Aldoro Resources Limited (ASX: ARN) announced the identification of strong electromagnetic (EM) anomalies in the ground geophysical survey at Firefly and North Sinclair Prospects, Leinster Nickel Project.
At the Firefly Prospect, the survey detected an intense EM anomaly within a broad 1km scale anomaly which is considered to have a possible association with a high magnetic response unit. The company stated that looking to the strength of this anomaly it appears that high conductance is present in it and therefore a higher probability of a result of accumulations of sulphide minerals exists.
Moreover, the survey has discovered other less intense anomalies in the northern part of the target, and the company plans to undertake further investigation due to their spatial association with the larger anomaly.
On the other hand, at the North Sinclair Prospect, a broad anomaly in line has been detected which is reportedly interpreted to have a strong correlation with Weebo Ultramafic units along strike. Weebo is a host unit for nickel mineralization at the Talisman Mining’s owned Sinclair Project.
The company intends to prioritize zones for further investigation based on the nature of anomaly detected, and the detailed review of geochemical and geological data. This ground electromagnetic survey was commenced at the beginning of December and is expected to be completed by January 2019 with interpretations and data processing to be carried out in parallel with the survey.
The high magnetic responses that the geologists have received from Firefly prospect have also been seen previously and now using the historical data the company intends to refine the models for the conductors showing these high-strengthened electromagnetic anomalies.
The Leinster Nickel Project is located within the BHP’s Leinster Nickel mine complex in the northern goldfields of Western Australia. The project covers interpreted and mapped ultramafic units which have a spatial association with Talisman Mining’s Sinclair Nickel Project along strike. Leinster operations broadly include Rocky's Reward, Perseverance and Venus Deposits.
The EM survey employed by the company uses advanced, high powered moving electromagnetic loop techniques to identify conductive bodies within these prospective lithologies and define strong targets for drilling for 2019. Aldoro Resources said the EM crew is currently in the process of completing an extremely low frequency ‘sounding’ over the more intense anomalies to provide the actual strength and the morphology of the underlying conductor to be better characterized and modeled.
At the time of writing, 19 December 2018 (1:26 PM AEST), Aldoro Resources’ shares are trading flat. ARN last traded at $0.145 with a market capitalization of $5.15 million. However, in the past three months, ARN’s stock price has fallen by 30.95%.
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