- Arcadia Minerals (AM7) continues with its three-pillar strategy, and achieves key milestones during the June quarter, including a definitive feasibility study (DFS) for its Swanson tantalum lithium project in Namibia
- The DFS confirmed Swanson to have “significant” cash generator potential
- During the quarter, the company spent $349,000 on exploration and development activities and it held $282,000 cash at bank at the quarter’s end
- AM7 shares last traded at 11 cents
The DFS confirmed Swanson as holding “significant” cash generator potential, able to generate $6.4 million in free cash flow per annum.
In Q4, AM7 secured construction funding of $14.8 million through a subscription transaction with Hebei Construction CC.
The company spent a total of $349,000 on activities related to exploration and development across its portfolio of projects in the three-month period, and it has a remaining $282,000.
At the Bitterwasser clay project, AM7 increased its overall mineral resource estimate (MRE) from 286,909 LCE tonnes to 327,284 LCE tonnes.
At AM7’s Lithium in Brines project, strategic drilling has led to the discovery of mineralised lithium brines intersected 28 metres below the surface over a 42-by-nine-kilometre geophysical anomaly.
At the Karibib copper and gold project, AM7 announced positive assays for its phase one drilling program, confirming the presence of mineralisation over the company’s Karibib’s Gamikaub prospect.
“This work now sets Arcadia up to commence with targeted specialist sonic drilling operations as soon as possible, which are expected to occur before the end of August 2023 to test the average Lithium grades of the brines to depth, to determine the geometry of the Bitterwasser Basin and to drill deeper into the clay pans to explore the clays below the existing Eden Pan Mineral Resource,” AM7 CEO Philip le Roux said.
“We are now well advanced to potentially discovering a new lithium province, which would be the first of its kind in Africa.”
AM7 will further explore the mineralisation found at its Karibib’s Gamikaub prospect along a 25-kilometre-long structural corridor, and it plans to increase its MRE at Bitterwasser to 500,000 tonnes.
Shares in AM7 last traded at 11 cents.