The drill went into overdrive as the Aldoro Resources Ltd (ASX: ARN) share price jumped up by as much as 34% in intraday trade on Tuesday. 

The ASX lithium share closed at 26.5 cents a share, a 20.45% gain after hitting an intraday high of 29.5 cents apiece.

The rally was likely sparked by the company releasing an update on its drilling programme at the Wyemandoo Critical Metal Project in Western Australia.

Drilling results

Aldoro identified key lithium-rubidium targets after completing a total of 29 RC holes for 3,198 metres that ranged from 84 to 201 metres in depth. These holes intersected pegmatites at a range of intervals, the company said.

Aldoro advised many of these intersections have been interpreted as moderately dipping dykes orientated to the northwest or flat-lying sills. 

Quarterly results 

Aldoro has built solid momentum after releasing its quarterly results for the three months ended June 2022 on 27 July.

This update provided a substantial list of drilling results. One key highlight was the engagement of pegmatite processing expert Professor Zhiguo He.

He is conducting a commercialisation review that's expected to take eight months. The company said an initial shipment of ~300 kilograms of sample ore has been consigned to Professor He in China.

Also in last month's update, the company advised it had completed a placement of 9.2 million shares priced at 25 cents, raising a total of $2.3 million. 

The purpose of this capital raising was to provide funds to progress the drill program at the Wyemandoo Rb-Li Project. 

This may be why the Aldoro share price has been on a rally of late.

Aldoro share price snapshot

In the last 12 months, this ASX lithium share has fallen by 51%, shedding 36% year to date.

By comparison, the S&P/ASX 200 Index (ASX: XJO) has dropped 7% in a year and 5.6% in 2022 so far.

Aldoro has a market capitalisation of $26.4 million at the time of writing. 

The post This ASX lithium explorer just had a new find, and its share price rocketed 20% appeared first on The Motley Fool Australia.

Below we take a look at the ASX resource explorer's mineral results that look to be driving investor interest.

What did Aldoro report?

Aldoro's share price is soaring after the company reported it may have uncovered "world class" rubidium potential at its Niobe Project in Western Australia.

The company said it had re-evaluated the Niobe Project, which has been mined for tantalum, with historical rubidium oxide (Rb2O) of up to 1.09% analysed from reverse circulation (RC) drill holes conducted in the mid-1980s.

According to the release, the exploration target of approximately 33,000-150,000 tonnes held grades ranging 696-1,457 parts per million (ppm) rubidium oxide (Rb2O) over an area of 80 metres by 65 metres of detailed historical drilling.

The Aldoro share price could also be getting a boost with the report that this area is less than half the total mapped section of the Niobe pegmatite, with the rest as yet untested.

Management commentary

Commenting on the results, Aldoro chairman Joshua Letcher noted:

It seems that the potential resources of the Niobe Rb project of Aldoro Resources Limited may be in the same order with the Tiantongshan rubidium deposit with analyses of Rb2O>1.5% and is associated with other valuable elements, such as lithium, caesium and tantalum.

Letcher was referring to the Tiantongshan rubidium deposit discovered in China's Guangdong province in 2019. According to Letcher, that had Rb20 resources of more than "100,000 tonnes at the average grade 0.109% Rb2O … the biggest Rb deposit in the world".

Aldoro noted that its Niobe prospect rubidium potential was approximate and at this time remained "conceptual in nature". It is uncertain if future exploration will result in the estimation of a mineral resource.

Pending the approval of a works program, Aldoro intends to start drilling at its Niobe Project in late September.

Aldoro share price snapshot

Over the past 12 months, the Aldoro share price has gained 568% compared to a gain of 23% posted by the All Ordinaries Index (ASX: XAO).

Year-to-date, Aldoro's share price has continued to charge higher, up 256% in 2021.

The post Why the Aldoro (ASX:ARN) share price is rocketing 26% today appeared first on The Motley Fool Australia.

