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Andromeda halted ahead of results for Poochera Halloysite-Kaolin Project PFS

A 2,000-metre aircore drilling program is following up a halloysite zone identified at the Condooringie prospect in South Australia.

Andromeda Metals Ltd - Andromeda halted ahead of Poochera Halloysite-Kaolin Project PFS results
The Poochera Halloysite-Kaolin Project covers two main geographic areas of interest, both in the western province of South Australia

Andromeda Metals Ltd (ASX:ADN) is in a trading halt ahead of results from a pre-feasibility study undertaken at Poochera Halloysite-Kaolin Project on the western part of South Australia's Eyre Peninsula. 

The company’s securities will be halted until the beginning of regular ASX trading on Monday, June 1, or when an announcement is released to the market, whichever occurs earliest.

Andromeda has a market cap of approximately $101.9 million and shares last traded at 6.8 cents, up from 2.1 cents at close on March 23. 

Drilling program at Poochera

Andromeda is targeting high-grade halloysite at Condooringie prospect within the Poochera project with a 2,000-metre aircore drilling program.

The program is following up a recently identified high-grade halloysite zone 1-kilometre to the north of drilling undertaken in December 2019, which extended a kaolin zone to the south.

Condooringie is around 5 kilometres northeast from the company’s Carey’s Well halloysite-kaolin deposit for which a pre-feasibility study (PFS) is expected to be released later this month.

The aim of the drilling is to infill between the two high-grade halloysite zones identified and potentially to define Bright White halloysite-kaolin over 2 kilometres of strike at Condooringie should these zones be shown to be linked.

Drilling is also planned to test the south and east of the southern zone at Condooringie, which remains open in both directions.

Quick facts: Andromeda Metals Ltd

Price: 0.053 AUD

ASX:ADN
Market: ASX
Market Cap: $80.56 m
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