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ADN - Andromeda Metals

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Anmar said:
where to from here!
Click to expand...

Congrats to the holders...i actually looked at this last week, came away uninspired...there's a lot of copper and a bit of Gold around Moonta, been mined out now for quite a while, for me the drill results are a bit uninspiring, the hits are all close to surface but so far i cant see it getting mined on the current results..the ore body isn't big enough.
 
So_Cynical said:
Congrats to the holders...i actually looked at this last week, came away uninspired...there's a lot of copper and a bit of Gold around Moonta, been mined out now for quite a while, for me the drill results are a bit uninspiring, the hits are all close to surface but so far i cant see it getting mined on the current results..the ore body isn't big enough.
Click to expand...

Alford West is well north of Moonta. :p:






Disclosure: no longer a holder!!
 
burglar said:
We now see obvious potential to grow this deposit along strike and at depth
Click to expand...

Its 2 good holes with 1 half decent hole adjacent and dud (very low grade) holes all around except in 1 direction.

So the area open at depth so far is maybe 100 meters by 130 meters, open at depth below 80 meters and open to one side only and running under the 4 Transverse one holes that hit next to nothing....The potential for this ore body to be significant is not significant IMO.
~
 

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So_Cynical said:
Its 2 good holes with 1 half decent hole adjacent and dud (very low grade) holes all around except in 1 direction.

So the area open at depth so far is maybe 100 meters by 130 meters, open at depth below 80 meters and open to one side only and running under the 4 Transverse one holes that hit next to nothing....The potential for this ore body to be significant is not significant IMO.
~
Click to expand...
Hi S_C,

I was just checking if we were talking about the same deposit.
I can easily agree with you, as that report was a
media release constructed by Field Public Relations.

Time will tell.

Meanwhile, I have exited my modest position
(which has been in the bottom draw for three years)
with a large proportion of my seed capital back in hand.

I am content!
 
burglar said:
Meanwhile, I have exited my modest position
(which has been in the bottom draw for three years)
with a large proportion of my seed capital back in hand.

I am content!
Click to expand...

I would also be content with that result...well done.
 
So_Cynical said:
I would also be content with that result...well done.
Click to expand...

Maiden Alford West Program Completed Follow Up Drilling Plan:

Read Report:

I'm not done with ADN just yet.
The latest report has not supported the Share Price.
I'll be learning patience ... and then looking to re-enter!
 
On December 28th, 2016, Adelaide Resources Limited changed its name to Andromeda Metals Limited.
 
ADN up 48% so far today and up from 0.5c to 3.6c in the last three months.

I haven't been following this company at all so I'm still trying to get my head around its operations but what follows is a quick summary:

The company's primary focus is the Poochera Halloysite-Kaolin Project JV with Minotaur Exploration in South Australia. Here's the Overview as outlined in the Company's Investor Presentation dated 16 May 2019:
  • World class halloysite-kaolin deposit
  • Estimated short timeframe to production
  • Long mine life
  • Companies in several countries interested in purchasing Direct Shipping Ore (DSO)
  • Indicative off-take agreements for >200,000 tpa processed mineral
  • Commercial scale approval trials in progress for DSO and processed mineral
  • High Purity Alumina (HPA) testwork proved a 99.99% (4N) feedstock in a single stage
  • Numerous opportunities for halloysite in emerging nanotechnology applications
JORC 2012 Resource Estimate for Carey's Well
  • Total 20Mt* of “bright white” kaolinised granite
  • Halloysite component of 9.7Mt
  • Extensive drilling campaign just completed and sample analysis in progress
*Total resource adjusted due to updated bulk density measurements

