http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Thu, 14 Dec 2017 17:09:32 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Prospect Resources to reveal lithium update ]]> http://www.proactiveinvestors.com.au/companies/news/180008/prospect-resources-to-reveal-lithium-update-180008.html Prospect Resources (ASX:PSC) has been granted a trading halt by the ASX this morning, pending pre-feasibility study details from the Arcadia Lithium Project.

The halt will remain in place until the opening of trade on Monday 3rd July 2017, or earlier if an announcement is made to the market.

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Thu, 29 Jun 2017 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180008/prospect-resources-to-reveal-lithium-update-180008.html
<![CDATA[News - Prospect Resources Ltd makes key board appointment ]]> http://www.proactiveinvestors.com.au/companies/news/169214/prospect-resources-ltd-makes-key-board-appointment-169214.html Yu is the chairman of the Chinese Lithium Battery Association.

The key appointment by Prospect gives the company enviable access to a wide range of potential end users.

Prospect's Arcadia lithium project in Zimbabwe is the largest JORC lithium resource in Africa and a top-10 lithium project globally.

Arcadia has resource growth potential.

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Mon, 21 Nov 2016 08:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/169214/prospect-resources-ltd-makes-key-board-appointment-169214.html
<![CDATA[News - Prospect Resources Ltd developing Africa's largest lithium project ]]> http://www.proactiveinvestors.com.au/companies/news/168576/prospect-resources-ltd-developing-africa-s-largest-lithium-project-168576.html Prospect Resources Ltd (ASX:PSC) is focused on rapid expansion of lithium JORC Resources at the Arcadia lithium project in Zimbabwe.

Arcadia is now the largest JORC lithium resource in Africa and a top-10 lithium project globally.

Prospect has a three-pronged growth strategy for Arcadia comprised of 1) exploration; 2) JORC Resource expansion; and 3) development and mining.

A maiden resource estimate of 36 million tonnes grading 1.17% lithium oxide and 107ppm tantalum oxide was recently defined at Arcadia.

Mine development is expected to begin during January 2017.


Maiden resource

The Phase 1 and Phase 2 drill programs were primarily used to compile data for this JORC 2012 Mineral Resource estimate.

The resource contains 425,000 tonnes of lithium oxide and 9 million pounds of tantalum oxide.

53% of the total resource is within the Measured and Indicated categories.

Drilling in progress since early October will look to extend the Mineral Resource estimate along strike and down dip.

The phase 3 drilling is underway, utilising three diamond and two reverse circulation rigs.

Work is focusing on testing three new areas; the southwest and northeast strike extension of the deposit, in addition to the northwest down dip extension.


Arcadia lithium project

Drilling to date has covered less than 20% of the company’s mining licence area.

The drilled strike of the 14 stacked pegmatites extends more than 1.7 kilometres and 700 metres down dip.

The company’s ground position now covers more than 6 square kilometres of mining licences.

Metallurgical testing confirms the ability to upgrade ore to 6.5% spodumene concentrate with very low iron.


Zimbabwe

The Arcadia lithium project reflects the strategic importance of Zimbabwe’s growing mining industry with its potential to be largest lithium mine in Africa.

Zimbabwe is already the largest lithium producer on the African continent through the Bikita Mine.

Zimbabwe is an English speaking country with one of the highest rates of literacy in Southern Africa.


Analysis

Prospect Resources is well placed to rapidly expand the JORC resource base at Arcadia with $16.1 million in cash and no debt.

Five drill rigs are currently on site aiming to prove up a mineable resource at Arcadia.

The deposit remains open down dip and along strike, with news flow expected as further assays are pending.

Arcadia is already the largest JORC lithium Resource in Africa and is covered by granted mining licenses.

Additional lithium and cobalt opportunities are also being reviewed in Zimbabwe, Zambia and the Democratic Republic of Congo.

News flow is expected to continue with a busy period of activity upcoming:

November 2016
- Drilling underway;
- JORC Resource update; and
- Metallurgical testwork and site visits by potential off-take customers.

December 2016
- Drilling continues;
- Mine plan and plant design studies; and
- Off-take discussions.

January 2017
- Project financing if required
- Off-take discussions; and
- Mine development.

February 2017
- Exploration and resource drilling; and
- Mine development.

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Mon, 07 Nov 2016 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168576/prospect-resources-ltd-developing-africa-s-largest-lithium-project-168576.html
<![CDATA[News - Prospect Resources Ltd's Hugh Warner acquires 1.5 million shares ]]> http://www.proactiveinvestors.com.au/companies/news/168441/prospect-resources-ltd-s-hugh-warner-acquires-15-million-shares-168441.html Prospect Resources Ltd's (ASX:PSC) executive chairman, Hugh Warner, has spent $45,000 on-market to acquire 1.5 million shares in the company.

Warner now holds 128.7 million shares, with several lines of listed options.

Earlier in the week the company defined a maiden resource estimate of 36 million tonnes grading 1.17% lithium oxide and 107ppm tantalum oxide at the Arcadia lithium project in Zimbabwe.

