Arcadia posts encouraging drill results: More to come
Arcadia Minerals (ASX:AM7) has provided initial drilling results on the Swanson Tantalum Project.
Mentioned
KEY POINTS
- Arcadia confirms high grade intercepts of Tantalum pentoxide
- The stock briefly jumped, before dropping back to trade flat
Arcadia Minerals (ASX: AM7) has provided initial drilling results from follow-up drilling on the Swanson Tantalum Project in Namibia. 83% of the 1,100m drilling program, which began in August 2021, has been finished.
Today's drilling result saw Arcadia's price up 4.74% (1c) two hours out from the close.
Arcadia Minerals is a diversified exploration company with projects targeting Tantalum, Lithium, Nickel, Copper, and Gold.
Today’s announcement confirmed high grade intercepts with an average thickness of 2.31m and a weighted average grade of 559 g/t Tantalum pentoxide (Ta<sub>2</sub>O<sub>5</sub>).
With its high refractive index and low absorption, Tantalum pentoxide is a useful coating material due to its inert properties. The substance is used in the production of capacitors, along with the fabrication of glass in photographic lenses.
Commenting on today’s announcement, CEO Philip le Roux said:
“We are optimistic that the encouraging results received so far will be replicated in the remaining drill holes, and that the Company could expect similar mineralisation trends as those that were evident from the assays of drill cores which contributed to the maiden Mineral Resource.”
Drilling at the project is expected to be done by the end of January.
Following confirmation of a potentially enlarged mineral resource, a full feasibility study will be considered to assess the economics of producing a 25% Tantalum pentoxide concentrate at the project.
