ASX-listed Aldoro Resources Ltd has strengthened its exploration capabilities in Namibia through the acquisition of a Diamec Smart 8 fully hydraulic drill rig and associated equipment, valued at N$16.9 million (A$1.5 million).
The acquisition will be settled through the issuance of 3.75 million Aldoro shares at a price of N$4.51 (A$0.40) per share, subject to shareholder approval.
Aldoro said the purchase forms part of a drill-for-equity agreement with AMW Mining Pte Ltd, under which AMW will provide drilling services at rates up to 50% below prevailing Namibian market prices.
The arrangement also removes costs typically associated with mobilisation, standby and demobilisation.
“During the quarter, the company entered into a drill-for-equity agreement with AMW Mining Pte Ltd to advance drilling across the company’s high-grade Kameelburg REE–Niobium Project in Namibia,” Aldoro said.
“The agreement secures ownership of a Diamec Smart 8 fully hydraulic drill rig, establishing Aldoro’s in-country drilling capability and delivering significant cost and operational advantages.”
The Diamec Smart 8 rig is capable of drilling to depths of up to 1,500 metres per hole, enabling deep project appraisal and the collection of metallurgical samples.
The rig will play a central role in the expanded Phase II drilling programme at the Kameelburg REE–Niobium Project, which has been increased to include an additional 11,000 metres of appraisal and metallurgical diamond drilling.
Aldoro said the programme is designed to test model-predicted niobium enrichment at depth and along the western margins of the project area, with the aim of expanding the known mineral resource.
It will also focus on obtaining bulk core samples for beneficiation bench testing and pilot-scale optimisation, while generating data required for a formal upgrade of the project’s JORC Mineral Resource estimate.
The company said establishing in-country drilling capability will allow it to avoid complex environmental approvals often required for third-party drilling mobilisation, helping to streamline progress towards a feasibility study.
