ARCADIA MINERALS LIMITED ASX RELEASE | 21 FEBRUARY 2022
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OUTSTANDING FINAL DRILL RESULTS RECEIVED FOR
SWANSON TANTALUM PROJECT
HIGHLIGHTS
- Assay results from the final 12 drill holes received
- Encouragingly, all holes from the 29-hole program intersected pegmatite
- Results indicate a potential increase of the existing openpit Mineral Resource:
o 3 drill holes over the D-pegmatite returned intersections with an average true width (for all three pegmatites D0, D1, D2) of
10.62 m @ 372 g/t1 Ta2O5 (192 - 808 g/t Ta2O5)
- 9 drill holes over the F1-pegmatite returned intersections with an average true width of 1.22 m @ 564 g/t1 Ta2O5 (315 - 731 g/t Ta2O5)
- JORC Mineral Resource update expected Q2/2022, which will then form the basis of a planned feasibility study
Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) (Arcadia or the Company), the diversified exploration company targeting a suite of projects aimed at Tantalum, Lithium, Nickel, Copper and Gold in Namibia, is pleased to announce that all the drilling results from the Swanson Tantalum Project have now been received.
Philip le Roux, the CEO of Arcadia stated: "We are pleased results have exceeded our expectations. Now we look forward to an updated mineral resource statement and commencing the necessary studies to determine the economic viability of the Swanson Project".
Drilling Results
The aim of the additional drilling campaign was to convert the current JORC compliant inferred Mineral Resource to an indicated and/or measured Mineral Resource, and to add additional indicated and inferred Mineral Resources to the existing JORC Mineral Resource, which was declared by the Company on 23 September 20212. The existing Mineral Resource estimate confirmed a maiden Indicated Mineral Resource of
- g/t (grams per ton) equal ppm (part per million)
- Refer ASX announcement, Maiden JORC Resource at Swanson Ta/Li Project, dated 23 September 2021
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633,500 tons @ 431 g/t Ta2O5, 2800 ppm Li2O & 76 g/t Nb2O5, and an inferred Mineral Resource of 544,000 tons @ 389 g/t Ta2O5, 3000 ppm Li2O & 75 g/t Nb2O5 for a total
Mineral Resource of 1.2Mt @ 412 g/t Ta2O5, 2900 ppm Li2O and 76 g/t Nb2O5.
The now completed additional drilling campaign, focused on the up-dip potential of 8 of the 15 identified flat dipping and shallow pegmatites that exist within the Swanson pegmatite swarm, in particular the openpit potential of these eight pegmatites (D0, D1, D2, E6, E7, E8, F1 and F2)3.
A total of 29 diamond drill holes, totalling 1,217.54 m has been completed. All the holes contained pegmatite intersections, have been sampled and the samples were sent to Scientific Services Laboratory in South Africa for analyses.
Results from the 12 final drill holes are detailed below:
Sample results for 9 drill holes forming part of the total 26-hole program focused on the open-pit potential of the F1-pegmatite, with significant true width intersections shown below.
personal
• | DP03: | 2.34m @ 315 g/t Ta2O5 |
• | DP06: | 2.54m @ 568 g/t Ta2O5 |
• | DP13: | 2.21m @ 619 g/t Ta2O5 |
• | DP17: | 1.82m @ 553 g/t Ta2O5 |
1.71m @ 731 g/t Ta2O5 | ||
• | DP19: | 0.16m @ 432 g/t Ta2O5 |
• | DP23: | 1.42m @ 674 g/t Ta2O5 |
• | DP27: | 1.31m @ 578 g/t Ta2O5 |
• | DP28: | 0.37m @ 603 g/t Ta2O5 |
• | DP29: | 1.17m @ 624 g/t Ta2O5 |
+ 17 ppm Li2O | + | 57 g/t Nb2O5 |
+ 82 ppm Li2O | + | 44 g/t Nb2O5 |
+ 16 ppm Li2O | + | 57 g/t Nb2O5 |
+ 1351 ppm Li2O | + | 50 g/t Nb2O5 |
+ 54 ppm Li2O | + | 50 g/t Nb2O5 |
+ 582pm Li2O | + | 26 g/t Nb2O5 |
+ 43 ppm Li2O | + | 54 g/t Nb2O5 |
+ 55 ppm Li2O | + | 53 g/t Nb2O5 |
+ 167 ppm Li2O | + | 58 g/t Nb2O5 |
+ 122 ppm Li2O | + | 46 g/t Nb2O5 |
For
Three holes were drilled to possibly increase the openpit potential of the D pegmatite area. The results are as follows:
• | DP24: | 9.53M @ | 354 g/t Ta2O5 + 5325 ppm Li2O | + | 90 g/t Nb2O5 |
• | DP25: | 3.56m @ | 404 g/t Ta2O5 + 2548 ppm Li2O + | 47 g/t Nb2O5 | |
3.45m @ | 403 g/t Ta2O5 + 202 ppm Li2O | + 126 g/t Nb2O5 | |||
3.05m @ | 368 g/t Ta2O5 + 4254 ppm Li2O | + | 52 g/t Nb2O5 | ||
• | DP26: | 3.25m @ | 304 g/t Ta2O5 + 2677 ppm Li2O | + | 87 g/t Nb2O5 |
1.04m @ | 684 g/t Ta2O5 + 7258 ppm Li2O | + | 44 g/t Nb2O5 | ||
3.23m @ | 497 g/t Ta2O5 + 135 ppm Li2O | + | 48 g/t Nb2O5 |
3 Refer ASX announcement, Drilling underway at Swanson and First Ta/Li Resource estimate expected, dated 01 September 2021
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The nine holes drilled over the F1 pegmatite, which holes cover the up-dip and a potential openpit target area, returned an incredible weighted average width of 1.22 m @ 564 g/t Ta2O5 (315 - 731 ppm) + 232 ppm Li2O (16 - 2425 ppm) + 51 g/t Nb2O5 (6
- 58 g/t).
