Mr. Jeremy Caddy reports
DRILLING IN AUGUST AT MARTIN'S WELL IRON ORE PROJECT
Aldershot Resources Ltd. has released an update on its corporate affairs. Further to its news in Stockwatch on March 5, 2010, about signing the joint venture agreement with Strategic Minerals Corporation NL (ASX: SMC) of Perth, Western Australia, covering SMC's exploration Licence 3508 at Martin's Well in South Australia, Aldershot has:
- Completed a new airborne radiometric-magnetic survey over the Willippa dome;
- Remodelled the magnetic anomaly;
- Obtained the required government approvals to drill test the magnetic anomaly;
- Signed a work area clearance agreement and completed a heritage survey with the traditional owners.
Aldershot is awaiting the heritage report and approvals from the traditional owners before commencing the drilling program in August, 2010.
The detailed (50-metre line spacing) airborne survey was designed to better resolve the shape of the magnetic anomaly and allow better positioning and design of the drill holes to test the anomaly. The survey showed the magnetic anomaly to coincide with the outcrop of the Howilena ironstone on the southern limb of the Willippa dome.
Two inclined diamond holes about 250 m deep have been planned to test the source of the anomaly. The planned holes are about one kilometre southeast of the Willippa No. 1 stratigraphical hole which was abandoned at 129 m.
Under the terms of the joint venture agreement, Aldershot may acquire a 70-per-cent interest by expending $250,000 (Australian) over a period of two years. Upon the company completing its expenditure commitment, Aldershot and SMC shall associate in an unincorporated joint venture for the purpose of exploring and, if warranted, developing and mining the tenement for minerals.
We seek Safe Harbor.