An oversubscribed placement raising $1.76 million has been completed with the funds raised to be used to advance the Poochera Project

Placement of $1.76 million to advance Poochera Project

Andromeda Metals has completed an oversubscribed share placement to raise a total of $1.76 million before costs.

Funds raised will be used in advancing the Poochera Project with the finalisation of the Scoping Study that is currently underway and scheduled for completion in the first half of 2019, to be followed by subsequent Feasibility Study and permitting work.

A 140 tonne shipment of raw ore from the Carey's Well kaolin deposit at Poochera landed in China and awaiting commercial scale testing is anticipated to be processed in the coming weeks with processed product results to be provided to potential end-use ceramic customers for commercial evaluation.

A drilling program is being finalised to target extensions to the currently defined Mineral Resource as well as infill validation drilling within the mine design configurations.

Downloads

Placement of $1.76 million to advance Poochera Project
File size: 1 MB | File format: pdf

Overview

Andromeda Metals Limited is an Australian Securities Exchange listed company (code: ADN) focusing on mineral exploration for gold, lithium and copper deposits. Andromeda Metals currently has interests in 21 exploration licenses, covering 7,969 sq kms within South Australia, Queensland, Western Australia and the Northern Territory. Andromeda Metals’ vision is to be a sustainable minerals exploration company providing shareholders with risk managed discovery, development and mining opportunities.

Back to top