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- Arcadia Minerals (AM7) completed a 23-hole drilling program on the Madube pan within its Bitterwasser project in Namibia during the December quarter
- The Madube Pan showed similar lithology to the Eden Pan, where previous drilling defined an inferred resource of 286,909 tons of lithium carbonate
- Arcadia launched an electromagnetic survey over its Bitterwaser project, highlighting several geophysical anomalies
- The company spent roughly $770,000 on exploration over the December quarter and ended 2022 with just under $1.2 million in the bank
- AM7 shares were up 2.22 per cent and trading at 23 cents at market close
Arcadia Minerals’ (AM7) shares have risen over 2 per cent on Tuesday following the release of its quarterly report for the three-month period to December 31, 2022.
The company’s explorations efforts in the quarter included the completion of a drilling program on the Madube Pan within its Bitterwasser project in Namibia.
Assays from the first drill hole at Madube returned a 9.6 metre mineralised intersection at an average grade of 605 parts per million lithium.
The Madube Pan showed similar lithology of green clay units as that encountered in the Eden Pan, where previous drilling resulted in a mineral resource of 286,909-ton lithium carbonate.
Fifteen holes were planned for the Madube Pan program, but an additional nine holes were drilled following the initial positive results. This was announced by Arcadia on November 22 last year.
All up, Arcadia spent roughly $770,000 on exploration over the December quarter and ended 2022 with just under $1.2 million in the bank
The company launched an electromagnetic survey over its Bitterwaser project on October 11, which showed the existence of several geophysical anomalies representing potential highly-conductive aqueous brine pools. A total of 2122 electromagnetic line-kilometres were flown using geophysical instrumentation.
Also during the quarter, the company received a letter of intent from China’s HeBei Xinjian Construction CC to embark on a program utilising the existing JORC mineral resource at the Swanson tantalum project.
The letter aims to cover the construction of both a tantalum and lithium processing facility, plus the take-off of products from Arcadia’s Swanson tantalite project.
The company also delayed its Swanson definitive feasibility study (DFS) but said it would be completed by Q1 2023.
At Arcadia’s Kum Kum nickel-PGE project during the December quarter, the company completed a detailed geological mapping of the Tantalite Valley Complex. Samples were also collected to help identify ultra-mafic outcrops and define drill targets.
A total of 10 RC drill holes were completed over the Gamikaub prospect at the company’s Karibib copper and gold project, with the samples being sent for analysis.
AM7 shares were up 2.22 per cent and trading at 23 cents at market close.
