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Why is the Aldoro (ASX:ARN) share price rising today?

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The Aldoro Resources Ltd (ASX: ARN) share price is rising today after the miner completed its Fixed-Loop Electromagnetic (FLTEM) surveys at Narndee, confirming more bedrock conductors.

The Aldoro share price is up 4.48% to 35 cents per share.

Aldoro is an exploration company established to explore and develop gold and nickel mineral properties. Its projects include Ryans Find, Kalgarin, Cathedrals and Leinster, and other mineral projects, including Narndee. 

What Aldoro’s market update said

Aldoro’s FLTEM survey has been completed, with data being processed for its final report, which is expected in mid-April. Investors are getting in early, though, sending the Aldoro share price rising today.

Two high confidence walk-up, drill-ready targets have been confirmed, with another target confirmed as a very discrete bedrock conductor. 

The explorer will now conduct Moving Loop Electromagnetic (MLTEM) surveying over high-priority targets coincident with topographic highs to attain a clearer result. A site visit is also planned for field mapping (identifying gossans) and follow-up geochemical surveys.

Several of Aldoro’s targets are situated on pronounced bedrock highs, leading to some anomalous results.

The latter target produced a bedrock conductor near the surface for this broad anomaly, which was interpreted as clays/weathered materials.

A site visit and mapping and sampling exercise of these topographical highs will determine the degree of weathering to establish the presence, if any, of clays that may have led to spurious FLTEM readings.

Aldoro share price snapshot

Aldoro has a very small market capitalisation of just $24 million, and the Aldoro share price has been volatile. However, it’s still risen overall from just 8 cents in November last year to its current high.

It previously reached 33 cents in February this year but had crashed down to 19 cents by March, explaining the company’s cautious approach when it comes to anomalous findings in Narndee.

The Aldoro share price is also up 191.6% over the past 12 months, beating the basic materials sector. 

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Motley Fool contributor Lucas Radbourne-Pugh 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.

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