SALMON GUMS GOLD PROJECT (100% AAJ)

The Salmon Gums Project consists of two Exploration Licences (EL63/2037 and EL63/2122) and covers an area of 222km². It is located approximately 200km south of the major regional centre of Kalgoorlie, and approximately 60km south of the mining town of Norseman.

It is also 30km directly along strike of Pantoro Limited’s (ASX: PNR) high-grade Scotia Gold Project.

The above figure shows the three main Tengraph generated maps which clearly fit Aruma’s “Gold in Sediments” exploration model.

The pertinent features are:

• NE strong structures cutting the extension of the Noganyer-Woolyeener stratigraphy defined by the magnetics
• Magnetic lows to the west of the Noganyer BIF in the mafic volcanocastics of the Woolyeener Formation
• The multiple ore positions at Scotia being stratigraphic by Aruma’s interpretation and consistent with the gold in sediment model
• No gold information available on open file at the time with only an As anomaly on the target stratigraphy
• The Beete (Eldridge’s Find) mine having mined some 3,500oz at 24 g/tAu in the 60s and 70s

Aruma’s initial assessment of the Salmon Gums Project identified three priority drill targets. The Company planned to test these initial targets with regional drilling with follow-up drilling to target drill-defined anomalies.

A further data review uncovered the Salmon Gums gold anomaly from work conducted by Pan Australian Exploration Pty Ltd in 1997. This work used geochemical sampling. This strong continuous anomaly has only been partially drill tested for gold, by Pan Australian, which identified soil anomalies. Importantly, these are coincident with the target area for Aruma’s planned first phase of drilling.

The highly encouraging historic results, from the previous drilling by Pan Australian, helped Aruma define drill targets for its first phase of drilling at Salmon Gums, which has targeted known gold strata in anomalies in the southern area of the Project

Work undertaken by Aruma

In November 2021 Aruma completed a first phase of drilling at Salmon Gums. This drilling comprised 2,298m of RC drilling in a total of 33 holes on E63/2037. The majority of the 33 holes were drilled as part of the first aim of the program to extend drilling into the area south of the Thistle prospect. The remaining ten holes were drilled at the Thistle prospect (Figure 10).

Assay results reinforced Aruma’s exploration model for the potential presence of a large gold system with thick, low tenor anomalism intersected in the targeted southern areas of the Project (ASX announcement, 21 January 2022).

The best intersection in this phase of drilling was 4m at 4.26 g/t Au in drill hole SGRC33 from 105 metres to EOH at 109 metres. This hole was drilled 70m south of historical hole T26R002, which returned a best result of 7m at 2.71g/t Au. The mineralisation occurs within a quartz vein with pyrite and pyrrhotite inclusions.