Aldoro Resources (ASX:ARN) said assay results from diamond drilling confirm a significant south-west extension to the polymetallic discovery at the Kameelburg project in Namibia, comprising rare earth elements and molybdenum, according to a Friday ASX filing.
A "significant" intercept encountered during the drilling came in at 293 meters at 3.67% grade of total rare earth oxide-equivalent from 3 meters, comprising 2.1% grade of total rare earth oxides, 0.21% grade of niobium oxide, and 448 parts-per-million of molybdenum.
It is expecting to receive the remaining assays from the project in the coming weeks, and it plans to use them to compile a maiden mineral resource estimate for the project.
Its shares jumped 10% on market close on Friday.
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