Drill Assays Confirm Lithium Mineralisation In Third Pan At Bitterwasser Lithium Clay Project

Philip le Roux, the Chief Executive Officer of Arcadia stated: “The initial assay results at Stryfontein confirms a pattern of clay mineralisation encountered at the Eden and Madube Pans. This is good news as it indicates the potential for the enlargement of our existing Mineral Resource, which is presently limited to only the Eden Pan. Eden Pan is 1 of the 14 exposed pans at Bitterwasser. With the results received at the Madube Pan⁵ and the possible confirmation of mineralisation over the rest of the Stryfontein pan, we expect to be able to meaningfully expand our Lithium-in-Clay Mineral Resource at Bitterwasser.

Together with our exploration work over the recently announced⁶ Bitterwasser Brine targets, which will kick off in March 2023, we will continue to explore the rest of the known clay pans at Bitterwasser, with the purpose of increasing our knowledge of the Bitterwasser Basin and expanding our resource base to the best extent possible.”

Assay results confirms Lithium in Clay at Stryfontein

The assay results of the initial two holes from the December 2022 drilling campaign drilled at Stryfontein Pan, were received. Drillhole locations (including positioning relative to the Eden and Madube Pans) and results are respectively tabled in Annexure 1 & 2 and Figure 1. A total of 2 holes were drilled at the Company’s Bitterwasser Lithium Clay Project in the Stryfontein Pan, which is one of the 14 exposed pans within the Bitterwasser Basin.

Additional drilling of an estimated 15 holes at Stryfontein will be conducted during May 2023 following completion of an in-fill drilling program commencing in March 2023 at the Eden Pan with the purpose of reclassification of the Mineral Resource from inferred to indicated or measured Mineral Resources. An updated Mineral Resource for the Eden Pan is estimated to be released during the second quarter of 2023 and a maiden Mineral Resource for Madube Pan is expected to be released during April 2023. Of the results received, Hole MDDO1 returned up to 763ppm Li over a width of 1.6m and an average grade of 634 ppm Li over 4m at a cut-off of 500ppm. At hole MDD02 results of up to 603ppm Li over a width of 1.4m and an average grade of 596 ppm over 4.2m at a cut-off of 500ppm were received. Hole MDD01 was drilled to a depth of 7m and hole MDD02 was drilled to a depth of 7.4m, where both ended in intermixed clastic fine clays, aeolian (wind-blown) sands and fine calcretes.

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