Andromeda Metals Ltd (ASX:ADN) welcomes reverse circulation drilling results of up to 31 metres at 3.06 g/t gold at Clarke prospect within the Wudinna Gold Joint Venture Project with Cobra Resources PLC (LON:COBR) on the Eyre Peninsula of South Australia.
This intersection from 69 metres also included 15 metres at 5.35 g/t from 83 metres and is north of mineralisation previously intersected at Clarke.
Clarke is around 1.75 kilometres north of the Baggy Green gold deposit and represents a high-priority target for a future joint venture drilling program.
A total of 41 RC holes for 6,090 metres were drilled from September across several drill prospects at Wudinna with 80% of the assay results still pending.
Encouraged by early exploration success
Results will add support to Cobra’s aim of building on the current resource of 211,000 ounces towards an initial target of 1 million ounces across the project area.
Cobra has provided notice to Andromeda that they have met the stage-1 expenditure commitment, which will provide them with a 50% equity interest in the Wudinna Gold Project once confirmed.
ADN is encouraged by this early exploration success by Cobra at Wudinna while the company’s focus remains directed towards completion of the mining lease submission and definitive feasibility study (DFS) for the Great White Kaolin Project, also on the Eyre Peninsula.
Eyre Peninsula gold joint venture location plan.
The Eyre Peninsula Gold joint venture comprises a 2,027 square kilometre landholding in the Gawler Craton.
The Wudinna Gold Project within the joint venture tenement holding comprises a cluster of gold prospects which includes the Barns, White Tank and Baggy Green deposits.