Aldoro Resources, Pantoro Gold and Mithril Silver & Gold fire up
Brought to you by BULLS AND BEARS
Doug Bright
Bulls N’ Bears Big Hits examines the notable drilling catches recently reported to the ASX, led by Aldoro Resources’ massive 503.98 million critical metal intercept in Namibia. Pantoro Gold also yielded up to 189.84 g/t gold at Norseman, while Mithril reached 7 g/t gold and 370 g/t silver over 9.65 m at Copalquin in Mexico. So let’s dive in.
ALDORO RESOURCES (ASX: ARN)
Project: Kameelburg rare earths, strontium and niobium project, Namibia.
Hit: 503.98 m from the surface at 1.30% TREO, 4.01% strontium carbonate, 0.17% niobium pentoxide and 190 ppm molybdenum.
Aldoro Resources lit up the Namibia Kameelburg project with a massive diamond drill stroke that cut through 503.98 meters of continuously mineralized surface.
The hole in the eastern flank of the carbonatite contained an average of 1.30 percent total rare earth oxide (TREO), 4.01 percent strontium carbonate, 0.17 percent niobium pentoxide, and 190 parts per million molybdenum.
The half-kilometre drill intercept is one of the longest mineral core drillings reported from the project to date and reinforces the continuity and scale of the system.
More broadly, the company highlighted two high-ranking regions that will fuel the next resource update.
These include a 129 m upper zone containing 1.67 per cent TREO and 4.91 per cent strontium carbonate, and a 27 m lower zone running 2.39 per cent TREO containing 6.3 per cent strontium carbonate at the bottom of the hole.
In particular, the high-grade mineralization at the bottom of the hole remains open at depth, signaling additional growth potential.
Supporting this drilling success, Aldoro this week also announced a major upgrade at the Kameelburg mineral resource, based on 29 diamond drillings in two phases, totaling 12,044 m of drilling.
The upgrade yielded a massive mined mineral resource of 597.07 million tonnes (Mt) equivalent to 2.49 percent TREO; this includes a higher-grade component of 312.65 Mt equivalent to 2.87 percent TREO.
TREO equivalence is derived from the combined average grades of 1.19 percent TREO, 0.20 percent niobium pentoxide, and 205 ppm molybdenum at a 0.5 percent TREO cutoff grade.
The new resource estimate represents a 15 percent increase in tonnage over the company’s September 2025 figures.
In the old “but wait, there’s more” part, a standout complement to the TREO resource came with the inclusion of a first, which the company says is the largest known strontium resource worldwide, understood to be 596.01 Mt at 2.17 percent strontium carbonate.
Aldoro’s strontium metallurgical test work yielded encouraging results, with up to 98.96 percent strontium extraction achieved in just two hours at ambient temperature.
The highest value uses of strontium are in medicine, particularly in cancer treatment, adding another strategic perspective to the company’s already unusual mix of critical minerals.
Aldoro also reported that drilling is continuing from a second hole on the northern flank of the carbonatite, targeting the outer boundaries of the system. The hole intersected a 19 m niobium-rich zone at 0.41 percent niobium pentoxide, along with intervals bearing additional rare earths and strontium.
Although not as headline-grabbing, the results helped define the northeastern boundary of the mineralized envelope and suggest that the niobium-bearing zone extends beyond the high-grade rare earth core.
With results from the remaining stage two hole and another resource update marked for June, Aldoro is strengthening the globally significant, multi-product critical mineral system that includes rare earths, strontium and niobium.
PANTORO GOLD (ASX:PNR)
Project: Norseman gold project, Western Australia.
Hit: Including 8 million 28.68 grams/ton of gold, 1 million 189.84 grams/ton of gold.
Pantoro Gold has outlined a high-grade discovery at the Racetrack target on the Norseman Home Field in Western Australia, with the potential to yield a large cluster of impressive gold captures that could add a new ore resource for the company’s OK Underground Mine. Early drilling identified a high-grade zone along the existing 400-metre strike length, extending from near surface to a depth of approximately 600 meters and located just 600 meters north of existing mine infrastructure.
Initial drilling at the Racecourse headlined 8 million 28.68 g/t gold; This included 1 million tonnes tested at a stunning 189.84 g/t – or more than six ounces of gold – per tonne. A second hole returned 5m of 28.73g/t gold, including 2m of 68.05g/t gold.
