AI assistant
ALDORO RESOURCES LIMITED — Capital/Financing Update 2020
Feb 11, 2020
64422_rns_2020-02-11_3c96a01c-de60-4350-867f-1018ab2a7583.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [596 x 77] intentionally omitted <==
Preparation for further drilling at Penny South Project
Highlights
-
POW lodged for deeper RC follow up and extensional AC drilling programs
-
Geological review of recent aircore drilling program nearing completion
-
Further ground mag survey work planned to extend lithostructural interpretation to southern boundary of tenement
-
Assay results anticipated towards the end of February
ASX Announcement 12 February 2020 ASX Code: ARN
Board
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: $0.19 Market Cap: $10.04m Cash (31/12/19): $2.95m
Aldoro Resources Limited (“Aldoro” or “Company”) is pleased to update shareholders on the ongoing exploration work at the company’s Penny South Project.
Review of the geological logging information gained from the recent aircore (AC) drilling program is in progress and already generating a better understanding and refinement of the geological interpretation of the area. The target assemblage, and contact between mafic and intermediate felsic (granodiorite) units, was intersected across the majority of drill lines giving confidence in the exploration model and positioning of the drill program to effectively test the inferred extension of the Penny West Shear.
A number of significant intersections of quartz veining were observed at the mafic-granodiorite contact and within the granodiorite unit along the length of the trend. Visible sulphides were observed in a number of drill holes, including 18m of disseminated sulphide to the end of hole APSAC088.
A noticeable increase in the depth of weathering is observed towards the southern end of the target trend. Whilst this is not a direct indicator, a deeper weathering profile can often be associated with areas of hydrothermal alteration and potential mineralisation. This feature remains open to the south of the current area of interpretation and recent drilling. Historic intersections of gold mineralisation within holes DSAC004, PWAC062 and 95PSR0673 appear to coincide with areas of deeper weathering.
Aldoro plans to complete further ground magnetic survey work within the next couple of weeks to extend the area of coverage up to the southern boundary of the tenement; adjacent to new Deep South gold prospect in the neighbouring tenement held by the Venus Metals (ASX:VMC) - Rox Resources (ASX:RXL) Joint Venture, which recently announced a planned 4,000m AC drilling program ( ASX:VMC, 10 February 2020 ).
Given the confidence gained from the ongoing geological review, a program of work (POW) has been lodged in anticipation of a deeper reverse circulation (RC) drilling program to follow up on the emerging areas of interest. This application also includes scope for additional AC drilling to
T: +61 475 116 798
==> picture [596 x 77] intentionally omitted <==
extend the recent program over an additional 700m of strike to the southern boundary of the tenement area.
This Announcement has been approved for release by:
Caedmon Marriott Managing Director
| Hole | Easting | Northing | Total Depth | Dip/Azi | From (m) | Length (m) | Au (g/t) |
|---|---|---|---|---|---|---|---|
| (MGA Z50) | (MGA Z50) | (m) | |||||
| DSAC004 | 676,701 | 6,805,700 | 62 | -60/270 | 57 | 5 | 1.11 |
| PWAC062 | 676,741 | 6,805,651 | 48 | -60/270 | 29 | 6 | 1.27 |
| 95PSR0673 | 676,841 | 6,804,551 | 40 | -60/270 | 38 | 2 | 33.98 |
Table 1: Historic drill holes with gold intersections
( ASX, Penny South Targets Identified, 27 November 2019, JORC Table )
| Hole | Easting (MGA Z50) | Northing (MGA Z50) | Total Depth (m) | Dip/Azi |
|---|---|---|---|---|
| APSAC088 | 676,775 | 6,804,400 | 72 | -60/270 |
Table 2: Aldoro Resources drill holes mentioned in text
( full details of drilling and sampling techniques, including tables as required under the JORC Code, will be included when assay results are announced )
T: +61 475 116 798
==> picture [596 x 77] intentionally omitted <==
==> picture [470 x 665] intentionally omitted <==
Figure 1: Penny South litho-structural Interpretation and planned extension
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), Ryans Find (Ni-Cu-PGM) and Karlgarin (Ni-Co).
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 Rhod Grivas, a Director of Aldoro Resources Ltd. Rhod 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. Rhod 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