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ALDORO RESOURCES LIMITED — Capital/Financing Update 2020
Aug 6, 2020
64422_rns_2020-08-06_6926a46e-2850-4250-8250-91557633b607.pdf
Capital/Financing Update
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Highlights
Penny South Mobilisation
ASX Announcement 7 August 2020 ASX Code: ARN
Board
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Exploration team mobilising to Penny South this weekend
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Sites cleared and drilling ready to commence early next week
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3,000m AC program targeting previously untested areas at Penny South including southern extension of Penny West Shear
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Drilling anticipated to take approximately 2 weeks
Aldoro Resources Limited (“Aldoro” or “Company”) is pleased to update shareholders on the Company’s gold exploration activities at the Penny South Project.
Rhod Grivas
Non-Executive Chairman Dr Caedmon Marriott Managing Director Joshua Letcher Non-Executive Director
Capital Structure
Shares: 66.07m Options (@22.5c): 2.0m Share Price: $0.125 Market Cap: $8.26m Cash (30/06/20): $2.20m
The exploration team is mobilising to project this weekend, drill sites have already been cleared and the planned 3,000m aircore (AC) program is anticipated to commence early next week.
The drilling program will target new areas around the tenement not previously tested by Aldoro’s January AC program and April reverse circulation (RC) drilling. Three target areas have been identified (Figure 1):
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Southern extension of Penny West Shear and granodiorite-mafic contact
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Magnetic low feature along Youanmi Shear greenstone-granite contact, possible demagnetised zone similar to Youanmi
Aldoro’s recent RC program identified a mineralised structure over 400m of strike at the Southern Target ( ASX, Encouraging Results from Penny South 1m Assays, 26 June 2020 ). One of the aims of this AC program is to continue to trace the granodiorite-mafic contact and inferred position of the Penny West Shear further to the south. Should this program identify surface expressions of potential mineralisation, similar to the January AC program, this could warrant deeper RC drilling to the south of the currently open mineralised structure.
In the northern part of the tenement two NNW trending features have been identified to be tested by the AC program (a NNW trend is observed in gold occurrences around the Youanmi area). Target 2 is the potential northwest extension of the granodiorite unit and prospective granodioritemafic contact, whereas Target 3 is a magnetic low feature along the Youanmi Shear, extending SSE from a cluster of anomalous shallow historic drilling.
The Company looks forward to updating shareholders on these future plans in due course.
This Announcement has been approved for release by:
Caedmon Marriott Managing Director
www.aldororesources.com
T: +61 475 116 798
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Figure 1: Penny South AC Drilling August 2020
www.aldororesources.com
T: +61 475 116 798
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About Aldoro Resources
Aldoro Resources Ltd is an ASX-listed (ASX:ARN) mineral exploration and development company. Aldoro has a collection of gold and nickel focussed advanced exploration projects all located in Western Australia. The company’s flagship gold project is the Penny South Gold Project, which is contiguous to Ramelius Resources (ASX:RMS) Penny West Project in the Youanmi Gold Mining District, in the Murchison Region of WA. Aldoro is also currently exploring the Cathedrals Belt Nickel Project and has a significant tenement holding surround St George Mining’s (ASX:SGQ) Mt Alexander Project. The company’s other projects include the Narndee Igneous Complex (Ni-CuPGM), Unaly Hill South (Au), Kiabye Well (Au), Leinster Nickel Project (Ni), Windimurra Igneous Complex (Ni-Cu-PGM, Li) and Ryans Find (Ni-Cu-PGM).
Competent Persons Statement
The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled and assessed under the supervision of Dr Caedmon Marriott, Managing Director of Aldoro Resources Ltd. Caedmon is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Caedmon consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Disclaimer
Some of the statements appearing in this announcement may be in the nature of forward looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Aldoro operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement. No forward looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Aldoro’s control.
Aldoro does not undertake any obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Aldoro, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward looking statement. The forward looking statements in this announcement reflect views held only as at the date of this announcement.
This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by Aldoro. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.
www.aldororesources.com
T: +61 475 116 798