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Highlights
- Arcadia Minerals’ Lithium-In-Clays project yielded high-grade leachate with minimal impurities, offering a promising alternative extraction method.
- Initial results from the Lithium Brines project were mixed and further sampling is planned for confirmation.
- The Kum-Kum Nickel & PGE project is advancing with stream sediment work and rock chip sampling.
- The company is progressing discussions for a potential earn-in agreement at the Karibib Copper-Gold Project.
Arcadia Minerals Limited (ASX:AM7, FRA:8OH) had a productive September 2024 quarter, with continued exploration across its diversified portfolio of resources projects in Namibia. Key achievements included promising results from the Lithium-In-Clays and Lithium Brines Projects, progress at the Kum-Kum Nickel & PGE project and ongoing discussions for a potential earn-in agreement at the Karibib Copper Gold Project.
Encouraging Results from Lithium-In-Clays Project
Lithium Brines Project Yields Mixed Results, Further Sampling Planned
The Lithium Brines project returned lithium concentrations of up to 84 ppm from grab samples collected from six drill holes, reaching depths of up to 68m over a 42km by 9km geophysical anomaly. Deeper samples showed higher lithium grades.
However, follow-up test work on 27 samples taken to basement depth produced inconsistent results, with variations of 210% between two different labs using ICP-OES and ICP-MS, making the data inconclusive. The company plans further comprehensive sampling to accurately confirm the grade and extent of mineralisation.
Kum-Kum Project Advances with New Exploration Focus
The Kum-Kum Nickel & PGE project, which includes the Kum-Kum Complex and TVC Project, is advancing with detailed stream sediment orientation work over the TVC area. This work aims at defining target areas for future exploration, with results anticipated in November. Furthermore, up to 30 rock chip samples have been sent for analysis, focusing on nickel, copper and platinum group elements (PGEs).
Discussions are also underway for a potential project-level exploration joint venture.
Karibib Copper Gold Project – Discussions for potential earn-in agreement
Arcadia has initiated discussions regarding a potential earn-in agreement at the project level to follow up on previous intercepts, including 4m at 1.98% Cu and 0.92 g/t Au. The discussions could potentially include funding and technical collaboration opportunities.
Shares of AM7 last traded at AU$ 0.030 on 14 November 2024.
