A$2.4 Million Raising To Support 10,000m Campaign
Aldoro Resources Limited (ASX:ARN) has elected to expand the current drilling programmer at Narndee in Western Australia to 10,000m.
Chairman, Joshua Letcher, said to ensure the company is adequately funded to continue drilling on an uninterrupted basis beyond 10,000+ meters, Aldoro has agreed to conduct a placement to raise $2.4 million.
“Given the competitive drilling services landscape and the initial results from our first diamond drillhole at Narndee, NDD0001, the Board has taken a proactive approach in moving to secure a second drill rig for the Narndee project and allow it to increase the current program to 10,000m,” Mr Letcher said.
“The company has also moved to bolster its funding flexibility with a $2.4 million Placement which will, subject to results, allow it to increase the drilling programme at Narndee beyond 10,000m Upon completion of the Placement cash reserves will increase to circa $6.2 million with an additional $1.2 million receivable to come following completion of the Aurum Resources spin-off”
Xcel Capital is acting as lead manager to the Placement.
The company recently reported that the first hole in the current drill programme at Nardee had intersected approximately 1.7m of massive to semi-massive sulphide.
Aldoro Resources’ flagship project is the Narndee Igneous Complex, which is prospective for Ni-Cu-PGE mineralisation.
For further information please visit: https://www.aldororesources.com/
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