More Gold Results for Aruma Resources at Melrose (ASX:AAJ)
Aruma Resources Ltd [ASX:AAJ] said today they found more ‘highly anomalous gold mineralisation’ at the Melrose Gold Project.
Aruma is an ASX-listed junior gold explorer with projects in Western Australia and New South Wales.
Highly anomalous gold results at Melrose
The findings come from two licences at Melrose that cover a total of 19 squared metres and where they’ve already found some anomalous historical gold samples before. You can read more on that here.
The Melrose Gold Project is located in the Pilbara region in Western Australia. It covers 185 km2 and has seven exploration licence applications. It’s next to Northern Star Resources Ltd’s [ASX:NST] Paulsen’s gold mine, which Northern Star took over in July 2010.
I mean, it’s one of the strategies explorers are using to look for gold, by taking a close look at areas where others have found gold.
The two licences in question shedding results are ELA08/3244 and ELA 47/4414. With the first they found a half a metre-wide quartz vein with results of up to 1.74 grams per tonne of gold. The second has rock chip assays of up to 0.36 grams per tonne of gold.
According to the company the significance of the quartz veins is that they are ‘expected to be associated with adjacent lode style gold mineralisation.’
What could happen next for AAJ?
Aruma has now started a HyVista multispectral mineral mapping and radar conductivity study. They are also conducting an Aster Thermal mineral mapping program over an area of 80 km2 in the project.
Shares have reacted well to the announcement. At the time of writing Aruma Resources is up close to 17%, with shares trading at $0.007. So far Aruma’s shares have gained 75% for the year.
It’s not surprising that gold miners are doing well during the pandemic. All the instability has sent gold prices soaring. Even with the recent correction gold prices have gained close to 27% in US dollars and 24% in Australian dollars.
If you’re looking to buy physical gold, check out Shae Russell’s free step-by-step guide on the ‘Best Way to Buy, Sell, and Store Gold’.
To read the report, click here.
For The Daily Reckoning Australia