Join our daily newsletter At The Bell to receive exclusive market insights
- Arcadia Minerals (AM7) says drilling at the Madube pan has so far indicated similar lithium grades as the Eden pan within its Bitterwasser project in Namibia
- The company has received assays from its first hole at the Madube pan, returning a 9.6-metre intersection averaging 605 parts per million (ppm) lithium
- The analysis of eight completed holes at the Madube pan suggests the green clay unit is 44 per cent thicker than that of the Eden pan, which the company says is encouraging
- Arcadia has expanded its drilling program at the Madube pan, which is now expected to be complete next month, with assays and an updated resource estimate to follow
- AM7 shares are up 10 per cent to trade at 27.5 cents at 12:26 pm AEDT
Arcadia Minerals (AM7) has received assays for its first hole drilled at the Madube lithium pan within its Bitterwasser project in Namibia.
The drill hole returned a 9.6-metre mineralised intersection at an average grade of 605 parts per million (ppm) lithium.
Arcadia said since drilling began at the Madube pan in early October, it had seen similar grades to the Eden pan, where it recently defined a lithium JORC mineral resource of 85.2 million tonnes at 633 ppm for 286,909 tonnes of lithium carbonate equivalent.
To date, eight out of the 11 holes completed at the Madube pan have intersected similar lithology of green clay units as the Eden pan. Arcadia’s analysis of the eight holes at the Madube pan reportedly suggests the green clay unit is 44 per cent thicker than the green clay unit of the Eden pan.
“We are encouraged that the tenor of mineralisation over the Madube pan seems to replicate that which we’ve encountered over the Eden pan,” AM7 CEO Philip le Roux said.
“Considering the wider intercepts and similar mineralisation levels encountered at the Madube pan, we are hopeful that it could lead to a meaningful expansion of the existing mineral resource over the Bitterwasser clay project once drilling has been completed.”
Due to the confirmation of lithium mineralisation at the Madube pan, Arcadia has expanded its drilling program from 15 to 24 holes.
The company expects drilling at the Madube pan to be complete in December, with assay results expected by the March 2023 quarter and an updated resource estimate in the following quarter.
AM7 shares were up 10 per cent to trade at 27.5 cents at 12:26 pm AEDT.