The company also reported another high-grade run of 2.01m at 82.99g/t gold, including 1 million 165g/t gold, as well as a number of additional hits from related spreads and parallel structures. Such grades, combined with the scale of the structure identified so far, suggest that Pantoro may be a serious new high-grade location rather than a one-off mineralized capsule.
Geologically, the Raceway is interpreted as a cross-connecting structure running east-northeast between Mararoa Reef and Crown Reef. The company says this could be similar to the nearby Bullen Reef, which has historically yielded more than 500,000 ounces of gold.
This comparison is important because Bullen-style cross structures are known to host robust, high-grade shoots in Norseman. Pantoro’s current interpretation is that the Racecourse was in a near-vertical position near the surface before flattening to the south at approximately 60 degrees, with a high-grade zone now emerging extending westward from the initial widely spaced drilling pattern.
The target has so far been tested in a nominal drilling pattern of 200 meters by 80 meters, so the market is still looking at a relatively early stage picture. Despite this, the area remains open to the east and downstream, and Pantoro says there is about 1km of attack yet to be tested between the current Speedway results and Mararoa Reef.
Importantly, the discovery lies close enough to existing OK Underground infrastructure to offer a potentially low-cost path to production if continuity and tonnes increase following further drilling.
A larger background also helps. Pantoro’s Norseman project currently carries total mineral resources of 4.6 million ounces and ore reserves of 859,000 ounces; It has a 1.2 Mtpa processing facility and a corporate growth strategy that initially targets 100,000 ounces per year before expanding to over 200,000 ounces per year.
Against this backdrop, Racetrack appears to be a high-grade growth wild card and could become materially significant if infill and expansion drilling can convert the discovery into mineral resources and ounce reserves.
MITHril (ASX: MTH)
Project: Copalquin silver-gold project, Durango State, Mexico.
Hit: Including 9.65 m at 7 g/t gold and 370 g/t silver from 271.4 m, including 0.5 m at 30.7 g/t gold and 1780 g/t silver.
Mithril Silver and Gold continued to strengthen its case for a meaningful resource upgrade at Copalquin in Mexico’s Durango State, delivering a new batch of solid high-grade silver-gold drill results from the Target 1 zone ahead of a planned mineral resource estimate update in late June.
The notable result came from a hole 230 m west of the current resource envelope; 7 g/t gold was recovered from this hole and 370 g/t silver was recovered from 271.4 m; This confirmed that previously halted high-grade mineralization continued approximately 300 m west of the 2021 resource boundary.
At this larger interval the same hole contained 2.75m at 8.58g/t gold and 486g/t silver from 271.4m; this includes 0.95 m at 15.15 g/t gold and 980 g/t silver.
It also included a further 3.25m of 11.52g/t gold and 596g/t silver from 275.8m; this includes a strong 30.70 g/t gold and 0.50 m at 1780 g/t silver.
Mithril says the hole opened 50 meters from the high-grade intercepts reported last year and, more importantly, plunges approximately 300 meters west and downstream from the original Target 1 mineral resource footprint.
This means that the result does more than just add a flashy intervention to the board; pushing the western boundaries of the known resource envelope and potentially supporting a meaningful expansion in a future update.
The final drilling wasn’t just about the cap hole either. A second hole drilled in the resource footprint yielded 3.45m from 153.9m to 12.09g/t gold and 249g/t silver, including 0.85g/t gold and 327g/t silver from 156m.
This is important because Copalquin’s 2021 initial resource at Target 1 has already outlined an indicated resource of 691,000 tonnes at 5.43 g/t gold and 114 g/t silver.
This initial resource envelope also includes an estimated resource of 1.725 million tonnes at 4.55 g/t gold and 152 g/t silver for 252,000 ounces of gold and 8.4 million ounces of silver at a cut-off grade of 2 g/t gold equivalent.
The company’s current campaign is designed to boost confidence and expand its mineral footprint beyond its initial resource frontier; Tighter drilling is expected to improve the geological model ahead of the June update.
Beyond the immediate resource study, Mithril introduces Copalquin as a true district-scale epithermal silver-gold system; This view is supported by more than 100 historical underground works scattered over 70 square kilometers of land.
The company has planned drilling of up to 25,000 m in the first six to eight months of 2026. As we move towards new targets through mapping, sampling, LiDAR and geophysics, the recently added La Dura property offers additional brownfields.
But for now, the market’s near-term focus will likely remain on the Target 1 resource update in June and whether the mineralization described in the headline will translate into a meaningful rise in gold and silver ounces.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
