Aldoro has secured an interpreted pegmatite fairway at its Wyemandoo project. Pic: via Getty Images
Aldoro secures hold over pegmatite fairway at Mt Magnet
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Aldoro has picked up a licence that completes efforts to secure an interpreted pegmatite fairway at its Wyemandoo project in WA’s Mt Magnet region.
The acquisition of E58/555 from Trafalgar Resources adds to the E59/2431, E58/571 and E57/1017 licences that it acquired over the past four months.
Aldoro Resources (ASX:ARN) previously noted that pegmatites at the project generally trend northeast and can strike over 1,000m in length while varying from 1m to 20m in outcrop width.
“The acquisition of E58/555 completes the acquisition of the interpreted pegmatite corridor based on known occurrences and regional boundaries,” chairman Joshua Letcher said.
“We know the fractioned pegmatites reside in the greenstones, so the granite to the east and south is one boundary with the western boundary dictated by the layered gabbros that the pegmatites are located in.”
Samples from the Wyemandoo pegmatite returned top grades of 0.80% rubidium and 0.81% lithium.
The company previously flagged that it will complete systematic rock chip and soils sampling programs and detailed mapping over the Wyemandoo pegmatite swarm.
This will identify the most prospective zones for drill targeting and locate pegmatite strike extensions and occurrences under soil cover.
Acquisition terms
Aldoro is paying Trafalgar $50,000 in cash and 275,000 shares to acquire E58/555.
This is subject to the completion of financial, legal and technical due diligence to its satisfaction.
This article was developed in collaboration with Aldoro Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
