Aruma Resources Acquires Majority Stake in Tillex Copper-Silver Project, Ontario
Aruma Resources has entered into binding agreements to acquire an 85% stake in the Tillex Copper-Silver Project, including adjacent patent claims, from Metals Creek and other parties. The Tillex Project is situated in Ontario’s established Timmins mining district and hosts high-grade copper sulphide mineralization starting approximately 30 meters below surface, with drilling confirming mineralization over a 450-meter strike length and to depths of about 150 meters.
Previous operators have completed over 10,283 meters of diamond drilling, identifying extensive shallow intersections of copper and silver. Following the acquisition, Aruma plans to advance exploration and resource development, aiming to establish a maiden mineral resource estimate and expand the project footprint. The transaction includes staged cash and share payments, with a production payment contingent on positive operating cash flow, and reflects ongoing interest in copper assets amid supportive market fundamentals.
- Over 10,283 meters of drilling completed to date, high-grade copper identified over 450m strike length
- Transaction subject to standard regulatory approvals and milestone payments
- Aruma Resources (85% ownership), project located in Ontario, targeting copper and silver resources
