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- Arcadia Minerals (AM7) confirms the existence of multiple geophysical anomalies at its Bitterwasser lithium brines project in Namibia
- The discovery follows a regional electromagnetic survey completed by the company over the project
- Arcadia says some of the anomalies are associated with the lithium-rich Eden clay pan and display features consistent with highly-conductive aqueous brine pools
- The company now plans to interpret electromagnetic data and model the anomaly to help identify drill targets in the area
- Shares in Arcadia are up 28.85 per cent to trading at 33.5 cents as of 3:34 pm AEDT
Arcadia Minerals (AM7) has confirmed the existence of multiple geophysical anomalies at its Bitterwasser lithium brines project in Namibia.
The company said the anomalies were initially observed from raw data from its recently-completed regional electromagnetic (EM) survey over the project.
Some of the anomalies are associated with the lithium-rich Eden clay pan and display features consistent with highly conductive aqueous brine pools.
According to Arcadia, the most prominent geophysical feature measured 42 kilometres in length and nine kilometres in width.
Arcadia Executive Chairman Jurie Wessels said today’s discovery was a “significant exploration milestone” for the company.
“The discovery of large and compelling geophysical features conforming to the characteristics of brine trap sites is the penultimate step forward towards a potential company-transforming discovery of brine deposits,” Mr Wessels said.
“Our next step after receiving the final interpretation of the geophysical data is to identify drill targets and to commence with drilling operations to explore for deep-seated Lithium deposits.”
Historical water boreholes drilled by farmers and tested by the Namibian Ministry of Water Affairs in the 1980s indicated geothermal activity, and Arcadia said there was a close relationship between the water quality, total dissolved solids (TDS) and the EM anomaly.
None of these boreholes was ever tested for lithium content, and neither is any information available of any boreholes drilled within the anomaly in the area.
The company now plans to interpret electromagnetic data and model the anomaly to help identify drill targets.
Based on the results, Arcadia will also launch a stratigraphic drilling program to verify the geology in and around the anomaly and conduct a drilling program to verify the lithium content of the brines.
Shares in Arcadia were up 28.85 per cent to trading at 33.5 cents as of 3:34 pm AEDT.