The three drill holes drilled over the D-pegmatite area (D0, D1 and D2 pegmatites) covering the down-dip extension of the resource contained over the D-pegmatite returned an exceptional average width of 10.62 m @ 372 g/t Ta2O5 (192 - 808 ppm) +2 855 ppm Li2O (205- 5 325 ppm) + 71 g/t Nb2O5 (15 - 90 g/t).
For more information relating to all the results of the phase 2 drilling campaign refer to Appendix 1 to 4, following this announcement.
The drillhole database has now been delivered to Snowden Mining Consultants to commence a review and update of the Mineral Resource Statement expected to be completed by Q2/2022. It is expected that this Mineral Resource update would form the basis of a planned feasibility study of the project.
Additional Information
The information relating to Mineral Resources in this announcement is extracted from
a report styled "Report for Orange River Pegmatite (Pty) Ltd, Geology and Mineral
Resources of the D and F Pegmatites, 21 September 2021" and can be found at
www.arcadiaminerals.global.
This announcement has been authorised for release by the directors of Arcadia Minerals Limited.
For further information please contact:
Jurie Wessels
Executive Chairman Arcadia Minerals Limited info@arcadiaminerals.global
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ASX RELEASE | 21 FEBRUARY 2022
COMPETENT PERSONS STATEMENT & PREVIOUSLY REPORTED INFORMATION
The information in this announcement that relates to Exploration Results listed in Appendix 4 below is based on, and fairly represents, information and supporting documentation prepared by the Competent Person whose name appears, who is either an independent consultant to the Company and a member of a Recognised Professional Organisation or a director of the Company. The persons named below has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to quality as a Competent Person as defined in the JORC Code 2012.
Competent Person | Membership | Report/Document | |
Mr Philip le Roux | South African Council for Natural | This announcement and JORC | |
(Director | Arcadia | Scientific Professions #400125/09 | Tables |
Minerals) |
As stated above at footnotes 2 and 3 the Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Mineral Resources
The Company confirms that it is not aware of any new information or data that materially affects the information included in the Arcadia Minerals resource estimate and all material assumptions and parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 23 September 2021, Maiden JORC Resource at Swanson Ta/Li Project. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
DISCLAIMER
Some of the statements appearing in this announcement may be forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which Arcadia operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside Arcadia's control.
The Company does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Arcadia, its
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ASX RELEASE | 21 FEBRUARY 2022
directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.
This announcement is not an offer, invitation, or recommendation to subscribe for, or purchase securities by the Company. Nor does this announcement constitute investment or financial product advice (nor tax, accounting, or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.
BACKGROUND ON ARCADIA
Arcadia is a Namibia-focused diversified metals exploration company, which is domiciled in Guernsey. The Company explores for a suite of Gold and battery metals (Nickel, Lithium and Copper) and owns the advanced Swanson Tantalum & Lithium project. Some of the Company's projects are located in the neighbourhood of established mining operations and significant discoveries.
The mineral projects include-
- The Swanson Project - advanced tantalum and lithium project with early development potential
- Kum-KumProject - prospective for nickel, copper, and platinum group elements
- Karibib Project - prospective for copper and gold
- Bitterwasser Project - prospective for lithium-in-brines and lithium-in-clays.
The Swanson Project contains a JORC Mineral Resource of 1.2Mt at an average grade of 412g/t Ta2O5, 76g/t Nb2O5 and 0.29% Li2O, which is derived from 23 drillholes completed in September 2020 over 3 pegmatites and announced on the 23rd of September 2021.
For more details, please visit www.arcadiaminerals.global
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Arcadia Minerals Ltd. published this content on 20 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 February 2022 21:20:01 UTC.
