The ASX resource explorer reported potential world class mineral results.
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 is off to the races today, up 25.88% to 54 cents in early afternoon trading.
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.
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.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.