EL 4575; Andromeda 51%, Minotaur 49%
Poochera is a kaolin district of global significance. It contains many kaolin deposits with unique characteristics, including the deposit of “bright white” kaolin at Carey’s Well, some 45km east of Streaky Bay on western Eyre Peninsula in South Australia.
In March 2020, Andromeda Metals Ltd (ASX: ADN, ‘Andromeda’) formally met the Stage 1 expenditure commitment of A$3 million within the two year period from execution of the Joint Venture Heads of Agreement in April 2018. As a result, Andromeda earned 51% beneficial interest in the tenements.
Andromeda has elected to sole contribute a further $3.0M over the three year period to April 2023 in order to acquire a further 24% interest in the Project, thereby taking its tenement interest to 75%. Alternatively, Andromeda is able to progress to 75% equity interest should a decision to mine, supported by a Bankable Feasibility Study, be agreed by the joint venture partners. Andromeda is the designated Manager and Operator of the JV.
For project news and updates go to http://www.andromet.com.au/projects