Join our daily newsletter At The Bell to receive exclusive market insights
- Rare earth mineralisation encountered directly above gold mineralisation at Andromeda Metals’ (ADN) Clarke prospect within the Wudinna gold project on the Eyre Peninsula in South Australia
- Andromeda receives results from potential joint venture partner Cobra Resources’ November 2021 14-hole reverse circulation (RC) drilling program and reanalyses of past drilling undertaken at Clarke
- Significant gold intercepts include 33 metres at 1.03 grams per tonne from 65 metres and 20 metres at 1.5 g/t from 88 metres
- Andromeda says the average true width of total rare earth oxides mineralisation encountered is 18.7 metres, with grades averaging 597 parts per million
- ADN shares up 5.26 per cent to 20 cents
Rare earth mineralisation has been identified directly above gold mineralisation at Andromeda Metals’ (ADN) Clarke prospect within the Wudinna project on the Eyre Peninsula in South Australia.
The company received results from potential joint venture partner Cobra Resources’ November 2021 14-hole reverse circulation (RC) drilling program and reanalyses of past drilling undertaken at Clarke.
Significant gold intercepts from the stage two round of drilling were 33 metres grading 1.03 grams per tonne from 65 metres and 20 metres at 1.5 g/t from 88 metres.
Andromeda said rare earth mineralisation was also identified in saprolitic clays overlying Clarke gold mineralisation.
The average true width of total rare earth oxides (TREO) mineralisation encountered is 18.7 metres, with grades averaging 597 parts per million (ppm). The highest-grade TREO one-metre intercept tipped the scales at 9,024 ppm.
Cobra is earning into the Wudinna project, which is currently 100 per cent owned by Peninsula Resources, a wholly owned subsidiary of Andromeda.
Andromeda said Cobra geologists, supported by CSIRO XRD analysis and evaluation, have interpreted the rare earth elements (REEs) to be absorbed onto the saprolitic clays, a style of REE mineralisation known as ionic absorbed clays (IACs).
Andromeda said rare earth mineralisation at Wudinna remains open in all directions and the continuity and consistency of it indicates there may be a significant opportunity to increase the extent of the mineralisation’s footprint.
ADN shares were trading 5.26 per cent higher at 20 cents at 11:30 am AEDT.
