of a new patented mineral claim at the Tillex Project forms a key component of our expansion strategy for the Project area," stated the company's official announcement.
Under the agreement terms, Aruma made a CAD$30,000 cash payment to private owners and granted a 0.75% net smelter return royalty.
Following the announcement, the Aruma Resources share price was unchanged at $0.003.
The acquisition expands the total project land package to approximately 29km2 in Ontario's Timmins mining district.
Aruma plans to integrate historical data and execute new drill programmes across the newly acquired ground while awaiting pending Phase-2 assay results.
Frequently asked questions
More from Australia
Arovella Therapeutics doses first patient in SAPPHIRE Phase 1 trial
Dementia causes over 10% of Australian deaths
Immuron posts $2.2M quarterly sales revenue
Star Entertainment swings to Q1 profit with $12M EBITDA
Credit Corp seeks deals following failed Humm bid
Serko signals upward revenue revision to top guidance
