Aruma raises exploration cash
PERTH (miningweekly.com) – Junior Aruma Resources will raise A$3.1-million through a share placement to sophisticated and professional investors, to fund drilling and exploration work at the Mt Deans lithium project, as well as the Salmon Gums and Melrose gold projects, in Western Australia.
The ASX-listed Aruma will issue 31-million shares, at a price of 10c each, under the company’s existing placement capacity, with settlement to occur on February 22.
Aruma told shareholders that the funds raised will be used for exploration and follow-up drilling at the Mt Deans lithium project, as well as exploration and follow-up drilling at Salmon Gums and Melrose. Regional exploration would also be undertaken at the Saltwater gold project.
Aruma has spent over A$1.2-million in the last six months completing over 8 000 m of reverse circulation (RC) drilling at the Saltwater and Salmon Gums gold projects and is currently completing 3 000 m of RC drilling at the Mt Deans lithium project.
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