Fiery Creek is in the same location as Wee MacGregor ALR/ASX, Mt...

Fiery Creek is in the same location as Wee MacGregor ALR/ASX, Mt Isa

Penny stock AAJ has turned up with very high grades of copper from historical surface samples taken by international miners Sumitomo and Anglo American at its recently acquired exploration license of the Fiery Creek project in QLD.

Grades of up to 36% copper were found at multiple prospects across the project area, which majors have long held yet has been underexplored due to depressed copper prices.

That took away exploration interest from other majors such as BHP, Glencore and Rio Tinto that also held the tenure.

AAJ reckons Fiery Creek has high prospectivity for an economic resource within the fertile Mt Isa copper belt.

“The underexplored nature of the project area combined with the positive historic results and favourable geological setting in the prolific Mt Isa minerals district provide an exciting exploration opportunity for Aruma,” AAJ MD Glenn Grayson says.

Shares in the junior shot up 45.5% on early trade to 1.6c per share before reverting to an 18.2% gain.