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    Aldoro identifies 7 target areas at Penny South project

    Aldoro Resources Limited (ASX: ARN) has announced an encouraging update from the interpretation and targeting work at its Penny South Gold Project in Western Australia.

    The company reported that 7 target areas were identified from recently completed lithostructural interpretation of Penny South project.

    ARN said that the targets identified include 2.5km strike extension of magnetic low greenstone and granodiorite assemblage known to host neighbouring Penny West project.

    The company noted that the target areas were generally poorly tested by historic drilling.

    Aldoro reported that a 5,000m AC drilling program is planned to commence once POW is approved.

    Penny South Gold Project

    The Penny South Gold Project lies directly to the south of the Penny West Gold Project owned by Spectrum Metals and contains over 2.5km strike extension of the Penny West Shear, that hosts the historic high-grade Penny West Gold Mine.

    Aldoro had recently acquired the Penny South project by inking a binding option agreement to acquire 100% of Altilium Metals Limited, which owned a series of advanced exploration projects in the Murchison Region of Western Australia including the Penny South Project (E57/1045).

    Penny South interpretation work

    It may be noted that the Penny South Gold Project’s neighbouring Penny West project has been shown by Spectrum Metals to sit within a north-south trending magnetic low corridor.

    Aldoro had commenced a high-resolution ground magnetic survey at Penny South Project. The 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.

    Interpretation by SGC

    The company reported that Southern Geoscience Consultants (SGC) was engaged by it to complete a lithostructural interpretation of the ground magnetic survey area with the aid of a drill hole database, recently compiled by Aldoro, providing lithological information for the project area.

    SGC reported that the eastern half of the survey area is composed of strongly magnetic folded ultramafic units, whilst the western half is composed of non-magnetic and weak to moderately magnetic greenstone units against a sheared contact with the surrounding granite terrane.

    A total of 12 holes in the Penny South drill hole database reported granodiorite intersections, all of which were in the western side of the survey area, within the magnetic low corridor, along strike from the Penny West project. Many of the other drill holes within the magnetic low corridor lack logging information.

    Seven targets identified

    The company reported that seven targets were revealed from the interpretation of the high-resolution ground magnetic survey within the Penny South project. The summary descriptions of these seven targets, T1-T7 are as below.

    Priority targets identified

    Aldoro said that the targets T1, T2 and the adjoining greenstone unit containing granodiorite occurrences within the magnetic low corridor are the highest priority targets for immediate follow up. The company said that a 5,000m AC drilling program has been planned as a first pass along this target trend.

    Poorly tested by historic drilling

    The other target areas represent interesting magnetic or structural features, some showing similarities to the Youanmi Gold Mine area further to the north, that are often either untested or poorly tested by historic drilling. The company said that further work is planned to interpret and prioritise these as potential drill targets.

    The company said that a total of 652 historic drill holes have been identified across the Penny South tenement E57/1045; forming Aldoro’s database of the project. However, the target areas identified have generally either been untested or poorly tested by this historic drilling

    Next steps

    Aldoro reported that it has planned a 5,000m AC drill program to test the entire strike length of the target magnetic low corridor, with approximately 100 holes of 50m depth on 100m x 25m spacing.

    The company said that this first pass program aims to identify potentially shallow, previously unidentified gold mineralisation and/or equally as important, occurrences of granodiorite with associated pathfinder elements, indicative of a mineralised system, that would warrant deeper follow up drill testing.

    Aldoro said that it has lodged a Program of Work (POW) for this drill program that the company hopes to commence as soon as possible.

    ARN said that the planned exploration will include aircore and RC drilling. The company said that the exploration is at an early stage and future drilling areas will depend on interpretation of future results.

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    • Delayed Prices (USD) - Last Updated 29-06-2022
    • Gold $1,819.40
    • Silver $20.79
    • Platinum $909.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $121.88
    • Aluminium $2,495.50
    • Cobalt $72,400.00
    • Copper $8,417.50
    • Lead $2,003.50
    • Nickel $22,882.00
    • Tin $26,991.00
    • Zinc $3,318.00