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

Can the company’s shares rebound?

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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.

Should you invest $1,000 in Aldoro right now?

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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.

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