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Arcadia Minerals Ltd (ASX:AM7) (Arcadia), the diversified exploration company targeting a suite of projects aimed at Lithium, Tantalum, Nickel, Copper and Gold in Namibia, is pleased to announce that its 50%-owned associate, Brines Mining and Exploration Namibia (Pty) Ltd (BME), has conditionally agreed to acquire 100% of three licenses containing an inferred JORC Mineral Resource.
- JORC Mineral Resource is defined over only one of seven mineralised clay pans containing Li, K, and B
- Mineral Resource area represents only 6% of the newly acquired exposed clay pans
- Auger Drilling to possibly expand resource planned to commence in November 2021
- Licenses to be acquired contain an inferred JORC Mineral Resource of 15.1 million tons @ 828ppm Li and 1,79% K (at a cut-off of 680ppm Li)
- Li grades in the Mineral Resource compare favourably with similar clay deposits in Clayton Valley, Nevada, USA
- Licenses hold the potential to host lithium-in-brine aquifers
- Bench scale metallurgical test work regarding the potential recoveries of Li from the Clay Units has been successfully completed
- Terms of the acquisition include:
- the right to acquire 25% for a consideration of Nam$1M (~A$87,000) by May 2022
- the right to acquire 100% for a consideration of Nam$2M (~A$176,000) within 2 years following the initial acquisition, and
- additional consideration of N$7M (~A$615,000) at completion of a DFS over a resource containing >500,000 tons of LCE arising from lithium-in- brines
- The three licenses abut Arcadia's ~3,438km2 Bitterwasser Lithium Project
- Potential exists to increase resource over exposed clay pans, and potential also exists to discover sub-surface clay pans in the existing 3,438Km2 Bitterwasser Lithium Project area
- Proof-of-Concept study for Lithium Brine and sub-surface clay potential at Bitterwasser underway to guide exploration over a geological feature known as the "Kalkrand Half-Graben", which displays first order requirements to possibly qualify as the world's latest district scale Lithium province
- If the acquisition is approved, Arcadia's land holding will enlarge to 4,031Km2
Arcadia MineralsLtd( ASX:AM7) (Arcadiaor the Company) is pleased to announce that BME, has taken cession (DeedofCession), subject to approval by shareholders of the Company (as is required by Asx), of an acquisition agreement (Acquisition Agreement) to acquire up to 100% of the Exclusive Prospecting Licenses 5358, 5354 and 5353 (Licenses) in Namibia.
The Licenses contain an inferred JORC Mineral Resource of 15.1 million tons @ 828ppm Li and 1,79% K (at a cut-off grade of 680ppm Li) and holds the potential to host a lithium-in- brines aquifer.
LexRox Management Services (Pty) Ltd (LexRox), a South African company owned and operated by the executive directors of Arcadia, entered into the Acquisition Agreement to acquire the Licenses on 1 February 2019. No consideration in relation to the cession and assignment is to be paid by BME or Arcadia to LexRox except to reimburse expenses amounting to $18,000 associated with the preservation of the EPL's and to keep the Acquisition Agreement in good standing.
Read the full ASX release here.