Next Investors logo grey

Aldoro encouraged by the latest results from its Penny South Gold Project


Published 26-JUN-2020 10:52 A.M.


2 minute read

Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.

In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.

The below articles were written under our previous business model. We have kept these articles online here for your reference.

Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.

Click Here to View Latest Articles

Aldoro Resources Limited (ASX:ARN) today released the results of its 1m interval sampling from the recent reverse circulation (RC) drilling program at its Penny South Gold Project in Western Australia.

The Penny South Project is contiguous to the Penny West Project in the Youanmi Gold Mining District in the Murchison Region of WA, which was previously held by Spectrum Metals before that company was acquired by Ramelius Resources (ASX: RMS) for $1 million.

Spectrum rose from a $5 million market cap to $270 million to become a market darling.

The $3.7 million capped Aldoro is also currently exploring the Cathedrals Belt Nickel Project and has a significant tenement holding surrounding the $57 million capped St George Mining’s (ASX: SGQ) Mt Alexander Project.

A total of 113 individual 1m samples were selected and assayed at Penny South, based on the results of the 4m composite samples and a review of the geological logging.

Highlights from the samples include:

  • APSRC0 263m at 2.5g/t Au from 193m, inc. 1m at 6.7g/t Au from 194m
  • APSRC0053m at 2.8g/t Au from 221m, inc. 1m at 5.2g/t Au from 222m
  • APSRC0061m at 3.4g/t Au from 161m

Samples were analysed for gold by fire assay, with significant intersections summarised below:

table 1 penny

Results were quoted at a cut-off grade of 0.25g/t Au. The assay results show a number of interesting intersections of up to 6.7g/t Au (APSRC026).

The intersections extend across multiple drill lines in the southern target area.

These drill holes targeted the contact between the N-S trend of the Penny West Shear, inferred from a mafic schist unit observed in historic drill logs, and a granodiorite unit, outlined by Aldoro’s January aircore (AC) drilling. Whilst this initial RC program was quite widely spaced the results appear to show a mineralised structure extending for a strike length of over 400m, open in all directions.

We are encouraged by the results of the Company’s first RC program at Penny South,” said Aldoro’s Managing Director Caedmon Marriott.

“This widely spaced program, with lines 100m apart, appears to show a mineralised structure in the southern target area over a strike length of 400m, with assay results not too dissimilar to the Youangarra and Magenta Prospects at Ramelius Resources’ neighbouring Penny Project. The results warrant further follow up drilling hoping to find areas of increased grade and/or thickness.”

Results of the maiden RC drilling program have been incorporated into Aldoro’s exploration model and will be used to plan a follow up RC program.

Aldoro is also in the process of planning further AC drilling at the Penny South and Unaly Hill South Projects.

General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

Conflicts of Interest Notice

S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.

Publication Notice and Disclaimer

The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.

Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.

This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.