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In a dual market announcement to the Australian Securities Exchange, Andromeda Metals Limited (ASX: ADN) has reported increased mineral resources for the Wudinna Gold Project located on the Eyre Peninsula. Andromeda also stated that it is set to commence an extensive aircore drilling program at Poochera Halloysite?Kaolin Project this week.
Increased Mineral Resources for the JV Wudinna Gold Project has been reported to 4.43 million tonnes at 1.5g/t gold for 211,000 ounces of gold. This project, focused on gold mineralisation, is located on the Eyre Peninsula in South Australia and is operated under the joint venture with London Stock Exchange Limited Cobra Resources PLC, an operator to the JV.
ADNâs Managing Director James Mash commented, âIt is a very positive development to have Cobra Resources undertaking new exploration at the Wudinna Gold Project while the current focus for Andromeda Metals remains the Poochera Halloysite?Kaolin Projectâ.
The revised Mineral Resource covering the Barns, White Tank and Baggy Green deposits represents an increase of 5% in total contained gold and 15% in resource tonnes over the previous Mineral Resource estimate.
The Eyre Peninsula Gold Joint Venture comprises a 2,027km2 landholding in the Gawler Craton. The Wudinna Gold Camp within the Joint Venture tenement holding comprises a cluster of gold prospects including the above mentioned three deposits Barns, White Tank and Baggy Green. All three deposits are located within 6kms remain open in multiple directions.
Andromeda informed that the new Mineral Resource of 4.43 million tonnes comprises 4.02 million tonnes at 1.5g/t gold for 193,000 ounces of Inferred Resource and 0.41 million tonnes at 1.4g/t for 18,000 ounces of Indicated Resource.
This resources update was completed by the Joint Venture operator Cobra Resources PLC based on a new geological reinterpretation. Cobra is further planning to undertake an extensive exploration program at Baggy Green and other identified targets across the Wudinna Gold Project during the second half of 2019, subject to funding arrangements.
In a separate announcement, Andromeda also declared an extensive aircore drilling program scheduled to commence this week at the Poochera Halloysite?Kaolin Project with a key objective of defining the resource boundaries of Careyâs Well deposit which is currently open to the north?east and south?east.
The results from the drilling program are intended to be used in scoping studies while simultaneously providing an updated Mineral Resource at Careyâs Well. As per the companyâs latest update, scoping study is on track for a targeted first half 2019 release with a conceptual mine pit design produced, a finalised and financial modelling underway.
In a supply pipeline, the company has dispatched samples of processed material to various parties located in India, the USA and Europe for trials and consideration of potential dry?processing plant designs options.
The company stated that the commercial trials on the initial 140-tonne shipment are scheduled to occur this quarter while a shipment of 20 tonnes of halloysite?kaolin ore is in transit to the second large wet?processing kaolin manufacturer for commercial scale testing.
ADN stock price is trading flat as at 8 May 2019 (2:27 PM AEST). Over the past 12 months, the stock has declined by 12.50% despite a positive price change of 27.27% in the last one month.
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