- Arcadia Minerals (AM7) has released an initial set of “encouraging” assay results from drilling at its Swanson Project in Namibia
- According to the announcement, the extended drilling program will be used to upgrade the JORC inferred resource to the indicated or measured category
- Of the total 27-hole, 1100-metre program, 19 holes — covering 907 metres — have been completed since it began in August this year
- Assays for four of those 19 holes have been received, with the remaining 15 currently under evaluation at a laboratory in South Africa
- Shares in Arcadia Minerals finished trading on Thursday at $0.21 each
Arcadia Minerals (AM7) has released an initial set of “encouraging” assay results from drilling at its Swanson Project in Namibia.
Of the total 27-hole, 1100-metre program, 19 holes — covering 907 metres — have been completed since it began in August this year.
According to the announcement, the extended drilling program will be used to upgrade the JORC inferred resource — 544,000 tonnes at 389 grams per tonne (g/t) tantalum pentoxide, 75g/t niobium pentoxide and 0.3 per cent lithium oxide — to the indicated or measured category.
Of the 19 completed holes, final assays have been received for four. These include 2.47 metres at 619g/t tantalum pentoxide, 62g/t niobium pentoxide and 0.2 per cent lithium oxide in hole DP10, and 1.71 metres at 705g/t tantalum pentoxide, 67g/t niobium pentoxide and 0.87 per cent lithium oxide in hole DP14.
Results from the remaining 15 holes are currently under evaluation at a laboratory in South Africa and are expected to be released early in the first quart of 2022.
“We are optimistic that the encouraging results received so far will be replicated in the remaining drill holes, and that the company could expect similar mineralisation trends as those that were evident from the assays of drill cores which contributed to the maiden Mineral Resource,” CEO Philip le Roux said.
“As a result, we are hopeful to significantly extend the Mineral Resource. If the Mineral Resource is extended, the company would contemplate immediately conducting the necessary studies to complete a full feasibility study over the extended Mineral Resource resident at Swanson.”
Shares in Arcadia Minerals finished trading on Thursday at $0.21 each.