Aruma expands into high-demand copper, uranium

Aruma Resources (ASX:AAJ) is expanding its exploration portfolio with the addition of a copper and uranium project in the well-known Olympic Dam precinct of South Australia and two copper projects in Queensland’s fertile Mt Isa region.

The junior explorer has inked a share acquisition agreement with NHM Holdings for the Wilan Iron Oxide-Copper-Gold (IOCG) and Uranium Project in South Australia and the Bortala and Fiery Creek copper projects in Queensland.

The news edged shares up over 31% to an intra-day high of $0.025 this morning (27 May).

To settle the acquisition, Aruma will issue 26.5 million shares and 24.5 million options. The options will be exercisable at no cost to NHM once Aruma reports a drill intercept of 3m at over 600 parts per million (ppm) uranium, or at least 20m at over 0.8% copper or metals equivalent at one of the new projects.Aruma will also pay a 2% net smelter royalty […]

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