- Arcadia Minerals (AM7) is releasing its maiden mineral resource for the Swanson Tantalum Lithium Project in Namibia
- The materials stock reports Swanson’s resource is 1.2 million tonnes at an average grade of 412 parts per million tantalum pentoxide
- The resource is estimated from over 4 of 15 known pegmatites that lie within Swanson, with further drilling underway at the site
- AM7 also reports that metallurgical testwork has been completed and it believes it could produce a tantalum pentoxide concentrate of greater than 20 per cent
- Shares in Arcadia closed 23.1 per cent down at 20 cents each
Arcadia Minerals (AM7) is releasing its maiden mineral resource for the Swanson Tantalum Lithium Project in Namibia.
The project is located within the Tantalite Valley and AM7 owns the asset via its 80 per cent stake in subsidiary Orange River Pegmatite.
The materials stock reports Swanson’s maiden resource sits at 1.2 million tonnes at an average grade of 412 parts per million tantalum pentoxide, 76ppm niobium pentoxide and 0.29 per cent lithium oxide.
That resource is estimated from over 4 of 15 known pegmatites that lie within Swanson, which make up 83 hectares out of a total 1010ha of area.
A drilling program is ongoing over the pegmatites, with a third drill rig planned to commence drilling shortly.
Once complete AM7 will further update the resource and Executive Chairman Jurie Wessels expects a strong upgrade.
“We are pleased to have progressed the Swanson Project to a maiden JORC resource so rapidly after listing,” Mr Wessels said.
“This first resource demonstrates Arcadia’s determination to fulfil its exploration objectives, and the ongoing drilling program exhibits our expectation that the Swanson Project may realise the Company’s aspirations to become an early cash flow generator.”
Arcadia also announced on Thursday it had completed bench-scale metallurgical testwork from a 5.45 tonne sample from Swanson.
The company reports 76 per cent spiral and 90 per cent multi-gravity separator recoveries were achieved.
AM7 explains these initial results indicate it could produce a tantalum pentoxide concentrate of greater than 20 per cent at an overall recovery of 68 per cent.
Shares in Arcadia closed 23.1 per cent down at 20 cents each.