A review of previous assay results from drill holes at Willamulka and Alford West on the Moonta Copper Project has confirmed the presence of significant cobalt

Significant cobalt in Moonta copper gold deposits

Driven by rapidly growing demand for electronic energy storage applications, the price of cobalt has more than doubled in the last 12 months to its current price of around A$74,400 per tonne.

A review of the assay results of the Company and historical drill holes on the Moonta Copper Project has confirmed the presence of significant cobalt at a number of prospects, with the most substantial results at Willamulka and Alford West.

The Willamulka deposit includes a number of cobalt bearing lodes generally coincident with the copper mineralised zone. The cobalt lodes are steeply dipping, traceable for over 800 metres of strike and are open at depth and along strike. Drill sections include:

  • 5m at 032% Co from 45m downhole in WAC0133
  • 6m at 019% Co from 15m downhole in WAC0098
  • 9m at 009% Co from 47m downhole in WAC0069

At Alford West significant cobalt is present in the Larwood zone, often in association with high grade copper. Drill hits include:

  • 4m at 0.25% Co from 76m downhole in MALD-3
  • 9m at 0.13% Co from 55m downhole in MALRC-3
  • 5m at 0.13% Co from 152m downhole in AWRC002

The recognition of cobalt mineralisation in addition to the proven copper prospectivity of a tenement already well serviced by existing infrastucture enhances the project's potential, and may prompt Andromeda Metals to reconsider the future of the Moonta asset.

The Andromeda Metals non-renounceable Rights Issue (announced 13 April 2017) remains open until 16 May 2017.

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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.

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