Aldoro Resources posts maiden JORC resource for rubidium-lithum play at WA Niobe project
Resource based on first two phases of drilling; phase 3 diamond drill run already in the works
Source: Unsplash
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KEY POINTS
- Aldoro posts maiden JORC of 8,060 tonnes of rubidium and 3,080 tonnes of lithium; one of the highest grade rubidium deposits globally
- One tonne of rubidium is currently fetching over US$1m on world markets
- Mineralisation remains open at depth allowing for future upgrades to resource; phase 3 diamond drilling already planned to go ahead
Aldoro Resources (ASX:ARN) is up 10% in early afternoon trade as the company posts its maiden JORC resource at the Niobe rubidium-lithium project in the Murchison region of WA.
Niobe is located some 70km from Mt. Magnet, a well established mining province. Aldoro’s Niobe now boasts a resource of over 8,000 tonnes of rubidium and over 3,000 tonnes of lithium.
A tonne of rubidium currently fetches over US$1m, and the price is expected to rise further as the rubidium market grows at 4% between 2022 and 2027, according to Mordor Intelligence.
Rubidium, like lithium, is a component of EV batteries. However, rubidium is also used in the manufacturing of solar panels, it is an important element of batteries outside of lithium-ion batteries (like those containing cadmium,) and is also used in the manufacture of medical tech and telecoms equipment.
Feasibility study launched; phase 3 drilling on the way
Aldoro believes that its rubidium deposit, in particular, is one of the highest grade deposits in the world, and is now moving ahead with a development feasibility study launched today.
In the background, phase 3 diamond drilling has been planned to commence on-site to further grow the resource size and upgrade classification from ‘inferred’ to a higher level of confidence.
The company’s geotechs believe broad mineralisation is still present under the surface, meaning the JORC could very well be upgraded on the horizon; Ashmore Advisory completed the inferred resource.
No shortage of pegmatites; testwork underway
Back in early August, the company hit over 250m worth of pegmatite intersections in its phase 2 RC drill run.
The resource published today is based on the results of 115 RC drill holes (phase 1 and phase 2) totalling 7,318m of core equivalent.
A historical tranche of drillholes, totalling 40 in number, was also used.
From those drillholes, samples are currently being advanced for metallurgical testwork by Dr. He at a university in Changsha, China. Dr. He has recently completed projects for five other rubidium-lithium mines in China.
Aldoro's six month charts show a gradual recovery of sentiment since June-July
