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Andromeda Metals Ltd.
Summary
| Project: | Moonta | |
|---|---|---|
| Deposit: | Alford West, Willamulka | |
| Location: | Australia | |
| Commodities: | Copper-Cobalt-Gold | |
| Date: | 5/11/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 11-5-2017: Andromeda Metals Ltd. announces an Exploration/Drilling Update report for its Alford West, Willamulka deposit at the Moonta project. Drilling results incl. 16m @ 0.04% Co, 0.22% Cu, 1.45g/t Au from 48m. Driven by rapidly growing demand for elec | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Chris Drown (Drown Geological Services Pty Ltd.) | |
| ABSTRACT: | 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 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. At Alford West significant cobalt is present in the Larwood zone, often in association with high grade copper. The recognition of cobalt mineralisation in addition to the proven copper prospectivity of a tenement already well serviced by existing infrastructure 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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