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- Aldoro Resources (ARN) to purchase Trafalgar Resources’ interest in E58/555 located in the Mt Magnet area of Western Australia
- For the tenement, Aldoro has agreed to pay $50,000 in cash and issue 275,000 shares to Trafalgar
- This purchase will expand the company’s Windimurra Pegmatite
- On market close for the day, Aldoro Resources was up 3.90 per cent and trading at 40 cents per share
Aldoro Resources (ARN) has agreed to purchase Trafalgar Resources’ interest in E58/555 located in the Mt Magnet area of Western Australia.
This purchase will expand the company’s Windimurra Pegmatite.
For the tenement, Aldoro has agreed to pay $50,000 in cash and issue 275,000 shares to Trafalgar.
However, the deal is subject to a number of conditions, including financial, legal and technical due diligence by Aldoro.
Commenting on the purchase is Chairman John Letcher.
“The acquisition of E58/555 completes the acquisition of the interpreted pegmatite corridor based on known occurrences and regional boundaries,” Mr Letcher said.
“We know the fractioned pegmatites reside in the greenstones, so the granite to the east and south is one boundary with the western boundary dictated by the layered gabbros that the pegmatites are located in.”
Last month, the company returned high grade rock chip samples for its Narndee and Wyemandoo targets.
Twenty samples were collected from the Wyemandoo Pegmatite Swarm (WPS), Narndee Igneous Complex (NIC) and Quandong Well VHMS (QVM) targets.
All samples returned high anomalous results that need following up by the company.
At market close for the day, Aldoro Resources was up 3.90 per cent and trading at 40 cents per share.
