The Beowulf Gold Project was pegged in 2017, and the project covers 490km2 of highly gold prospective greenstone sediments. In early September 2017, prospectors operating in the centre of the project area approached the Company with the possibility of a joint venture or sale of four granted single graticule ELs. These ELs have been successfully mined for surface nuggets since 2006 over an area of two parallel zones measuring in excess of two kilometres in length.
Remote geophysical data from Geoscience Australia identified the possibility of greenstone belts (mafic and sedimentary units) in the area, rather than what had previously been interpreted as granites. The Beowulf leases were pegged on this basis, and initial field work confirmed the rocks as greenstone belts – with eluvial gold workings already over the area.
Aruma’s assessment of the Beowulf Project has resulted in it being ranked as one of the Company’s core, prospective gold exploration assets. As part of the systematic interrogation of the Project area, a major AEM Survey was also flown over the Project in late 2018 (as the same time as the Slate Dam AEM Survey).