The Slate Dam Gold Projects main lease was granted in April 2017, and consists of 26 graticular blocks or 83km2, over a large section of the Bulong sequence of the Kalgoorlie Terrain. The intention of the company is to investigate the gold potential in sediments associated with granites that may host economic grades of gold mineralisation.
Aruma will be using a hydrothermal sediment hosted sulphidic gold model to identify gold targets, which has been used with success in the last few years by several companies to find major new finds in the Wiluna-Norseman belt, especially at Invincible (Kambalda), Baloo and Monsoon on Lake Cowan.
Since the discovery of Invincible deposit by Gold Fields Ltd, Aruma Resources has taken the gold mineralisation model and applied it to prospects of the Kalgoorlie Terrain, which has resulted in the pegging of highly prospective ground around the region. Slate Dam was one of these areas identified for its structural complexity and desirable geology.
The area has previously been explored by Croesus Mining NL, Delta Gold, Placer and Barrick Gold. The leases were relinquished due to the gold price ($250US/oz) at the time and low tenor anomalies were forgotten. In 2008 the lease was held by Rubicon Resources Limited and relinquished in late 2014 after surrounding joint ventures with various partners were not successful in proving up resources. Rubicon transferred their attention to other areas and were out of the area in late 2014.
Project Evaluation has identified a bottom of hole geochemical gold anomaly of considerable size, over the Slate Dam Prospect stretching 7km2 across sediments contacts within the pressure shadows of recently identified granite bodies. All the geologically needs for a gold system are in place, however were masked due to the presence of Lake Yindarlgooda over the top of the anomaly.
Aruma Resources plans to explore the Slate Dam prospect through remote sensing and by drill testing the drill defined geochemical anomaly in 2017/2018.