- Arcadia Mineral (AM7) partial subsidiary has acquired three new prospecting licences in Namibia which lie adjacent to its Bitterwasser Lithium Project
- The exploration business has a 50 per cent stake in Brines Mining and Exploration Namibia (BME) which conditionally agreed to acquire the plays
- The new licences have an Inferred JORC Mineral Resource of 15.1 million tons at 828 parts per million lithium and 1.79 per cent potassium
- AM7 believes it can further expand the resource and will need to spend close to $250,000 to acquire a 100 per cent interest in the licences
- At 1:22 pm AEDT, AM7 is up 40 per cent still and trading at 28 cents per share
Arcadia Mineral (AM7) partial subsidiary has acquired three new prospecting licences in central Namibia.
AM7 has a 50 per cent stake in Brines Mining and Exploration Namibia (BME) which conditionally agreed to acquire the plays.
The new licences lie adjacent to Arcadia’s Bitterwasser Lithium Project and contain an Inferred JORC Mineral Resource of 15.1 million tons at 828 parts per million lithium and 1.79 per cent potassium.
The exploration business said the Mineral Resource area represents only six per cent of the newly acquired exposed clay pans.
BME will need to spend $87,000 by May 2022, to acquire a 25 per cent stake in the plays and an additional $176,000 to acquire a 100 per cent interest.
The licences are being acquired from LexRox Management Services, which is a South African business owned and run by Arcadia’s Executive Directors.
AM7 is planning to carry out Auger Drilling as it tries to increase the existing resource over exposed clay pans and test extensions of mineralisation.
Drilling will begin this month at the Main Bitterwasser Pan, while the drill work will also investigate the sub-surface clay potential at the Bitterwasser Project site.
Following today’s news release, shares in Arcadia Minerals jumped up 80 per cent during trade on Wednesday.
At 1:22 pm AEDT, AM7 is up 40 per cent still and trading at 28 cents per share.