Andromeda Metals Ltd (ASX:ADN) has been granted a trading halt by the ASX with a market update for the Great White Kaolin Project on South Australia’s Eyre Peninsula pending.
The trading halt will remain in place until the beginning of regular trading on Thursday, March 18, or when an announcement is made to market, whichever occurs earliest.
Drilling at Mount Hope
Earlier this month, the company started drilling at the nearby 100%-owned Mount Hope Kaolin Project on the Eyre Peninsula's west coast.
The aircore drilling program will comprise about 50 holes for up to 2,500 metres targeting the thick, kaolinised weathered gneiss of the Mount Hope deposit.
Andromeda’s key objective is to infill drill the southern half of the Mount Hope resource which is the thicker and higher quality portion of the deposit.
Added to All Ordinaries Index
The company has been added to the ASX All Ordinaries Index which represents the 500 largest companies in the Australian equities market by market capitalisation and this will take effect from March 22.
This recognises the company's market capitalisation growth to approximately $668.7 million, while shares have also been on the move and last traded at 41.5 cents.