Looks like there will be some news soon from the Wudinna gold project soon.
This project is a farm-out with Cobra Resources. They are spending $2.1M over 3 years ( by October 2020 ) to earn 50%. They can eventually earn up to 75%.
Cobra think the asset should have a peer value of GBP 20 per ounces ... although gold explorer/developers are attracting much higher valuations.
Results from Phase 2 sampling are due this quarter.
They will then kick off drilling in the second half of 2020. Driller is taking 33% equity so may be an indication of confidence in the asset. Newcrest also have a 1.5% royalty in any revenue from the project.
The following are worth a read:
- Cobra Resources Presentation
- Cobra Resources - Competent Persons Report
- Cobra Resources - Mineral Resource Update
- Andromeda Metals - Wudinna Growth in Resource
- Andromeda Metals - JV agreement
Newsflow Timeline, page-3
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