Drilling Commenced At Karibib Copper-Gold Project

Philip le Roux, the CEO of Arcadia stated: “Our focus with this drilling program is to test the geological horizons identified from our previously announced grab sampling program and recent comprehensive mapping, which horizons are considered most prospective for mineralisation based on previously received results. Once drilling has been completed, we should know a lot more about the tenor of mineralisation to shallow depths, which may warrant further drilling”.

Drilling Program

The drilling program is expected to consist of 9 drill holes drilled at a 60 degree inclination and at varied azimuths and depths dependent on the inferred geometry and geology of the targeted zone. Dependant on whether visual mineralisation is encountered in drill holes, an additional 3 holes will be drilled. A location map of the planned drill holes is attached hereto as Annexure 2.

On the 7^th of September 2021 the Company announced² results from a grab sampling program over an inferred 20 km x 2 km metasedimentary structural feature (See Figure 1 below). This structure contains similar geology than that encountered at the nearby Navachab Mine (5.3MozAu)³ and by various other explorers for gold mineralisation in the area, such as Osino Resources who developed its Twin Hills prospect⁴ (located 45km also within the Karibib gold belt) to contain a Mineral Resource of 2.1MozAu.

Results attained from the grab sampling program at Karibib were impressive, and were taken from lithology identified as either Skarn-type or Vein-type mineralisation:

Skarn-type mineralisation returned average copper mineralisation of 4.32 % Cu, with a highest value of 28.40% Cu. Average gold values of 1.49 g/t Au were returned, with a highest value of 7.65 g/t Au. Significant Silver mineralisation was also encountered (av. 50.50 g/t Ag with highest 453 g/t Ag) and up to 1% Tungsten.

Vein-type mineralisation returned average results of 1.94% Cu (highest 5.69% Cu), 2.06 g/t Au (highest 26.30 g/t Au) and 12.68 g/t Ag (highest 30.10 g/t Ag).

Both vein- and skarn-type mineralisation is known to contain economic mineralisation in the area⁵, and were encountered on or near the contact margins of large diorite intrusions.

Following the receipt of the high-grade sampling results and newly attained knowledge of the geology of the area, the Company conducted follow-up work by identifying locally occurring favourable geological settings which are likely to host diorite-proximal skarn- and vein-type mineralisation suitable for drilling.