The Aldoro resources share price is soaring more than 137% higher today after the company announced an update to its Narndee project.
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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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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.