Positive Lithium Drill Assays Received At The Madube Pan

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 the assay results for all the holes drilled at Madube pan, indicating similar grades to the Eden Pan, where a Lithium JORC resource has previously been defined1.

HIGHLIGHTS

• Drill assay results received from recently completed drilling campaign at the Madube Pan¹
  
• The central portion of the Madube Pan indicates elevated lithium results similar to the Eden Pan, where a JORC Mineral Resource was defined of 286,909t Li2CO3 (LCE)²
  
• As at the Eden Pan, mineralisation at the Madube Pan is elevated in the green clay units, which are also located in the centre of the pan
  
• Average depth of the mineralised zone at the Madube pan is 7.5m compared to an average depth of 5.5m in the Eden Pan
  
• Both the Eden and Madube Pans have only been drilled to a depth of up to 18m from surface, so the potential for further mineralised zones at depth exists over both prospects
• An updated Mineral Resource statement for the Bitterwasser Clay Project arising from the Madube pan is expected by Q2 of 2023
• Metallurgical testwork using both sulphuric acid and organic acids nears completion, with results expected in February

Philip le Roux, Chief Executive of Arcadia stated: “The assay results at Madube pan confirms the presence of mineralisation over the Bitterwasser Pan district and bodes well for a meaningful expansion of the Mineral Resource resident over the Bitterwasser Lithium Clay Project. Additional work over other pans are now planned to possibly expand the Clay Mineral Resource to the best extent possible.”

Assay Results from Drilling Program

Assay results were received from the drilling campaign completed at the Madube Pan during December 2022. Drillhole locations and results are respectively tabled in Annexures 1 and 2. A total of twenty-three holes were drilled at the Company’s Bitterwasser Lithium Clay Project in the Madube Pan prospect, which is one of 14 exposed pans within the Bitterwasser Basin. Results from the drilling campaign at the Madube Pan confirms that the central portion of the Madube Pan returned elevated lithium levels from green clay lithological units, which is similar to what is encountered at the Eden Pan where a JORC Mineral Resource was defined of 286,909t Li2CO3 using a 500ppm Li cut-off. In applying a cut-off of 500ppm at the Madube Pan, eight of the holes drilled intersected clays of more than 500 ppm Lithium content.

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