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Aldoro Resources’ (ASX:ARN) shares drop over 45pc on Penny South results
  • Aldoro Resources (ARN) has received results from a maiden reverse circulation drilling program at the Penny South Project in WA.
  • The aim of this drilling program was to test two target areas that showed lead and zinc geochemical anomalies, and historic intersections of gold mineralisation
  • This recently completed program consisted of 23 holes and six were then cased in order to undertake a downhole electromagnetic survey
  • However, due to blockages, these targets were not sufficiently tested
  • Despite this, Aldoro still returned gold results grading up to 2.1 grammes per tonne
  • Planning is now underway for an aircore drilling program at the Unaly South Hall project
  • Aldoro has slumped 46.3 per cent on the market and shares are currently trading for 9.4 cents each

Aldoro Resources (ARN) has received results from the maiden reverse circulation (RC) drilling program at the Penny South Project.

This program began at the beginning of April and aimed to test two target areas that were defined via aircore (AC) drilling.

These two target areas showed coincident features of potential mineralised zones, lead and zinc geochemical anomalies, and historic intersections of gold mineralisation.

Penny South is located 130 kilometres southeast of Mount Magnet in Western Australia, and it lies directly south of Spectrum Metals' (SPX) Penny West Gold Project.

Historic drilling at the project has encountered results such as two metres at 33.98g/t gold, six metres at 1.27g/t gold, and five metres at 1.11g/t gold.

This recently completed program consisted of 23 holes, for 4142 metres, and was drilled to a maximum depth of 258 metres.

Approximately 12 of the holes were drilled in the southern target area, while the remaining 11 were drilled in the north.

Six of the holes, two from the south and four from the north, were then cased in order to undertake a downhole electromagnetic (DHEM) survey, but due to various issues being encountered, these targets were not sufficiently tested.

DHEM survey

The main issue that Aldoro encountered in the DHEM survey was the significant presence of water-logged clay.

The four holes in the north were surveyed to a depth of 175 metres but the bottom of the holes could not be reached due to blockages.

Of the two holes in the south, one was found to be blocked and could not be surveyed, while the other was successfully surveyed but only to a depth of 155 metres instead of the planned 228 metres.

Again, this is a result of blockages.

Assay Results

Results include four metres at 2.1g/t gold from 92 metres, eight metres at 1.0g/t gold from 68 metres, and four metres at 1.0g/t gold from 220 metres.

Individual one-metre samples are now being collected and will be assayed to give a better understanding of the gold mineralisation.

The samples will also be analysed for multi-element pathfinders such as lead and zinc.

Results will then be used to plan a follow-up drilling program.

Future Work

Aldoro is currently in the process of planning additional AC drilling at Penny South around areas of interest.

The company has also completed a ground magnetic survey, geological interpretation, and planning for an AC drilling program at the Unaly Hill South project.

Aldoro has slumped 46.3 per cent on the market and shares are trading for 9.4 cents each at 11:07 am AEST.


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