- Arcadia Minerals (AM7) acquires a new lithium clay project in Namibia
- Arcadia has had its eyes on the project for quite some time
- Previously holding 25 per cent, Arcadia moved to a 100 per cent stake through a company domiciled in Namibia – for less than $200,000
- The company will now move ahead to a scoping study covering the 327.8K tonne LCE resource-boasting play
- Shares last traded at 11 cents
ASX-listed and Frankfurt-listed Arcadia Minerals (AM7) has announced its acquisition of a lithium clay project in Namibia for $164,000.
The new holding comes through the company’s ‘associate’, Brines Mining and Exploration Namibia (BME), as it expands its interest in Bitterwasser lithium exploration (BLE).
BLE owns the Bitterwasser lithium-in-clay project, which Arcadia management states has successfully passed a due diligence overview. The overall mineral resource at the project amounts to 327,284 tons of lithium carbonate equivalent (LCE).
The company has had its eye on this project for some time. In August 2022, the company initially increased its JORC resource for the project, where Arcadia effectively held a 25 per cent stake.
The mineral resource comprises two different ‘pans’ of mineralisation – Eden, with 286,910 tonnes, and Madube with 40,375 tonnes.
“Following the approval of shareholders on 5 April 2022, we’ve intensely explored and investigated the prospects of the lithium-in-clay project which has given rise to an increase in our confidence in the mineral resource, its potential and its intrinsic features,” AM7 Executive Chair Jurie Wessels said.
“Our objectives are now to continue exploration over the area and to conduct the necessary studies to understand the economic potential of the project.”
New lithium potential at Swanson
In unrelated news to the new project, Arcadia’s existing Swanson project, also in Namibia, has revealed several pegmatite outcrops during early-stage mapping and sampling.
The highest-graded pegmatite, Pegmatite D, returned a reading of 21,839 ppm tantalum – equivalent to 2.18 per cent.
Tantalum is often considered an indicator mineral for lithium, given they tend to coincide together. Pegmatites often host the mineral, but, unlike spodumene, this is not guaranteed.
AM7 shares last traded at 11 cents.