The company’s current focus is the wholly owned, 2,807 square kilometre Eyre Peninsula gold project in South Australia.
It is a large project in the Gawler Craton gold province and hosts the Barns, Baggy Green and White Tank gold deposits.
The deposits were discovered in the early 2000's, a period when the AUD gold price was trading in the $400-$600 per ounce range.
Andromeda outlined a 2.11 million tonnes at 1.6 g/t gold maiden resource in July 2016, equating to 107,000 ounces. Adding shallow gold ounces nearby is a priority.
The company sees similarities in the developing Barns deposit with Havilah Resources (ASX:HAV) Portia mine and WPG Resources (ASX:WPG) recently opened Tarcoola operation.
Andromeda’s circa $5 million market cap makes it a potential ground floor entry point for investors.