LONDON (ShareCast) - (Sharecast News) - Andrada Mining said on Wednesday that exploration drilling had started at its Lithium Ridge project in Namibia in partnership with SQM, with early work already identifying new mineralised pegmatites containing visible spodumene.
The AIM-traded critical minerals producer said the 14,000-metre diamond drilling programme formed part of the first stage of a three-phase earn-in deal under which SQM will invest up to $7m for an initial 30% project stake, with potential funding of up to $40m across all stages.

It said the programme would build on historical results showing grades of up to 2.13% lithium oxide along a six kilometre mineralised ridgeline.

"The commencement of drilling at Lithium Ridge with our tier-one joint-venture partner, SQM, is a significant step forward in unlocking one of Namibia's most exciting lithium opportunities," said chief executive Anthony Viljoen.

"The encouraging historical results of up to 2.13% lithium oxide along the 6km ridge line, are already being complemented by a new geological mapping and sampling programme that has identified additional mineralised pegmatites containing visible spodumene crystals.

"This strengthens our confidence in the scale and quality of the project.

"The investment by SQM underscores Lithium Ridge's potential and Namibia's growing role in the global supply of critical minerals."

Andrada said the drilling campaign would comprise around 120 holes aimed at confirming depth extensions, continuity and overall resource potential, with results expected to guide future development plans.

At 1353 BST, shares in Andrada Mining were flat at 3.75p.

Reporting by Josh White for Sharecast.com.

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