Auroch Minerals halted with material acquisition news pending

Auroch Minerals Ltd (ASX:AOU) has a material acquisition announcement pending and has been granted a trading halt by the ASX. The halt will remain in place until the start of regular trading on Wednesday, November 11, 2020. or when an announcement is released to the market. Auroch has a market cap of approximately $48.6 million and shares last traded at 21 cents, a new high of almost three years, having risen from 6.6 cents at the market close on October 6. Diamond drilling The company is undertaking a diamond drilling program of 1,500 metres across the Valdez and Horn nickel sulphide prospects at Leinster Nickel Project in Western Australia to test high-priority targets. An initial drill-hole at Valdez tested a strong 7,000-14,000S down-hole electromagnetic (DHEM) conductor, which is coincident with fertile ultramafic flows in a modelled basal channel position. At the Horn Prospect, the diamond drilling will infill existing drill lines to validate historic high-grade nickel sulphide intercepts. Managing director Aidan Platel said: “We are very excited to be kicking off diamond drilling at our Leinster Nickel Project. “The step-by-step exploration strategy at the Valdez Prospect has consistently ticked the boxes in terms of the right characteristics for Kambalda-style nickel sulphide mineralisation, and hence the strong DHEM conductor we have identified there is a number one drill priority.” Validating Horn intercepts He said: “A review of the historic data at the Horn has revealed some exceptional high-grade nickel sulphide intercepts at shallow depths that we will look to validate and build upon with this drill program. “The review has also highlighted a structural control on the mineralisation that opens up kilometres of the previously untested strike to the Horn, as well as identifying some strong historic DHEM conductors that are priority targets for drill testing. “Both prospects have great potential to host significant nickel sulphide mineralisation and we are eager to see what results from this program will deliver. “West Core Drilling Pty Ltd has significant experience in the Goldfields region and has been awarded the contract to complete the diamond drill program,” he added. Auroch is planning further drilling to test the strike extents with a reverse circulation (RC) drill program scheduled early next year.