Aruma Resources has acquired a portfolio of copper and uranium exploration assets in South Australia and Queensland.
Aruma executed a share acquisition agreement to acquire the Wilan IOCG-Uranium Project in the Olympic Dam precinct in South Australia, and the Fiery Creek Copper Project and the Bortala Copper Project in the Mt Isa region of Queensland from NHM Holdings Australia (NMHA).
Completion of the acquisition was subject to Aruma shareholder approval, which was granted at a shareholder meeting on 1 August. Settlement in respect of the acquisition has been completed via the issue of 26.5 million fully paid Aruma ordinary shares to shareholders of NHMHA and 52.5 million options, as per the terms of the share acquisition agreement.
The shares issued to NHMHA shareholders are subject to a voluntary escrow period of six months from the date of issue.
Aruma said that it has completed an initial assessment of the projects. This has delivered positive outcomes, with copper assays as high as 36 per cent reported from exploration by previous explorers in rock chips samples at the Fiery Creek Project and multiple initial exploration targets identified at the Bortala Project.
Aruma Resources Managing Director, Glenn Grayson, said that Aruma is delighted to complete this pivotal acquisition, which will see it expand focus into key high-demand commodities, copper and uranium in two of Australia’s pre-eminent, active mineral precincts.
“With the acquisition now complete, we plan to commence targeted, systematic field work programs across the new projects to define drill targets, with the aim of progressively drill testing priority targets to unlock each project’s full value proposition,” Mr Grayson said.
“We look forward to sharing details of progress in our plans and work programs across the project portfolio in the coming months.”
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