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ALDORO RESOURCES LIMITED — Capital/Financing Update 2020
Feb 2, 2020
64422_rns_2020-02-02_8bc90366-c60e-4950-b51a-f1a47c6a74db.pdf
Capital/Financing Update
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Completion of drilling at Penny South Project
Highlights
ASX Announcement 3 February 2020 ASX Code: ARN
Board
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Maiden 103 hole aircore program now complete
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First 85 holes submitted to laboratory with assay results expected towards the end of February
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Southern portion of the trend emerging as an area of interest with a noticeable increase in the depth of weathering
Aldoro Resources Limited (“Aldoro” or “Company”) is pleased to update shareholders on the completion of the company’s drilling program at the Penny South Project at the end of last week.
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: $0.145 Market Cap: $7.66m Cash (31/12/19): $2.95m
All of the planned 103 holes were drilled for a total of 5,436m; with 95 holes, along 20 drill lines, across the primary target assemblage, interpreted as the extension of the Penny West Shear, and a further 8 holes, along 2 drill lines, across a secondary target generated from the ground magnetic survey interpretation.
Samples from the first 85 holes (18 drill lines) have been transported to Perth and submitted to the laboratory for assay (full details of drilling and sampling techniques, including tables as required under the JORC Code, will be included when assay results are announced). Remaining samples will be transported and submitted later this week. Assay results are anticipated in 3 to 4 weeks towards the end of February.
The program was completed on schedule despite more difficult drilling conditions being encountered towards the southern end of the trend. A noticeable increase in the depth of weathering was observed with a profile of wet clay making drilling difficult. A number of holes (APSAC076 and APSAC088) ended at aircore refusal whilst still in disseminated sulphide, with aircore hammer unable to be used.
Commenting on the drill program Aldoro’s Managing Director Caedmon Marriott said:
“Many thanks to the guys at Harmec Drilling for completing the program on time and budget despite some tricky conditions at the southern end. We eagerly await the results of this first pass program whilst we begin planning for the deeper follow up”
For further information:
Caedmon Marriott
Managing Director Aldoro Resources Ltd T: +61 475 116 798 E: [email protected]
This Announcement has been approved for release by Dr Caedmon Marriott, Managing Director of Aldoro Resources Limited
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), 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