Aruma Resources Ltd Share Price 66% Higher Today (ASX:AAJ)

Aruma Resources Ltd Share Price 66% Higher Today (ASX:AAJ)

The Aruma Resources Ltd’s [ASX:AAJ] share price is up over 66% today at time of writing, with shares trading at $0.005.

Aruma Resources is an exploration company focused on exploring and developing their gold projects in Western Australia.

And they’ve certainly been busy.

If you’ve been following Aruma’s story here at The Daily Reckoning Australia, then you’ll know that earlier this month the AAJ share price a 25% boost after finding gold at Melrose Gold Project. You can read more on this here.

And then, a few days later, they went on a capital raising to get money for exploration and to buy the Capital Gold Project in the Goulburn region, in New South Wales. You can read all about it here.

What did Aruma announce today?

Today, Aruma said they’ve identified three priority drill target areas at their Scotia South Gold Project, which is located in the Eastern Goldfields, around 200km south of Kalgoorlie in Western Australia.

Scotia South extends through an area of 217km square, at the southern end of the Norseman-Wiluna greenstone belt area. It sits on a 20km strike extension from Panda, where Pantoro Ltd [ASX: PNR] discovered high grade gold back in May.

According to the company, past explorers in the area have drilled for nickel before, but the area has been underexplored for gold.

The three priority targets (circled in orange in the map below) identified will be the focus of the company’s first phase exploration at Scotia South.

ASX AAJ Aruma Resources Gold Discovery

Source: Aruma Resources

The company is planning targeted RAB drilling and then reverse circulation (RC) drilling as soon as they receive their exploration license, which they expect it will be sometime this year.

What could happen next for AAJ?

So far, Aruma has kept busy exploring for gold as gold prices climb higher. At time of writing gold was trading close to $2,580 an ounce, which is over 28% higher than this time last year.

One way to get exposure to the rising gold price is through gold explorers, but this can be risky. Another is to buy gold directly.

To find out more about the ‘Best Way to Buy, Sell and Store Gold’, check out our free step-by-step guide here.

To read the report, click here.

Best,  

Selva Freigedo