- Arcadia Minerals (AM7) shares are trading in the green after the company reported assay results from a batch of rock chip samples from the Karibib Copper-Gold Project
- Notable intercepts include 4.32 per cent copper, 1.49 grams of gold per tonne (g/t) 50.50 g/t silver and 0.23 per cent tungsten trioxide
- The programme sought to test mineralisation styles within the Namibian project and has also yielded follow-up targets for detailed geological work
- Arcadia Minerals shares were up 11.6 per cent to trade at 24 cents
Arcadia Minerals (AM7) shares are trading in the green after the company reported assay results from a batch of rock chip samples from the Karibib Copper-Gold Project.
The 57 samples of outcropping mineralisation were taken from a two kilometre wide and 20 kilometre long structural feature within the Namibian project.
Karibib Copper-Gold is held via the company’s 80 per cent owned subsidiary, Karibib Pegmatite Exploration.
According to Arcadia, the programme sought to test whether mineralisation extends over said feature and determine its dominant mineralisation style.
The company said vein- and skarn-type mineralisation — which is known to contain economic mineralisation in the area — were encountered on or near the
contact margins of the intrusions.
Arcadia said the mineralisation styles and metal endowments encountered were encouraging, with the Gamikaub and Gamikaubmund areas yielding promising concentrations.
The company therefore concluded the finds had given way to “significant follow-up targets” for detailed geological work.
Notable intercepts included 4.32 per cent copper, 1.49 grams of gold per tonne (g/t) 50.50 g/t silver and 0.23 per cent tungsten trioxide.
Arcadia Minerals shares were up 11.6 per cent at 3:34 pm AEST to trade at 24 cents.