Aldoro Resources Ltd (ASX:ARN) has two new reasons to celebrate after completing the transfer of three Exclusive Prospecting Licences for the Kameelburg Rare Earths Project in Namibia and generating proceeds of $1.54 million from the sale of shares in Aurum Resources Ltd (ASX:AUE).
Namibia’s Ministry of Mines and Energy has approved the transfer of Kameelburg Prospecting Licences EPL 7372, 7373 & 7895 to the Aldoro JV operating company Kameelburg Exploration Mining (Pty) Ltd from Logan Exploration & Investments CC.
This transfer follows the successful licence renewal of the Kameelburg licences in August 2024.
READ: Aldoro Resources has Kameelburg Exploration Licences renewed
Drilling planned
The three EPLs make up the entire Kameelburg Project, spanning 1,017 square kilometres.
The company said the renewal and transfer enabled it to progress exploration drilling activities with the goal to unlock full value of the giant Kameelburg carbonatite, which is within EPL 7373.
A 2,000-metre maiden drilling program has been designed, targeting high-grade niobium dykes and high-grade REE at the southwest periphery of the large carbonatite.
Parcel of shares sold
The company’s bank balance has also received a boost on selling circa 3.5 million shares in Aurum Resources, which generated proceeds of $1.54 million net of brokerage commissions.
Aldoro retains 1,545,592 shares in the fellow ASX-listed African explorer which holds the Boundiali Gold Project in Côte d’Ivoire.
This transaction further improves Aldoro’s position and follows a successful loyalty option entitlement offer to shareholders and subsequent shortfall placement which raised $673,119 before costs.
READ: Aldoro Resources transitioning board as momentum builds at Kameelburg Niobium and REE Project