Aruma Resources Identifies New Drill Targets at Fiery Creek Project
AAJ (AAJ) Share Update November 2024 Thursday 28th
Aruma Resources Unveils Promising Geophysical Anomalies at Fiery Creek
Aruma Resources Ltd (ASX: AAJ) has announced significant advancements at its Fiery Creek Project, revealing new geophysical anomalies that highlight promising drill targets for copper, silver, and antimony exploration.
Instant Summary:
- Induced Polarisation (IP) survey reveals near-surface chargeability anomalies.
- Two significant IP anomalies identified along a 350m strike at Piper Prospect.
- High-grade copper, silver, and antimony surface samples coincide with anomalies.
- Rock chip sampling extends known mineralisation over a 520m strike.
- Planned drill testing of priority targets set for early 2025.
Project Overview
Aruma Resources Ltd has provided a strategic update on its Fiery Creek Project, situated near Mount Isa, Queensland. The company has been conducting extensive exploration activities, including induced polarisation (IP) and ground gravity geophysical surveys, alongside targeted field reconnaissance sampling.
Geophysical Survey Results
The IP survey has delineated two distinct chargeability high anomalies at the Piper Prospect, which are considered priority drill targets. These anomalies are coincident with high-grade copper, silver, and antimony surface samples, as well as historical copper drill intersections. The anomalies span a 350m strike and remain open along strike, indicating potential for further exploration.
Sampling and Assay Results
Recent rock chip sampling has returned high-grade results, extending known mineralisation over a strike of approximately 520m. Notable assays include 20.9% Cu, 8.5g/t Ag, and 850ppm Sb. These findings underscore the significant exploration potential at Fiery Creek.
Next Steps
Aruma plans to commence drill testing of these targets in early 2025, following the completion of heritage surveys and the northern Queensland wet season. The company is also processing ground gravity survey data to refine existing targets and identify new exploration opportunities.
The identification of high-priority drill targets at Fiery Creek is a positive development for Aruma Resources, potentially enhancing the company's exploration prospects and investor interest. The high-grade assay results and geophysical anomalies suggest significant mineralisation potential, which could positively impact the company's stock price as exploration progresses.
Investor Reaction:
Analysts are likely to view these developments favorably, given the promising geophysical and assay results. The potential for significant mineralisation at Fiery Creek could attract investor attention, although the actual impact will depend on the outcomes of the planned drilling program.
Conclusion:
Investors should keep a close eye on Aruma Resources as it advances its exploration efforts at Fiery Creek. The upcoming drill testing in 2025 will be crucial in determining the project's potential and its impact on the company's valuation.