The Aldoro Resources Ltd (ASX: ARN) share price has come out of a trading halt this morning to plummet in the hours after. This comes after the mining exploration company announced the drillings results at the Narndee Igneous Complex (NIC) project.

At the time of writing, Aldoro shares are fetching for 54 cents, down a sizable 11.48%.

What were the results?

According to its release, Aldoro reported its findings on the third and fourth drilling holes at the VC1 target.

Located within the NIC, the VC1 target is 90 kilometres south-southwest of Mount Magnet in Western Australia.

Aldoro stated that both holes intersected massive, semi-massive, blebby, and veined nickel-copper sulphides.

The third hole (NDD0003) came across approximately 1.9 meters of massive sulphide from a depth of 111.6 metres to 113.5 metres.

In addition, the fourth hole (NDD0004) discovered 0.9 meters of massive sulphide, and several broad zones of disseminated and blebby sulphides ranging from 102.5 meters to 273 meters.

Aldoro noted that the results are very encouraging and will provide powerful targeting tools for future drilling at VC1.

As such, the company is planning for follow-up drilling primarily guided by Downhole EM (DHTEM) surveying. The DHTEM survey crew is currently on site to survey all the holes at VC1 to refine drilling targets. In total there are 5 holes to DHTEM survey.

The drill rig will move to the VC3 target to drill a single hole, while DHTEM surveying is being completed.

About the Aldoro share price

Aldoro is a mineral exploration and development company focused on gold and nickel in Western Australia. The company has been listed on the ASX since September 2018.

Despite today's steep drop, Aldoro shares have stormed 360% higher over the last 12 months. The company's share price is up 220% in 2021 alone, reaching an all-time high of 67 cents earlier this month.

Based on today's price, Aldoro presides a market capitalisation of roughly $43.3 million, with close to 81 million shares outstanding.

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Aldoro Resources Ltd (ASX: ARN) shares were booming today after the company announced it has commenced drilling at its Narndee project. By the market's close, the Aldoro share price was trading 8.2% higher at 33 cents.  

Let's take a closer look at the gold and nickel miner's latest news. 

Drilling kicks off

The Aldoro share price had a bumper day after the company announced frontline drilling at its 100%-owned project site has begun. Aldoro advised that the drilling was being undertaken in areas where it's already found "high confidence" anomalies, with fixed loop electromagnetic surveys. It's also secured a diamond drilling contractor, which it expects to be on-site in June.

Aldoro is targeting a 5,000-metre program at Narndee, near Cooladar Hill in Western Australia, with the ability to increase its program size if it receives promising results. The current drilling is focused on three confirmed target sites within that zone.

The company says its initial drilling holes will also act as "dual-purpose inspection holes" to gauge the suitability of those targets for further down-hole transient electromagnetic surveys.

The Narndee project is situated on clay bedrock, which has the possibility to produce misleading results. 

These surveys improve the accuracy of any future drilling locations, reducing the risk of expensive drilling in redundant targets. The original surveys were conducted by independent geologists from Southern Geoscience Consultants.

Aldoro is also in the process of finalising a gradient array (GAIP) survey. GAIP is an electrical geophysical technique that has the ability to identify disseminated sulphide mineralisation, a type of ore that often contains copper and zinc deposits.

Background

Aldoro shares listed on the ASX in September 2018. The company conducts mineral exploration and development and has a collection of gold and nickel-focused advanced exploration projects all located in Western Australia.

The Narndee Igneous Complex, which comprises the project Aldoro has just begun drilling, is its flagship drilling region. The company has previously found it to be "highly prospective" for nickel, copper and platinum group (platinum, palladium, rhodium) mineralisation.

The company's other projects include the Cathedrals Belt Nickel Project near Mount Alexander in WA and four separate gold tenements, which are currently under company review.

