AI assistant
ALDORO RESOURCES LIMITED — Capital/Financing Update 2020
May 3, 2020
64422_rns_2020-05-03_09527fcd-762b-412c-abbb-d929475e5287.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [596 x 77] intentionally omitted <==
Penny South RC Program Now Complete
Highlights
ASX Announcement 04 May 2020 ASX Code: ARN
Board
-
23 hole RC drilling program now complete
-
granodiorite contact encountered in majority of holes
-
DHEM crew mobilising to site at the end of this week
-
Assays results anticipated in 3 to 4 weeks
Aldoro Resources Limited (“Aldoro” or “Company”) is pleased to update shareholders on the completion of the reverse circulation (RC) drilling program at the Penny South Project.
Rhod Grivas
Non-Executive Chairman Dr Caedmon Marriott Managing Director Joshua Letcher Non-Executive Director
Capital Structure
Shares: 52.86m Options (@22.5c): 2.0m Share Price: $0.125 Market Cap: $6.61m Cash (31/03/20): $2.50m
The program consisted of 23 holes for a total of 4,142m, with 12 holes at
the southern target area and 11 holes in the northern target area. Six of the holes were cased in order to complete a Downhole EM (DHEM) survey.
Field observations in the northern target area continued to provide a good indication that the exploration model for the area appears robust with the anticipated geology of N-S trending mafic schist and/or quartz veining at the mafic-granodiorite contact encountered in all holes.
A DHEM crew is mobilising to site at the end of this week in order to complete the DHEM survey which should take approximately 4 days.
All samples have now been delivered to the laboratory in Perth next week, assays results are anticipated in 3 to 4 weeks.
Assays results from this initial, relatively wide spaced RC program, combined with any targets generated from the DHEM survey will be integrated into the exploration model in order to define and target follow up holes in areas of interest identified.
This Announcement has been approved for release by:
Caedmon Marriott
Managing Director
T: +61 475 116 798
==> picture [596 x 77] intentionally omitted <==
==> picture [445 x 673] intentionally omitted <==
Figure 1: Penny South RC Drill Program April 2020
T: +61 475 116 798
==> picture [596 x 77] intentionally omitted <==
Penny South RC Program April 2020
Drill Hole Table
| Hole | Easting(MGA Z50) | Northing(MGA Z50) | Total Depth(m) | Dip | Azimuth |
|---|---|---|---|---|---|
| APSRC001 | 676,880 | 6,804,550 | 184 | -60 | 270 |
| APSRC002 | 676,950 | 6,804,550 | 230 | -60 | 270 |
| APSRC003 | 676,780 | 6,804,450 | 130 | -60 | 270 |
| APSRC004 | 676,850 | 6,804,450 | 174 | -60 | 270 |
| APSRC005 | 676,920 | 6,804,450 | 228 | -60 | 270 |
| APSRC006 | 676,870 | 6,804,250 | 180 | -60 | 270 |
| APSRC007 | 676,780 | 6,804,250 | 132 | -60 | 270 |
| APSRC008 | 676,810 | 6,804,650 | 174 | -60 | 270 |
| APSRC009 | 676,880 | 6,804,650 | 180 | -60 | 270 |
| APSRC010 | 676,950 | 6,804,650 | 168 | -60 | 270 |
| APSRC011 | 676,660 | 6,805,650 | 156 | -60 | 270 |
| APSRC012 | 676,730 | 6,805,650 | 180 | -60 | 270 |
| APSRC013 | 676,830 | 6,805,650 | 132 | -60 | 270 |
| APSRC014 | 676,900 | 6,805,650 | 216 | -60 | 270 |
| APSRC015 | 676,660 | 6,805,550 | 180 | -60 | 270 |
| APSRC016 | 676,730 | 6,805,550 | 180 | -60 | 270 |
| APSRC017 | 676,840 | 6,805,550 | 178 | -60 | 270 |
| APSRC018 | 676,900 | 6,805,550 | 210 | -60 | 270 |
| APSRC019 | 676,730 | 6,805,350 | 180 | -60 | 270 |
| APSRC020 | 676,800 | 6,805,350 | 156 | -60 | 270 |
| APSRC021 | 676,870 | 6,805,350 | 156 | -60 | 270 |
| APSRC025 | 676,850 | 6,804,350 | 180 | -60 | 270 |
| APSRC026 | 676,940 | 6,804,650 | 258 | -60 | 270 |
T: +61 475 116 798
==> picture [596 x 77] intentionally omitted <==
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 Spectrum Metals (ASX:SPX) 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.
T: +61 475 116 798