Aldoro Resources Secures Kameelburg Licences, Raises Over One Million

2 min read | October 21, 2024 03:22 PM AEDT | By Team Kalkine Media

Google News:

Aldoro Resources Secures Kameelburg Licences, Raises Over One Million — Image source: Shutterstock

Recent News

3 Best ASX Dividend Stocks Supported by Strong Margins

Electro Optic Systems (ASX:EOS): Are Defence Wins Fueling a Bigger Gro...

Why More Australians Are Rethinking Term Deposits As Rates Pause

ImpediMed (ASX:IPD): Why Has This Healthcare Stock Suddenly Grabbed At...

Make Kalkine Media
My Trusted Source

Highlights

Aldoro Resources Ltd completes transfer of Kameelburg licences in Namibia.

Raised $1.54 million from Aurum Resources Ltd share sale.

Exploration drilling for rare earth elements and niobium underway.

Aldoro Resources Ltd (ASX:ARN) has achieved two major milestones recently, with the successful transfer of three Exclusive Prospecting Licences (EPLs) for the Kameelburg Rare Earths Project in Namibia and the generation of $1.54 million from selling shares in Aurum Resources Ltd (ASX:AUE).

The Namibian Ministry of Mines and Energy approved the transfer of EPL 7372, 7373, and 7895 to Aldoro’s joint venture company, Kameelburg Exploration Mining (Pty) Ltd, which had previously been held by Logan Exploration & Investments CC. These EPLs make up the entire Kameelburg Project, which spans an area of over 1,000 square kilometers and is known for its potential in rare earth elements (REE) and niobium resources.

The transfer comes after the Kameelburg licences were successfully renewed in August 2024, marking a significant step forward in Aldoro’s exploration activities. The renewal and transfer allow the company to move forward with its planned exploration work, focusing on the large carbonatite deposit within EPL 7373. Aldoro is gearing up for a 2,000-meter maiden drilling program that aims to assess the high-grade niobium dykes and REE concentrations on the southwestern side of the carbonatite.

In addition to these developments, Aldoro Resources strengthened its financial position by selling approximately 3.5 million shares in Aurum Resources, generating $1.54 million in proceeds, net of brokerage commissions. While this transaction added to the company's cash reserves, Aldoro still holds 1,545,592 shares in Aurum Resources, which has interests in the Boundiali Gold Project in Côte d'Ivoire. This move comes after a successful loyalty option entitlement offer to shareholders, followed by a shortfall placement that raised an additional $673,119 before costs.

These developments reflect Aldoro Resources Ltd's ongoing progress in both its exploration ventures and financial strategies, positioning the company for further growth in the sector.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.