Mylo-Frontier Pilbara Gold Project acquisition
On 27 October 2017 the Company signed a binding term sheet that, subject to due diligence, could lead to the acquisition of 100% equity in ground held under Exploration Licence Applications (ELAs) in the Pilbara region of Western Australia.
Due diligence investigations, including a field review of the ELAs, has been completed and the Company and the project vendors have agreed that Andromeda Metals will pay a reduced consideration of $75,000 cash and 30,000,000 ADN shares to acquire 40% of the original area offered.
The field review of E 08/2954 and E 08/2955 confirms these tenements secure intervals of the Mount McGrath Formation, a geological unit which hosts gold mineralisation at prospects including the Northern Star owned Monster Lode - Gossan Ridge prospect located along strike to E 08/2954, and Norther Star owned Electric Dingo deposit (22,000 ounce gold resource) along strike from E 08/2955.
The field review of E 46/1196 confirms the presence of Mount Roe Basalt and overlying Hardey Formation, including a basal boulder conglomerate unit, close to the tenement boundary. In the past, prospectors in the area have won gold from the conglomerates and Andromeda Metals believes the emerging Pilbara Gold Model is applicable in this area.
Andromeda Metals' will progress the ELAs to grant prior to commencing on-ground exploration.
Pilbara Gold Project acquisition
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