Aldoro share price snapshot

The Aldoro share price appears to be finding steady ground over the past two weeks after doubling between early March and mid-April. On 19 April, the company's shares hit an intraday high of 45.5 cents before gradually retreating to their current levels. Aldoro shares have also gained more than 100% so far in 2021. 

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The Aldoro Resources Ltd (ASX: ARN) share price is rising today after the miner completed its Fixed-Loop Electromagnetic (FLTEM) surveys at Narndee, confirming more bedrock conductors.

The Aldoro share price is up 4.48% to 35 cents per share.

Aldoro is an exploration company established to explore and develop gold and nickel mineral properties. Its projects include Ryans Find, Kalgarin, Cathedrals and Leinster, and other mineral projects, including Narndee. 

What Aldoro's market update said

Aldoro's FLTEM survey has been completed, with data being processed for its final report, which is expected in mid-April. Investors are getting in early, though, sending the Aldoro share price rising today.

Two high confidence walk-up, drill-ready targets have been confirmed, with another target confirmed as a very discrete bedrock conductor. 

The explorer will now conduct Moving Loop Electromagnetic (MLTEM) surveying over high-priority targets coincident with topographic highs to attain a clearer result. A site visit is also planned for field mapping (identifying gossans) and follow-up geochemical surveys.

Several of Aldoro's targets are situated on pronounced bedrock highs, leading to some anomalous results.

The latter target produced a bedrock conductor near the surface for this broad anomaly, which was interpreted as clays/weathered materials.

A site visit and mapping and sampling exercise of these topographical highs will determine the degree of weathering to establish the presence, if any, of clays that may have led to spurious FLTEM readings.

Aldoro share price snapshot

Aldoro has a very small market capitalisation of just $24 million, and the Aldoro share price has been volatile. However, it's still risen overall from just 8 cents in November last year to its current high.

It previously reached 33 cents in February this year but had crashed down to 19 cents by March, explaining the company's cautious approach when it comes to anomalous findings in Narndee.

The Aldoro share price is also up 191.6% over the past 12 months, beating the basic materials sector. 

The post Why is the Aldoro (ASX:ARN) share price rising today? appeared first on The Motley Fool Australia.

The Aldoro Resources Ltd (ASX: ARN) share price soared more than 173% to 26 cents today before dropping back to 22.5 cents at the time of writing. The surge in the Aldoro share price is defying the wider market selloff and came after the company released an update about its Narndee project in Western Australia.

What was in the announcement?

According to Aldoro, it has commenced exploration at its Narndee project, which will take place from now into 2021. Aldoro Resources stated that it has been reviewing the project, along with historical data, and is set to commence exploration. The company will commence exploration work with an electromagnetic survey, set to take place in November. Following the electromagnetic survey, groundwork will commence in order to define drill targets for late 2021.

Aldoro stated that it will use modern exploration techniques in order to search for nickel and copper deposits. The announcement stated that "Aldoro holds 100% of the basal ultramafic portion of the complex around Narndee". Aldoro Resources holds a tenement of approximately 306km² in the area. 

According to the company, previous exploration conducted by Falconbridge revealed widespread nickel, copper and platinum anomalies of up to 6,190 parts per million of nickel, 672 parts per million of copper and 595 parts per billion of platinum and palladium. 

About the Aldoro share price

Aldoro Resources is a mineral exploration and development company with assets in Western Australia. The company has been listed on the ASX since 2018.

Earlier in October, Aldoro announced it had completed drilling at its Unaly Hill South project with assay results pending. The 56 drill holes were targeting gold and totalled 3,422 metres. 

In the quarter to 30 June 2020, the company spent $294,000, mostly on exploration. Aldoro Resources had cash on hand of $2.5 million at 30 June, however, it raised $1.19 million after the end of the June quarter.

After today's impressive rally, the Aldoro share price is up 246.14% from its 52-week low of 6.5 cents and has increased 32.35% since the beginning of the year. The Aldoro Resources share price is up 25% since this time last year.

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