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