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November 21, 2022
Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) (Arcadia or the Company), the diversified exploration company targeting a suite of projects aimed at Tantalum, Lithium (Clays & Brines), Nickel, Copper and Gold in Namibia, is pleased to announce the assay results for the first hole drilled at Madube pan, have intersected similar grades to the Eden Pan, where a Lithium JORC Mineral Resource has previously been defined.
HIGHLIGHTS
- Assay results received for the first hole drilled at Madube Pan, MDB01 indicate similar lithium grades to that of the holes drilled at Eden Pan
- Current JORC Mineral Resource defined over Eden Lithium Pan of 286,909t Li2CO3(LCE)1, expected to increase from Madube drilling
- All holes drilled to date at the Eden and Madube Pans were drilled from surface and with grades increasing to depth
- Eight of the eleven holes completed at Madube to date intersected similar lithology of green clay units as in the Eden Lithium Pan2
- Clay units intersected to date at Madube pan are 44% thicker than units of Eden Pan
- Positive Lithium confirmation has resulted in the Company planning an additional nine (9) drill holes (i.e Program increased from 15 to 24 holes) on a 500m grid over Madube pan, with drilling to now be completed in December 2022
Philip le Roux, the Chief Executive of Arcadia stated: “We are encouraged that the tenor of mineralisation over the Madube pan seems to replicate that which we’ve encountered over the Eden Pan. Considering the wider intercepts and similar mineralisation levels encountered at the Madube Pan, we are hopeful that it could lead to a meaningful expansion of the existing Mineral Resource over the Bitterwasser Clay project once drilling has been completed.”
Similar Grades Intersected at Madube Pan to that of Eden Pan
The assay results of the first hole drilled at Madube pan, MDB01, indicate that the grades within the green clay units intersected are similar to the grades of the green clays at Eden pan. Previous drilling over the Eden pan, resulted in an Inferred JORC1 Mineral Resource for the green clays of 85.2 million tons at 633 ppm Li for 286,909-ton Lithium Carbonate using a 500 ppm Li cut-off. Utilising a similar cut-off at the Madube Pan, drill hole MDB01 resulted in a 9.6m mineralised intersection at an average grade of 605 ppm Li.
This article includes content from Arcadia Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AM7:AU
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