Total
0
Shares
Arcadia Minerals’ Bitterwasser Lithium Project in Central Namibia. Source: AM7.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

AM7 by the numbers
More From The Market Herald
Tesoro Resources (ASX:TSO) - Managing Director, Zeff Reeves

" Tesoro Resources (ASX:TSO) extends Ternera by 400 metres

Tesoro Resources (TSO) has extended its Ternera deposit by 400 metres following step out drilling at the El Zorro Gold Project in Chile.
CodaElizabethCreek

" Coda Minerals (ASX:COD) further extends Emmie Bluff Deeps mineralisation

Coda Minerals (COD) is trading higher today after releasing another round of positive drilling results from its Elizabeth Creek project in South Australia.

" GTI Resources (ASX:GTR) shares spike on Wyoming drilling

Uranium miner GTI Resources (GTR) has spiked in early trade after reporting “very encouraging” early results from a drilling program at its Thor

" Cyprium Metals (ASX:CYM) expects delays at Nifty

Cyprium Metals (CYM) is expecting delays at its Nifty copper project in the Pilbara region of Western Australia due to COVID-19 and labour