Andrada Mining shares up as mineral inventory expands on new resource

(Alliance News) - Andrada Mining Ltd on Monday boasted the expansion of its mineral inventory, ...

Alliance News 23 January, 2023 | 3:43PM
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(Alliance News) - Andrada Mining Ltd on Monday boasted the expansion of its mineral inventory, after declaring a new inferred resource for tin close to active work at the Uis Mine.

Andrada is an African technology metals mining company with a portfolio of mining and exploration assets in Namibia. The Uis Mine is located 200 kilometres northeast of the port of Walvis Bay in Namibia.

On Monday, the company released details of a new tin mineral resource for 11 historically mined pegmatite orebodies, collectively termed the proximal pegmatites.

The V1/V2 pegmatite, as well as the proximal pegmatites, are located within the mining licence ML134 as part of a swarm comprising more than 180 mineralised pegmatites.

The maiden estimate announced on September 16, 2019, of 71.54 million tonnes of ore over the V1/V2 pegmatite, was based on information derived from 141 historical and 26 confirmatory drill holes.

An additional inferred estimate for tin over the proximal pegmatites, derived from a further 809 historical drill holes, comprises 57.18 million tonnes of ore with an average grade of 0.1% tin, and containing 74,857 tonnes of tin metal has now been completed.

Andrada said that the historical drill hole information further indicates that the proximal pegmatites remain open-ended at depth.

Andrada is embarking on a confirmatory drilling programme to improve the tin resource classification and to evaluate lithium and tantalum potential of the proximal pegmatites.

"Through our demonstrated ability to rapidly and profitably scale up production at the existing operations at the Uis mine, we believe Andrada has the ability to compound the company's economies of scale and position the company as one of the lowest cost tech-metal producers in the next five years," said Chief Executive Officer Anthony Viljoen.

Andrada shares were trading 3.2% higher at 5.62 pence each in London on Monday afternoon.

By Holly Beveridge; Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Andrada Mining Ltd Ordinary Shares 4.30 GBX 2.38 -

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