Aruma Secures New Copper and Uranium Assets in Australia

Aruma Resources has secured a portfolio of copper and uranium exploration assets in South Australia (SA) and Queensland. The company has signed a share acquisition agreement to obtain the Wilan IOCG-Uranium Project in the Olympic Dam precinct and the Fiery Creek and Bortala Copper Projects in the Mt Isa region from NHM Holdings (Australia) (NHMHA). Under the terms of the agreement, Aruma will issue 26.5 million shares to NHMHA shareholders, subject to a six-month voluntary escrow period. Additionally, 24.5 million options will be issued, which can be exercised once the necessary drilling approvals for the Wilan Project are obtained. Another 28 million options are conditional on achieving significant drilling results at any of the new projects. Aruma has also agreed to a 2% net smelter royalty for NHMHA shareholders on minerals extracted and sold from the acquired tenements.

This acquisition places Aruma in two of Australia’s premier mineral regions, offering the potential for high-value exploration projects. After completing due diligence on these new assets, Aruma is now seeking shareholder approval for the acquisition. Upon approval, Aruma plans to initiate targeted fieldwork to identify drill targets and evaluate priority areas to maximize the projects' potential.

The Wilan Project, situated on the eastern side of the Gawler Craton, covers 1,993 km² and is recognized for its mining activities. Aruma intends to explore this area for IOCG (iron oxide copper gold) mineralization. Conversely, the Bortala and Fiery Creek Projects are located in the northern Mt Isa copper-belt, an under-explored area with several significant copper mines. This strategic move is expected to harness the mining potential of these regions and support Aruma’s growth in the copper and uranium sectors.

Aruma's managing director, Glenn Grayson, expressed his enthusiasm about the acquisition's transformative potential. "We are excited about the company-changing potential of this acquisition," he stated. " In our effort to expand our asset portfolio, we have evaluated numerous projects based on key criteria aimed at enhancing market support and increasing shareholder value. We believe that combining a quality exploration asset portfolio in high-demand commodities, situated in active tier-1 mineral belts within progressive mining jurisdictions, is the perfect fit for Aruma Resources."

Aruma Resources Limited (ASX: AAJ) is an ASX-listed mineral exploration company dedicated to exploring and developing a portfolio of promising projects in high-demand commodities, specifically copper and uranium, situated in world-class mineral belts in South Australia and Queensland. Additionally, Aruma holds prospective projects for gold, lithium, and rare earth elements (REE) in Western Australia.