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- Arcadia Minerals (ASX:AM7) posts its quarterly report for September
- The company conducted a $1.5 million placement during the quarter
- Exploration continues on-site the company’s lithium landholdings in African nation Namibia
- Arcadia shares last traded at 8.5 cents
Arcadia Minerals (ASX:AM7) has posted its quarterly report for September, highlighting that the company continues to progress exploration targeting under-explored pegmatite targets.
In August, the company raised $1.5 million to drill at its Namibia-based Bitterwasser project.
The company issued chess depositary interests (CDIs) at 10 cents each in the raising.
The company is backed by major shareholder Raubex Group which also took part in the placement, injecting more than $430,000 into the miner.
Arcadia is ultimately hoping to be the first lithium briner in Africa – referring to the liquid brine deposits, as opposed to hard rock lithium mining.
Across the quarter the company commenced building a road at its Swanson mine.
Geotechs also conducted initial fieldwork in key permits, mapping key pegmatites and discovering tantalum-rich pegmatite mineralisation.
The company has also turned its attention to underexplored areas on-site in the hopes they can find unknown commercial-scale lithium systems.
Meanwhile, the company also acquired a lithium clay project in the quarter.
Management comment
Company executives noted Arcadia will now move ahead with further defining resource models on-site to figure out where mineralisation starts, and where it stops.
“Our work will now focus on determining the geometry of the mineralised pegmatites, the extent of mineralisation and to possibly discover more mineralised pegmatites to prioritise drill targets,” AM7 CEO Philip le Roux said.
“We are very encouraged by the identification of a significant number of mineralised pegmatites as result of our teams’ field work.”
AM7 Executive Chair Jurie Wessels outlined the different infrastructure assets currently en route to the project.
“Equipment such as the jaw crusher, cone crusher, feeder, screen and conveyors have been ordered or are enroute,” he said.
“Long lead items such as the drilling machine, ball mill and crushers have also been ordered. The balance of equipment, particularly the MGS plant equipment, is expected to finalised before the end of November.”
AM7 shares last traded at 8.5 cents.
