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Highlights
- Arcadia Minerals’ associate, Brines Mining and Exploration Namibia (BME) has completed 100% acquisition of the Bitterwasser Lithium-in-Clay Project.
- Prior to this development, BME had a 25% interest in BLE, the owner of the Namibian project.
- The Bitterwasser Lithium-in-Clay Project mineral resources at the project are currently 327,284 LCE tons, with only 2 of 14 known plans included in the resource.
- The company anticipates the Bitterwasser Lithium District to become a valued asset for AM7.
- Company plans to undertake in-fill drilling to possibly upgrade the Mineral Resource into the Indicated Mineral Resource category and to complete a scoping study.
In the latest announcement, diversified exploration company Arcadia Minerals Limited (ASX: AM7, FRA: 8OH) revealed that Brines Mining and Exploration Namibia (Pty) Ltd (BME), one of the company’s associates, has completed the acquisition of 100% interest in Bitterwasser Lithium Exploration (Pty) Ltd (BLE), through a payment of AU$164,000.
Prior to this development, BME had a 25% interest in BLE, the owner of the Bitterwasser Lithium-in-Clay Project. Going forth, the company plans to take forward exploration work in the field and perform the essential studies. This is expected to assist in uncovering the economic potential of the area. The company anticipates the Bitterwasser Lithium District to become a valued asset for the company.
Data source: Company update
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The acquisition agreement concerns Namibia-based exclusive prospecting licenses 5358, 5353 and 5354.
As per the terms of the arrangement, BME is to pay a further NZ$7 million or ~AU$615,000 after the completion of a definitive feasibility study (DFS) over a resource containing at least 500,000 tons of LCE.
The company informed that the overall mineral resources at the Bitterwasser Clay project are 327,284 LCE tons.
The mineral resource comprises only two of the fourteen pans located over the three licences. The mineral resource over the Eden pan is 286,910 tons LCE, and at Madube pan, it is 40,375 tons LCE.
Over the coming period, the company plans to undertake in-fill drilling over the Eden pan to possibly upgrade the Mineral Resource into the Indicated Mineral Resource category. Also, pre-economic assessment / scoping study is planned over the lithium clay potential.
