Latest grab samples from drilling at Arcadia Minerals (ASX: AM7, FRA: 8OH) Bitterwasser brines project indicate lithium grades increase to depth

Highlights

• Drilling of six of the nine planned holes has been concluded at the Bitterwasser Lithium Brines Project.
• Six grab samples returned up to 84ppm (83.9mg/L) at 68m, which is around halfway down the Bitterwasser Brine Pool.
• The initial results indicate the potential of a significant lithium discovery and that grades are increasing to depth.
• A detailed sampling program at 5m intervals is planned with final assays expected by the end of March 2024.
• Sampling for potassium, boron and other key elements remain untested.

Arcadia Minerals Limited (ASX: AM7, FRA: 8OH) has concluded six of the nine planned holes, covering 567m, at the Bitterwasser Lithium Brines Project. Six grab samples were collected from shallow drill holes within the Upper-Sand Unit.

The assay results indicate mineralisation of up to 84 ppm (83.9mg/L) at 68m, which is almost halfway down at the Bitterwasser Brine Pool. The geophysical anomaly of the Bitterwasser basin is 42km x 9km, therefore initial results are encouraging and highlight the potential of a significant lithium discovery.

Sample results for shallow holes indicate increasing lithium grades at depth, says the company.

After finalisation of several tests, including pump-rate test work, an extensive sampling campaign would start at 5m intervals.

By March end, final assays and hydrological review are expected.

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The company conducted drilling at three sites, comprising six holes. The locations at which drilling was conducted, was identified through a geophysical survey conducted at the Bitterwasser Basin.

Through the stratigraphic drilling, two stratigraphic units, Upper-sand and Lower-gravel, were identified, and across these units, two holes were drilled. The two units are believed to have varying hydrological properties.

Hole BBP04 was drilled deeper into the basement to a depth of around 127m to assess potential stratigraphic variations. Holes BBP01, BBP02 and BBP03 were drilled first to examine the Upper-sand unit. Holes BBP04, BBP05 and BBP06 were drilled into the basement through entire stratigraphy.

Grab samples were collected from shallow holes using Hydrasleeve sampling bags at two randomly selected depths per hole. The goal was to analyse the brines of the Upper-Sand Units, aiming to obtain early indications of mineralisation at depths beyond those previously examined.

Samples were assayed three times and most significant assay results are-
Grab Sample Results from Shallow Holes (Image source: Company update)

Grab Sample Results from Shallow Holes (Image source: Company update)

To ascertain the indications of mineralisation for boron, potassium and other elements, which are considered to be a crucial co-element within the Bitterwasser Basin, a detailed sampling program is required and will be undertaken.

In all the holes, the company plans to conduct a detailed sampling program after the completion of pump rate tests to determine the volume of brines that could be pumped for each location. After this, the holes will be allowed to stand for two weeks to stabilise before using hydra-sleeves for sampling at 5m intervals to ascertain the increasing rate of mineralisation to depth.

In the latter half of February 2024, detailed sampling is expected and three samples will be collated from each interval. Of these, one sample would serve as a reference point while the other two samples would be analysed by two accredited laboratories.

Final results are expected by the end of March.

AM7 shares jumped ~3.08% to trade at AU$0.067 apiece on 5 February 2024.