Andromeda Metals and private company Peninsula Exploration have reached an agreement to form the Eyre Kaolin Project Joint Venture (EKJV) comprising four tenements located in close proximity to Andromeda’s Great White Kaolin Project on the western Eyre Peninsula of South Australia.
The four tenements held by Peninsula cover 2,799 square kilometres and have been identified as containing halloysite kaolin targets similar to those found at numerous places across the Great White and Mount Hope Project ground.
Under the agreement, Andromeda can earn up to an 80% interest in the EKJV tenements through sole funding expenditure of $2.75 million over 6 years from commencement of the joint venture.
Andromeda said the move would more than double its property in a region known for the discovery of high-grade halloysite-kaolin deposits.
“By entering into the Eyre Kaolin Project Joint Venture, Andromeda more than doubles its holding of tenements on the western Eyre Peninsula in this highly regarded region that is prospective for the discovery of world class halloysite-kaolin deposits,” the company said in a statement.