Final Lithium Drilling Assay Results Received at Bitterwasser

Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) (Arcadia or the Company), the diversified exploration company targeting a suite of projects aimed at Tantalum, Lithium, Nickel, Copper and Gold in Namibia, is pleased to announce final drill results from the Eden Pan at its Bitterwasser Lithium clay project.

• Assay results for the outstanding 32 drill holes received from the 64-hole follow-up auger drilling campaign over 100% of the Eden Pan at Bitterwasser
• Holes were drilled from surface to a maximum depth of 9.6 m
• All samples submitted for assay returned significant Lithium mineralisation
• Results suggest potential for a significant increase of the existing JORC Mineral Resource (Currently 15.1 million tons at 828 ppm Li, which covered only 24% of the Eden Pan surface area)
• As expected, best individual drillhole intersections for the high-grade middle green clay unit were located in the centre of the pan at shallow depths:
  • BMC33: From 4.8 to 9.4 m, 4.6 m @ 811 ppm Li
  • BMC32: From 3.8 to 6.6 m, 2.8 m @ 796 ppm Li
  • BMC28: From 4.2 to 9.4 m, 5.2 m @ 760 ppm Li
  • BMC36: From 3.4 to 5.6 m. 2.2 m @ 744 ppm Li
• Revised Mineral Resource estimate expected by end of Q2/2022
• Bench scale test work for Lithium extraction using both organic and sulphuric acids underway with the aim of assessing the production of a battery grade lithium product
• Exploration drilling is planned over the remaining exposed pans in the Bitterwasser Pan District, which area represents 400% of the size of the exposed area of the Eden Pan
• Option exercised to initiate acquisition of up to 100% of the Bitterwasser Pan District
• Bitterwasser land package currently under investigation by Arcadia comprises 4,031 Km2 in extent

Philip le Roux, the Chief Executive of Arcadia stated:

“The drilling results bode well for a significant increase to the existing Mineral Resource of 15Mt, especially considering that the maiden Mineral Resource was derived from 16 drill holes (i.e. 24% of Eden Pan area) and that 43 holes of the 64-hole follow-up auger drilling campaign intersected the Middle Green Clay Unit, all of which were significantly mineralised to a similar tenor than what we’ve seen from our first drilling campaign at the Eden Pan. The work to declare a revised Mineral Resource is being run concurrently with bench-scale test work (expected to be finalised by Q3/2022) for Lithium extraction using both organic and sulphuric acids with the aim of investigating the possibilities of production of a battery grade lithium product”.

Exploration Results

Assay results for the outstanding 32 drill holes from the 64-hole follow-up auger drilling campaign completed on 9 February 2022 1 over the Eden Pan was received. All the drill holes commenced in the mineralised Upper Brown Clay Unit and every hole, except two drill holes where thin clay units were intercepted at the edges of the Eden Pan, were sampled from top to bottom up to a depth of 9.60m. Notably, the entire sequence of the drill holes sampled (i.e. Upper Brown Clay Unit and Middle Green Glay Unit) returned lithium mineralisation2 . The Middle Green Clay Unit, lithologically named the Middle-Unit (MU), comprises the dominant lithological unit from which the maiden Mineral Resource3 was derived. This green clay unit was intersected in 18 of the 32 drill holes from which assay results were received and extended from a depth of 1.4 m below surface to the maximum End-of-Hole (EOH) depth of 9.60m. A total of 43 holes from the 64-hole follow-up auger drilling campaign intersected the Middle Green Clay Unit at similar depths.

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