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ALDORO RESOURCES LIMITED — Capital/Financing Update 2020
Apr 16, 2020
64422_rns_2020-04-16_82e8c58a-3e11-40a9-9761-6adfb3e94817.pdf
Capital/Financing Update
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Halfway Through Penny South RC Program
Highlights
ASX Announcement 17 April 2020 ASX Code: ARN
Board
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First 11 holes of RC drilling program now complete
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contact encountered
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Quartz veining and visible sulphides pyrite and galena observed in a number of holes
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Remaining drilling expected to take approximately 2 weeks
Aldoro Resources Limited (“Aldoro” or “Company”) is pleased to update shareholders on the progress 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: $0.135 Market Cap: $7.14m Cash (31/12/19): $2.95m
The first 11 holes have been completed for a total of 2,012m. All the holes were drilled in the southern target area and the rig is now moving up to test the northern area. Drilling has progressed slightly slower than expected with the fresh rock beneath the clay cover being quite hard and a fair amount of water encountered. The program has not been affected by any COVID-19 related issues.
Field observations from these first 11 holes provide a good indication that the exploration model for the area appears to be working with the anticipated geology encountered targeting the N-S trending mafic schist and NNW trending granodiorite. Approximately 60m of disseminated pyrite in mafic schist was observed in hole APSRC001; sulphidic quartz veining was observed in holes APSRC002, APSRC003, APSRC007 and APSRC009 and sulphidic quartz veining with galena in hole APSRC004 (full details of drilling and sampling techniques, including tables as required under JORC Code, will be included when assay results are announced).
The wet clay cover hampered the ability to place casing in 2 of the 4 planned DHEM survey holes in the southern target area, though this issue now appears to have been overcome in later holes. Aldoro plans to mobilise a DHEM crew to site on completion of the RC program once a full survey plan on the available DHEM holes is known.
Samples from the first 11 holes will be delivered to the laboratory in Perth next week, with assays results anticipated in 4 to 6 weeks.
This Announcement has been approved for release by:
Caedmon Marriott
Managing Director
T: +61 475 116 798
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Figure 1: Penny South RC Target Areas
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 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