Aruma Resources: A pivot from gold to lithium
Aruma Resources Managing Director Glenn Grayson on 3AW, 2GB & 6PR Bulls N' Bears Report
Listen to ASX-listed Aruma Resources Managing Director Glenn Grayson talk to Matt Birney on the Bulls N’ Bears Report about Aruma’s surprise discovery of rare earths rock chips in a region that has thrown up some good rare earths discoveries in the past.
TO LISTEN TO THE ARUMA RESOURCES AUDIO INTERVIEW - CLICK BELOW
Aruma Resources has been maturing its Saltwater gold project near Newman in the Pilbara with some encouraging results over a 4km projected strike. However, with the global electric vehicle juggernaut in full swing and the market’s appetite for rare earths seemingly insatiable right now, Aruma went looking to see if it also has rare earths present at Saltwater, and after a week-long rock chip sampling expedition, that question appears to have been answered.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears brought to you today by mineral explorer Aruma Resources
Matt Birney - ASX code: AAJ
Matt Birney - I'm Matt Birney and I'm joined now by the Managing Director of Aruma Resources, Glenn Grayson
Matt Birney - Hi Glenn
Glenn Grayson - Hello Matt
Matt Birney - Okay so Aruma Resources has been maturing its Saltwater gold project near Newman in the Pilbara and with some encouraging results, I might say, over about 4km of strike.
Matt Birney - However, with the global electric vehicle juggernaut in full swing and the market’s appetite for rare earths seemingly insatiable right now, Aruma went looking to see if it also has rare earths present at Saltwater, and after a week-long rock chip sampling expedition, that question appears to have been answered.
Matt Birney - Okay Glenn tell me what were the best rare earths results from your latest rock chip sampling program and how many had color in them?
Glenn Grayson - So we had about half a dozen samples that all were elevated in the rare earths. Our best results from two samples were a touch over 0.1 TREO that certainly shows us we've got the right mineralisation in those rocks.
Matt Birney - What about the magnet-based rare earths that everybody's looking for for electric vehicles things like neodymium, praseodymium, dysprosium those sorts of things. Be seeing much of that?
Glenn Grayson - We are, we are so we've got 25 per cent ratio of the total rare earths so the neodymium praseodymium elements and of all the elements about 27 per cent for heavies. That's what we're up there looking for, the heavies, so we're pretty excited.
Matt Birney - Is this the first time rare earths have been discovered on this project?
Glenn Grayson - It's not, so up in the area in 2010 a company by the name of U308 went looking for uranium and of course with uranium you've got the radioactive minerals, rare earth mineralisation also is associated with some radiation so they've discovered a couple of samples that were really high-grade rare earths.
Glenn Grayson - They had two samples, eleven and nine per cent total rare earths which is really really high so they were in the area and that's what is what has got us interested in the rare earths initially.
Matt Birney - And from some of the results I've seen it looks like you might be onto a multi-element mineralised system up there. What other minerals did you see in those rock chips?
Glenn Grayson - That's right, we've got really elevated cobalt so we've got 0.3 per cent cobalt which is economics in its own right. In a sample we've got another 0.2 per cent copper, 0.2 per cent zinc and four per cent variant and another sample we've got 0.27 per cent cobalt, 0.2 per cent copper, 0.2 per cent zinc and 3.9 per cent barium.
Glenn Grayson - Really encouraging numbers, U308 also discovered some samples, some prospects that had up to three per cent copper and one and a half per cent vanadium and our neighbors in the area Dreadnought have got a project, a prospect where they've got up to three per cent antimony so it is a really juicy system up there.
Matt Birney - Glenn Grayson from Aruma Resources.
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears
Outro - For more public company interviews go to the money page on the 6PR, 2GB, 3AW and 4BC websites and click the public companies tab