Recent announcements

30 May 2019: Drilling at Carey's Well Extends Halloysite-Kaolin Mineralised Zone
  • The aircore drilling program at Poochera is now complete with a total of 3,265 metres drilled, predominately at Carey's Well.
  • Initial observations of white kaolin in the drillholes suggests that the kaolinised mineralisation has extended beyond the current resource boundary by up to 300 metres to the north‐east, 100 metres to the south and 200 metres to the east.
  • Closer spaced infill drilling within the current projected pits undertaken during this drill program will provide a better understanding of the lithology and mineralisation environment for mine design planning and future feasibility studies at Carey's Well.
18 July 2019: China Visit Confirms Significant Demand for Halloysite-Kaolin DSO and Dry-Processed Product
  • A visit to China in late June by ADN representatives has confirmed a significant demand for both halloysite‐kaolin ore and dry‐processed product by a number of Chinese customers.
  • Three potential DSO customers confirmed a strong and growing requirement for raw ore to feed their processing plants due to a large gap in market supply.
  • Testing of a number of dry‐processed samples in the UK*, China and Japan has confirmed the potential for Carey's Well dry‐processed material as a final product for ceramic applications.
  • A 100,000tpa non‐binding offtake Letter of Intent for dry‐processed product has been signed by one potential Chinese customer, with others anticipated to be received.
29 July 2019: Additional Offtake for Dry-Processed Halloysite-Kaolin Product
  • New non‐binding offtake Letters of Intent (LOI) received from potential customers for dry‐processed halloysite‐kaolin product now total307,000tpa.
  • Anpeak China, a leader in specialty minerals, has signed a LOI for 120,000tpa, Weifang Engers Ceramics 50,000tpa, Guangzhou Changying Trade 30,000tpa, Guangzhou Jinghui Ceramic Material 5,000tpa and Foshan Mei Zhi Hui Ceramic Material 2,000tpa.
  • This is in addition to the 100,000tpa LOI signed by China Mineral Processing Group previously announced on 18 July 2019.
Looks like things are firming up for Andromeda Metals at Poochera. I need to do more research on this but it looks good.

big.chart-ADN.gif
 
ADN has been quizzed by the ASX over its Monday announcement, specifically when the company became aware of the non‐binding offtake Letters of Intent referred to in the announcement.

Although the company's response seems OK, this part of their reply was interesting:
The Company could possibly continue to receive more LOI's from potential customers as twenty companies in total were provided with samples to test during a recent visit to China.
Click to expand...

So there could be further announcements regarding additional LOIs in the near future.
 
Andromeda Metals continuing to make gains during August.

On 5 August the company announced that it has executed a binding Sale and Purchase Agreement with Westgold Resources to sell its Rover Copper‐Gold Project for a total cash consideration of $650,000. A nice little chunk of change to add to the kitty.

ADN up another 18.2% to 5.2c today and up a total of 48.57% so far this month.
 
greggles said:
So there could be further announcements regarding additional LOIs in the near future.
Click to expand...

Yep. ADN placed in a trading halt today.
In accordance with ASX Listing Rule 17.1, we request an immediate trading halt in the Company’s securities pending an announcement in respect to additional offtake letters of intent for halloysite-kaolin received from potential customers.

The Company requests that the trading halt end on the earlier of the commencement of normal trading on Tuesday 20 August 2019, or when the anticipated announcement referred to above is released to the market.

The Company is not aware of any reason why the trading halt should not be granted, nor of any other information necessary to inform the market about the trading halt.
Click to expand...

All will be revealed on Tuesday.
 
Announcement out this morning:

New non‐binding offtake Letters of Intent (LOI) have been received from potential customers for Direct Shipping Ore (DSO) halloysite‐kaolin product totalling 405,000tpa.
  • Longyan Kaolin China, a world leader in specialty halloysite‐kaolin minerals for the ceramics industry, has signed a LOI for 200,000tpa of DSO.
  • Beihai Kaolin, which has one of China’s largest capacity kaolin processing facilities, has also signed a LOI for 200,000tpa of DSO.
  • Yamada Toshio Shoten in Japan has signed a LOI for 5,000tpa of DSO for their Japanese operation that supplies the domestic high‐value ceramics market.
  • All potential customers confirmed an indicative product pricing range of AU$115 – AU$140/t CIF.
  • This is in addition to the 307,000tpa of LOI’s signed by Chinese companies for dry‐processed mineral (ASX announcement 29 July 2019 – ‘Additional Offtake for Dry‐Processed Halloysite‐Kaolin Product’), and for 208,000tpa of wet‐processed mineral (ASX announcement 25 June 2018 – ‘Chinese Demand for Carey’s Well Halloysite Kaolin Grows’).
That's a total of 712,000tpa confirmed at an indicative pricing range of AU$115 - AU$140/t CIF. Unsurprisingly this has seen ADN's share price spike by 28% to 6.4c this morning.

Things shaping up nicely for ADN now.
 

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