Encouraging Lithium Drilling Assay Results Received At Bitterwasser

Arcadia Minerals Ltd (ASX:AM7) (Arcadia), the diversified exploration company targeting a suite of projects aimed at Lithium, Tantalum, Nickel, Copper and Gold in Namibia, is pleased to announce initial assay results undertaken at the Bitterwasser Lithium Project.

HIGHLIGHTS

• Assay results received for 32 of 64 holes completed over the Eden Pan, where holes were drilled from surface to a max 12.80m depth
• All assays received to date contained significant Lithium mineralisation
• Results suggest a potential increase of the existing JORC Mineral Resource (currently 15.1 million tons at 828 ppm Li) contained over only 24% of the Eden Pan surface area
• As expected, best individual drillhole intersections for the high-grade middle clay unit were located in the centre of the pan at shallow depths:
  • BVRG03: 8.60 m @ 790 ppm Li
  • BVRG05: 8.20 m @ 804 ppm Li
  • BVRG02: 10.2 m @ 809 ppm Li
  • BVRG08: 9.00 m @ 841 ppm Li
  • BVRG01: 8.40 m @ 855 ppm Li
  • BVRG06: 6.00 m @ 898 ppm Li
  • BVRG04: 7.60 m @ 904 ppm Li
• 7 Additional clay pans identified, bringing the total pans under investigation to 14 for a total pan area comprising 95.9Km2
• The Eden Pan covers only 19% of the surface area of all known pans
• Existence of sub-surface clay pans to be investigated

Jurie Wessels, the Chairman of Arcadia stated: “The assay results confirmed the existence of continued mineralisation at the Eden Pan and bodes well for an increase in the maiden Mineral Resource at this pan declared on 3 November 2021. The identification of 7 additional exposed pans not only enhances the prospect of making additional Lithium-in-clay discoveries in the area, but is also expected to be a prelude to other prospects that may be available for further investigation, and which are hidden from sight under and over the surface of the 4,000Km² Bitterwasser project.”

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