Prominent mining investor Tolga Kumova currently holds 7.5% of RGL which has just announced its second lithium acquisition in 2022, this time south of Southern Cross near Marvel Loch in Western Australia’s goldfields.
RGL has acquired eight tenements highly prospective for lithium, establishing the company as a serious player in the Australian lithium sector.
Managing director Julian Ford says the Southern Cross-Marvel Loch tenements (SX-MVL) were keenly sought after, given their strategic location in the Yilgarn Craton along the same geological trend as Covalent Lithium’s Mt Holland Lithium Project and its 189Mt at 1.5% lithium oxide (Li2O) resource.
Exploration efforts are set to kick off in the coming weeks.
Lithium Targets Tripled at Tambourah
Highlights:
• Results from trial deep ground penetrating radar (DGPR) survey received and interpreted, showing the method is highly suitable for targeting pegmatites
• Interpretation significantly exceeds expectations with: - Number of interpreted lithium-bearing pegmatites increasing more than three-fold from 12 to 40 - Total strike length of interpreted lithium-bearing pegmatites doubled from ~1.3km to ~2.7km in total length
• DGPR shows some of the interpreted lithium-bearing pegmatites are potentially +20m wide
• 27 of the new potential pegmatitesidentified over more than 1.2km of cumulative strike in structures conjugate with existing known mineralised pegmatite
ARCADIA MINERALS (AM7)
Market Cap: $31 m
Arcadia Minerals (AM7) has skyrocketed on the ASX after delivering an updated mineral resource estimate (MRE) for its Bitterwasser lithium-in-clay project in Namibia.
The MRE defined an inferred resource at Eden Pan of 85.2 million tonnes at 633 parts per million (ppm) for 286,909 tonnes of lithium carbonate.
The revision follows Arcadia’s phase two drilling program in the area and represents a 560 per cent increase on the previously-defined resource.
Arcadia said the updated resource represented only 19 per cent of the 14 exposed clay pans, and the company was planning to continue exploration over the remaining pans.
CEO Philip le Roux said the company was encouraged by the “significant” increase in metal content at the project.
“This resource is within the first twelve metres from surface, open at depth and covers only one of the known fourteen exposed clay pans in the area, so these factors, along with the potential for further pans obscured by mobile Kalahari dunes, have the potential to expand the Bitterwasser lithium resource substantially,” he said.
The company acknowledged that inferred resources had a higher degree of uncertainty as to whether they could be economically mined compared to indicated and measured resources.
However, it noted higher levels of confidence in the geology and grade distribution could be achieved by closer-spaced drilling and a better understanding of the chemical controls of the mineralisation.
Furthermore, cyclone test work indicated a concentrate of 59.6 million at 817 ppm for 259,231 tonnes of lithium carbonate could be produced from the MRE.
Arcadia has planned further exploration to advance the project, including further drilling and large-scale test work to investigate the best recovery process to possibly produce a battery-grade lithium carbonate product.
