Andromeda Metals Ltd. said Oct. 4 that it has retained 100% ownership of its Rover copper-gold project in Northern Territory, Australia, after potential joint venture partner Emmerson Resources Ltd. decided to withdraw from the deal.
Emmerson, which entered the agreement in November 2016 to earn up to a 75% stake in the project, paid an undisclosed amount to Andromeda to settle the premature withdrawal.
Emmerson's exploration expenditure will contribute to meeting this year's statutory expenditure commitment.
Andromeda noted that Emmerson reviewed historical exploration, reprocessed airborne magnetic data, and conducted a 3-D induced polarization survey over the Rover 4, Rover 11 East and Rover 11 Central prospects, which identified anomalous responses at two targets.
The company is open to involving a third party at the Rover project.