- Arcadia reported revised mineral resource estimates for its 80% owned Swanson Tantalum exploration project.
- The new estimate reported a mineral resource of 2.59Mt, representing an increase of 115%, at an average grade of 486 ppm Ta2O5, 73 ppm Nb2O5 and 0.15% Li2
- The revised Mineral Resource Estimate will form the basis of the ongoing feasibility study, which is scheduled to be concluded in September 2022.
Delivering on its promises, Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) reported revised mineral resource estimates for its 80% owned Swanson Tantalum exploration project. Arcadia focuses on a suite of highly prospective Tantalum, Lithium, Nickel, Copper and Gold in Namibia.
Arcadia has received an Independent Geological Report titled “Report for Orange River Pegmatite Geology and Resource Estimation of the D, E and F Pegmatites, Project Number JB018308, May 2022” from Snowden Optiro, including the revised Mineral Resource Estimates.
The new estimate reported a mineral resource of 2.59Mt, representing an increase of 115%, at an average grade of 486 ppm Ta2O5, 73 ppm Nb2O5 and 0.15% Li2O. A 154% increase in the total in situ metal content was also recorded to aggregate at 1,257 tonnes. While the latest resource may seem significant, just 15 of the 200 known pegmatites have been explored across Arcadia's three tenements, highlighting the potential for a substantial increase in mineral resources in the future.
The mineral resource estimate can be categorised into –
- Indicated Resource: 1,439Mt at an average grade of 498 ppm Ta2O5, 72 ppm Nb2O5 and 0.14 % Li2O,
- Inferred Resource: 1,145Mt at an average grade of 472 ppm Ta2O5, 75 ppm Nb2O5 and 0.17 % Li2O
Furthermore, the Mineral Resource Estimate was conducted on 10 (D0, D1, D2, E2, E3, E4, E6, E7, E8 and F1) of the 15 explored pegmatites demonstrated opencastable mining potential at the shallow pegmatites.
Philip le Roux, the CEO of Arcadia, stated: “It is very pleasing to announce that we’ve achieved this goal and more, by attaining an 18% higher grade than what was reported under the maiden Mineral Resource published in September 2021. The results bode well for the Company’s upcoming feasibility study, which is already underway with an outcome expected by September 2022.”
Jurie Wessels, the Executive Chairman of Arcadia stated: “With this impressive result our priority for the Swanson project has progressed towards the feasibility study, with the aim to demonstrate that the production of a 25% Ta2O5 concentrate is feasible and to prove that Swanson will become the cash generator we envisioned it to be for Arcadia.”
Mapped pegmatites at the three EPLs Source: Arcadia Minerals Announcement 6 May 2022
The publicly available information for 11 of the 18 raremetal granites (also called rare-element granites) and lithium-caesium-tantalum (LCT)-type pegmatite deposits globally were utilised to benchmark the Swanson project against other Tantalum projects. The benchmarking suggested that the grades at Swanson were easily above the weighted average (233 ppm Ta2O5) of the global peer group of 11 deposits and one of the highest in the world.
The revised Mineral Resource Estimate will form the basis of the ongoing feasibility study, which is scheduled to be concluded in September 2022. The latest Mineral Resource Estimates are based on the exploration program containing 283 channel /chip samples and 52 diamond boreholes on a 50m grid spacing.
Arcadia traded at AU$0.24 a share with a market capitalisation of AU$22.65 million.