The Andromeda Metals share price shot higher today, 4 days after the company released a number of announcements.
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Today the Andromeda Metals Ltd (ASX: ADN) share price climbed 18.75% to 19 cents before dropping back to close at 18 cents per share. This gain comes 4 days after the company released a number of announcements to the market.
What did Andromeda Metals announce recently?
During the quarter ended 30 September, the Great White Kaolin joint venture in which Andromeda Metals has a 75% interest revealed the following:
- Maiden reserve of 12.5 million tonnes of kaolinized granite classified as a probable reserve, comprising 15% halloysite and 78% kaolinite.
- Assay results from aircore drilling revealed an extensive area of kaolin consisting of 2.4 kms by 0.5 kms.
- An inferred resource of 51.5 million tonnes of kaolinized granite
Elsewhere, at the company’s Mount Hope kaolin project, a new inferred resource of 18 million tonnes of kaolinised granite was estimated during the last quarter.
Drilling of the Andromeda Metals Drummond Epithermal gold joint venture commenced in late September by Evolution Mining Ltd (ASX: EVN), with results pending.
At the company’s Eyre Peninsula gold joint venture, an RC drilling program of up to 6,750 metres recently commenced across a number of targets.
Additional updates from the most recent quarter September included:
- The company spent $1.22 million on exploration and evaluation
- Andromeda Metals received cash of $2.03 million from the exercise of options
- Cash on hand was $3.66 million at 30 September 2020
Andromeda Metals also announced that it had appointed financial services firm Taylor Collison to advise it on mergers and acquisitions along with equity capital markets transactions.
About the Andromeda Metals share price
Andromeda Metals is a minerals exploration company with a focus on halloysite-kaolin, gold and copper. The company has assets in South Australia, Western Australia and Queensland. Andromeda Metals has been listed on the ASX since 1996.
Andromeda Metals shares are up 873.68 % since their 52-week low of 1.9 cents and up 270% since the beginning of the year. The Andromeda Metals share price is up 362.5% since this time last year.
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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.