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September 23, 2021
Arcadia Minerals Ltd (ASX:AM7) (Arcadia or the Company) is pleased to announce the declaration of a maiden resource at its advanced Swanson Tantalum/Lithium exploration project (the "Swanson Project") situated in Tantalite Valley, Namibia through its 80% owned Namibian subsidiary Orange River Pegmatite (Pty) Ltd ("ORP"). Snowden Mining Industry Consultants ("Snowden") have delivered a JORC mineral resource estimate report to ORP styled "Report for Orange River Pegmatite (Pty) Ltd, Geology and Mineral Resources of the D and F Pegmatites, September 2021.
HIGHLIGHTS
- Maiden JORC Resource of 1,2Mt (Indicated and Inferred) at an average grade of 412ppm Ta2O5, 76ppm Nb2O5 and 0.29% Li2O declared over 4 outcropping LCT pegmatites at Swanson Project
- Resource estimated over 4 of 15 known LCT pegmatitesthat lie within the Swanson Project area of 83ha out of a total 1010ha of areas that are known to contain pegmatites in the license area
- 1,100m drilling program ongoing over 11 of the 15 LCT pegmatites at the Swanson Project, with a third drill rig planned to commence drilling shortly
- Resource update expected in Q1/2022
Jurie Wessels, Executive-Chairman of Arcadia commented: "We are pleased to have progressed the Swanson Project to a maiden JORC resource so rapidly after listing. This first resource demonstrates Arcadia's determination to fulfil its exploration objectives, and the ongoing drilling program exhibits our expectation that the Swanson Project may realise the Company's aspirations to become an early cash flow generator. As this first resource is stated by Snowden to be potentially amenable to opencast mining, it could also allow Arcadia to consider conducting further studies after successful completion of the ongoing drill-program at Swanson".
Philip le Roux, the CEO of Arcadia added: "The bulk of mineralisation at the Swanson Project was found to be disseminated and is contained in four gently dipping, tabular and sub-horizontal pegmatites with generally uniform thicknesses of between 1.5m2.5m thick. This bodes well for exploitation possibilities and geological continuity and makes us expectant of seeing similar results from the ongoing drilling program where we are currently drilling for additional resources over eleven pegmatites within the Swanson swarm of pegmatites."
AM7:AU
11 September 2021
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