Aldoro Resources (ASX:ARN) share price slides 11% despite drilling update

Can the company's shares rebound?

| More on:
Miner standing at quarry looking upset

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Aldoro Resources Ltd (ASX: ARN) share price has come out of a trading halt this morning to plummet in the hours after. This comes after the mining exploration company announced the drillings results at the Narndee Igneous Complex (NIC) project.

At the time of writing, Aldoro shares are fetching for 54 cents, down a sizable 11.48%.

What were the results?

According to its release, Aldoro reported its findings on the third and fourth drilling holes at the VC1 target.

Located within the NIC, the VC1 target is 90 kilometres south-southwest of Mount Magnet in Western Australia.

Aldoro stated that both holes intersected massive, semi-massive, blebby, and veined nickel-copper sulphides.

The third hole (NDD0003) came across approximately 1.9 meters of massive sulphide from a depth of 111.6 metres to 113.5 metres.

In addition, the fourth hole (NDD0004) discovered 0.9 meters of massive sulphide, and several broad zones of disseminated and blebby sulphides ranging from 102.5 meters to 273 meters.

Aldoro noted that the results are very encouraging and will provide powerful targeting tools for future drilling at VC1.

As such, the company is planning for follow-up drilling primarily guided by Downhole EM (DHTEM) surveying. The DHTEM survey crew is currently on site to survey all the holes at VC1 to refine drilling targets. In total there are 5 holes to DHTEM survey.

The drill rig will move to the VC3 target to drill a single hole, while DHTEM surveying is being completed.

About the Aldoro share price

Aldoro is a mineral exploration and development company focused on gold and nickel in Western Australia. The company has been listed on the ASX since September 2018.

Despite today's steep drop, Aldoro shares have stormed 360% higher over the last 12 months. The company's share price is up 220% in 2021 alone, reaching an all-time high of 67 cents earlier this month.

Based on today's price, Aldoro presides a market capitalisation of roughly $43.3 million, with close to 81 million shares outstanding.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. 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.

More on Share Market News

Shot of a young businesswoman looking stressed out while working in an office.
Industrials Shares

This ASX share is tumbling 13% on reduced earnings forecast

Earnings are expected to fall in the first half, much to the dismay of the market.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Mergers & Acquisitions

Guess which ASX All Ords stock just rocketed 23% on a $1.2 billion offer

Investors are piling into the ASX All Ords stock amid a $1.2 billion takeover bid.

Read more »

Excited group of friends sitting on sofa watching sports on TV and celebrating.
Technology Shares

Why today is a big day for Pro Medicus shares

Records are being broken by this share on Monday. What's going on?

Read more »

A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.
Opinions

3 reasons the GQG share price looks like a buy to me

Here’s why the fund manager could be good value.

Read more »

Young man looking afraid representing ASX shares investor scared of market crash
Share Market News

These are the 10 most shorted ASX shares

Let's see which shares short sellers are targeting this week.

Read more »

Happy man working on his laptop.
Share Market News

5 things to watch on the ASX 200 on Monday

A good start to the week is expected for Aussie investors. Here's what is happening.

Read more »

Woman in celebratory fist move looking at phone
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Broker Notes

These ASX 200 shares could rise 20% to almost 30%

Analysts are tipping these shares to deliver big returns over the next 12 months.

Read more »