- Arcadia Minerals (AM7) has commenced its drilling program at its Bitterwasser Lithium Clays Project in Namibia
- Drilling at the program will include 52 holes and 12 boreholes for geostatistical analysis, expected to be completed by January 2022
- Arcadia is aiming to potentially expand on the exisiting resource in one of the pans within the project area
- The remaining six pans will be drilled in a follow up from the drilling program
- On the market, Arcadia was up 7.32 per cent and is trading at 22 cents per share
Arcadia Minerals (AM7) has commenced its drilling program at the Bitterwasser Lithium Clays Project in Namibia.
The drilling program will include 52 holes and 12 boreholes for geostatistical analysis and is expected to be completed by January 2022.
Arcadia is aiming to potentially expand on the existing resource in one of the pans within the project area. The remaining six pans will be drilled as a follow to the drilling program.
A 300-kilogram bulk sample will be taken from drill cores and sent for analysis, testing the clays for lithium.
The company is in the final stages of purchasing the Bitterwasser Project, which is subject to shareholder approval.
Bitterwasser contains an Inferred JORC Mineral Resource of 15.1 million tons at 828 parts per million lithium and 1.79 per cent potassium.
LeRox Management Services is a South African company owned and operated by the executive directors of Arcadia. LeRox will self-fund the work program until the acquisition is completed.
Recently, the company was listed on the Frankfurt Stock Exchange (FSE) under the ticker code 8OH.
This listing will expand Arcadia’s investment base and increase its footprint to the European market.
The FSE is one of Europe’s largest stock exchanges, with more than 50 per cent of the trades conducted through investors outside of Germany.
On the market, Arcadia was up 7.32 per cent and is trading at 22 cents per share at 3:51 pm AEDT.