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Andromeda Metals Ltd.
Summary
| Project: | Poochera | |
|---|---|---|
| Deposit: | Careys Well | |
| Location: | Australia | |
| Commodities: | Aluminium-Iron-Silica-Titanium | |
| Date: | 9/30/2019 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-9-2019: Andromeda Metals Ltd. announces a Scoping Study report for its Careys Well deposit at the Poochera project. Scoping study results incl. pre-tax NPV (8%) of A$413M, IRR of 174%. Andromeda Metals Limited (ASX: ADN, Andromeda, the Company) is ple | |
| Resources: | (Resource, Total): 9.7Mt kaolinised granite | |
| CP/QP: | [Resources]: Simon Tear (H&S Consultants Pty Ltd.) | |
| ABSTRACT: | Andromeda Metals Limited (ASX: ADN, Andromeda, the Company) is pleased to announce the results of a Scoping Study undertaken for a proposed open‐cut mine and dry‐processing plant for the Carey’s Well deposit located on the Poochera Halloysite‐Kaolin Project on the Eyre Peninsula of South Australia. The Study confirms the potential for the Poochera Halloysite‐Kaolin Project to be a long‐term supplier of high‐quality halloysite‐kaolin product to meet a growing demand from ceramics industry manufacturers and thus provide significant cash flows for Andromeda and its joint venture partner Minotaur Exploration Limited (ASX: MEP, Minotaur). (Refer section 3 for a summary of the joint venture terms). The Study adopts an approach of initially shipping raw material and toll wet‐refining in Asia to generate early cash flows to fund the majority of costs associated with construction of an onsite dry‐processing facility during the second year of operation. Production is then scheduled to convert to site dry‐processing of mined kaolinised granite to remove the majority of the contained quartz sand in the material, which will generate significant transport and shipping savings, with the concentrated product shipped in bulk bags to Asia for toll wet‐refining in order to produce a premium bright‐white halloysite‐kaolin product. Additional other kaolin market areas, including supplying the High Purity Alumina (HPA) sector and halloysite nanotechnology research, have not been considered as part of the Scoping Study and represent potential future opportunities to be evaluated. | |
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