Andromeda Metals Ltd. entered into a binding earn-in and joint venture deal with Environmental Metals Recovery Pty. Ltd. to advance in situ recovery at the company's Moonta-Wallaroo copper-gold project in South Australia.
The Moonta ISR joint venture covers only the northern part of the Moonta tenement, according to a Dec. 19 release.
Environmental Metals can earn an initial 51% equity interest in the project area by spending A$2.0 million on project-related activities over four years; a minimum A$200,000 spend is required in the first year and then A$300,000 until the first-stage earn-in is complete.
It can then purchase an additional 24% interest by spending a further A$3.5 million over 3.5 years.
Environmental Metals will manage and operate the joint venture during the farm-in period.
Andromeda said Dec. 19 that it intends to focus on evaluating and potentially developing the Poochera halloysite-kaolin project in South Australia.
In late October, the company applied for an exploration license covering 227 square kilometers in South Australia's Mount Hope area, where halloysite-kaolin resources were found.