EL 4575; Minotaur 100%
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.
On 25 June 2018 Andromeda Metals Ltd (ASX: ADN, ‘Andromeda’) and Minotaur Exploration entered into a formal joint venture agreement (JV) over Minotaur’s Poochera tenements. The JV requires Andromeda to expend minimum A$400,000 by mid January 2019, before it may withdraw from the JV. Should Andromeda then elect to continue it must expend A$3 million within 3 years (effectively by the close of the 2021 financial year) in return for which it will earn 51% beneficial interest in the tenements, after which it may increase its interest by an additional 24% through the further expenditure of A$3 million over the following 2 years (for a total investment of A$6 million over 5 years for 75% interest). Andromeda is the designated Manager and Operator of the JV while it is sole funding work programmes.
For project news and updates go to http://www.andromet.com.au/projects