Aldoro Resources Ltd (ASX: ARN) has announced an encouraging update on its Penny South Project in WA.
The company said that drilling has commenced at the Penny South Project. The 5,000m aircore program will be testing 2km of Penny West Shear.
ARN reported that the drilling expected to take approximately 3 weeks.
Penny South project
The Penny South Project is Aldoro’s flagship gold project, which is contiguous to Spectrum Metals Penny West Project in the Youanmi Gold Mining District, in the Murchison Region of WA.
The Penny South Project was acquired as part of Aldoro’s transaction with Altilium Metals.
The ground magnetic survey by SGC
Southern Geoscience Consultants (SGC) was engaged by Aldoro to complete a lithostructural interpretation of the ground magnetic survey area with the aid of a drill hole database compiled by Aldoro, providing lithological information for the project area.
The neighbouring Penny West project was shown by Spectrum Metals to sit within a north-south trending magnetic low corridor. Aldoro’s high resolution ground magnetic survey had highlighted the extension of this magnetic low corridor south from the Penny West project into Aldoro’s tenement E57/1045.
7 targets identified
The company said that the interpretation of the high-resolution ground magnetic survey had revealed 7 target areas within the Penny South tenement (E57/1045). The targets identified include over 2km strike continuation of the magnetic low corridor known to host the neighbouring Penny West and Penny North deposits.
Aldoro has now commenced a 5,000m air-core (AC) drilling program for first pass drill testing of the highest priority targets.
The company announced that the preliminary 5,000m aircore (AC) campaign aims to test the magnetic low corridor, interpreted as the strike extension of the Penny West Shear by the Company’s recent targeting work.
Based on an exploration model for Penny South the target corridor is shown to correspond to a prospective assemblage of low magnetic greenstone and granodiorite units observed to host gold mineralisation at the neighbouring Penny West project.
It may be noted that this target area of Aldoro’s tenement E57/1045 has only been sparsely tested by previous holders with less than 8% of historic drilling.
100 holes planned
The company said that approximately 100 holes are planned at 100m x 25m spacing along 2km of strike; with sample analysis for gold and multi-element geochemistry for pathfinder elements known to be associated with mineralisation at the neighbouring Penny West and Penny North deposits.
Drilling for 3 weeks
ARN said that the drilling is expected to take approximately 3 weeks, with assay results to follow after the completion of drilling.