ARCADIA Minerals has doubled the mineral resource estimate (MRE) for its Swanson tantalum project, in Namibia.
Arcadia on Friday told shareholders that a revision of the 2021 MRE had delivered a new indicated and inferred resource of 2.59 million tonnes, an increase of 115%, at an average grade of 486 parts per million (ppm) tantalum pentoxide, 73 ppm niobium pentoxide and 0.15% lithium oxide.
The project is estimated to contain 1 257 t of contained metal, a 154% increase on previous estimates.
“When the company commenced the Phase 2 drilling program at Swanson the primary objective was to increase the previous Joint Ore Reserves Committee resource of 1 214-million tonnes 412 ppm tantalum pentoxide, we set out to increase the resource to more than 2.5-million tonnes. 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,” said CEO Philip le Roux.
“The results bode well for the company’s upcoming feasibility study, which is already underway with an outcome expected by September 2022,” he added.
Late last year, it was reported that Arcadia Minerals had conditionally agreed to buy three licences in Namibia, through its 50%-owned unit Brines Mining and Exploration Namibia (BME).
The licences were be acquired from LexRox Management Services, a South Africa-based firm owned by Arcadia executive directors.
Under the agreement, BME would pay US$64,929 to purchase a 25% interest in the three licences by this month.
The company would then have the right to pick a 100% stake in the licences by making an additional payment of US$131,351, within two years from the initial acquisition.
BME will also make a payment of $458,984 following the completion of a definitive feasibility study for resources containing more than 500,000t of lithium carbonate equivalent (LCE) sourced from potential lithium-in-brines at the licences.
With the potential to contain a lithium-in-brine aquifer, the three licences are situated near the towns of Kalkrand and Hoachanas in the Hardap Region of central Namibia, and adjacent to Arcadia’s Bitterwasser lithium project.
Arcadia said that the licences would complement its 3,438km² tenure at the Bitterwasser project.
According to the inferred JORC Mineral Resource estimates, the new licences hold 15.1 million tonnes at 828 parts per million (ppm) lithium and 1.79% potassium.
Arcadia said in a statement at the time said: “The mineral resource represents only 6% of the exposed clay pans within the three new EPL’s covering 593km² and provides the company with extensive geological knowledge to help in its understanding of the lithium potential on its existing 3,438km² of claypans and brines potential.”
The deal is also expected to increase BME’s land holding to around 4,031km².