Work has already begun on a provisional mine plan, which will underpin the scoping study aiming for completion by the end of 2016.

At the time Warner commented: “This is a significant achievement and is just reward for the company’s strategy of acquiring, developing and running profitable mines in the Southern African region.”

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Thu, 03 Nov 2016 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168441/prospect-resources-ltd-s-hugh-warner-acquires-15-million-shares-168441.html
<![CDATA[News - Prospect Resources Ltd posts maiden lithium resource at company-maker Arcadia ]]> http://www.proactiveinvestors.com.au/companies/news/168231/prospect-resources-ltd-posts-maiden-lithium-resource-at-company-maker-arcadia-168231.html Prospect Resources Ltd (ASX:PSC) has defined a maiden resource estimate of 36 million tonnes grading 1.17% lithium oxide and 107ppm tantalum oxide at the Arcadia lithium project in Zimbabwe.

Work has begun on a provisional mine plan, which will underpin the scoping study aiming for completion by the end of 2016.

Furthermore, drilling in progress since early October will look to extend the Mineral Resource estimate along strike and down dip.

Hugh Warner, chairman, commented: “This is a significant achievement and is just reward for the company’s strategy of acquiring, developing and running profitable mines in the Southern African region.”


Resource details

The Phase 1 and Phase 2 drill programs were primarily used to compile data for this JORC 2012 Mineral Resource estimate.

The resource contains 425,000 tonnes of lithium oxide and 9 million pounds of tantalum oxide.

53% of the total resource is within the Measured and Indicated categories.

The exploration target has been revised to 80-100 million tonnes grading 1.1-1.4% lithium oxide from 15-18 million tonnes at 3-5% lithium oxide.


Phase 3 drilling

Phase 3 drilling is underway, utilising three diamond and two reverse circulation rigs. 

Work is focusing on testing three new areas; the southwest and northeast strike extension of the deposit, in addition to the northwest down dip extension. 

To date 20 diamond holes for 2,400 metres and 12 reverse circulation holes for 1,100 metres have been drilled.

Arcadia lithium project

Drilling to date has covered 20% of the company’s mining licence area.

The drilled strike of the 14 stacked pegmatites extends more than 1.7 kilometres and 700 metres down dip.

The company’s ground position now covers more than 6 square kilometres of mining licences.


Analysis

Prospect’s maiden resource estimate at Arcadia establishes it as a significant lithium deposit globally.

While the grade is not as high as initially expected, the close to surface, flat lying nature of the resource combined with the large tonnage makes this deposit a company maker for Prospect.

Prospect remains leveraged to further upside at the project with drilling in progress and significant potential to increase the resource estimate from Phase 3 drilling.

The board, management and advisors for Prospect include three Zimbabwean residents and a number of people with experience working and living in the country.

Shares in Prospect are trading up 660% year to date, currently priced at $0.038.

The scoping study in progress is expected by the year’s end.

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Mon, 31 Oct 2016 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168231/prospect-resources-ltd-posts-maiden-lithium-resource-at-company-maker-arcadia-168231.html
<![CDATA[News - Prospect Resources Ltd delivers highest lithium to date from Arcadia ]]> http://www.proactiveinvestors.com.au/companies/news/167890/prospect-resources-ltd-delivers-highest-lithium-to-date-from-arcadia-167890.html Prospect Resources Ltd (ASX:PSC) has received grades peaking at 8.85% lithium oxide from drill results at the Arcadia lithium project in Zimbabwe.

Drill results to date are expected to be included in the company’s maiden JORC resource planned for release by the end of October 2016.

The latest intersections include 29 metres at 1.23% lithium oxide.

The drilled strike of the 14 horizontally stacked pegmatites extends more than 1.7 kilometres and 700 metres down dip - it is open along strike and down dip.


Drill result details

Assay results from the latest holes returned a peak grade of 8.85% lithium oxide.

Significant intersections included:

- 9.6 metres at 1.51% lithium oxide from 11 metres peaking at 3.56% lithium oxide;
- 29 metres at 1.23% lithium oxide from 91 metres peaking at 5.30% lithium oxide;
- 35 metres at 1.06% lithium oxide from 15 metres peaking at 8.85% lithium oxide; and
- 16 metres at 2.15% lithium oxide from 31 metres peaking at 4.35% lithium oxide.

Drilling to date has covered 20% of the company’s mining licence area.

The company’s ground position covers more than 6 square kilometres of mining licences.


Analysis

These peak assays of 8.85% form the latest drill results are particularly high grade given previous peak grades have been around the 4% grade.

Prospect remains well leveraged to lithium exploration success in an area known to host lithium.

Shares in Prospect are trading up over 8x year to date, currently priced at $0.042.

Arcadia’s development timeline is as follows:

- First JORC resource expected before the end of October;
- Mine scoping study planned for completion prior to 31 December;
- Off-take discussions underway with over 5 Asian lithium producers and agreements are expected to be completed prior to 31 December; and
- First ore production planned for pre 30 June 2017.

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Tue, 25 Oct 2016 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167890/prospect-resources-ltd-delivers-highest-lithium-to-date-from-arcadia-167890.html
<![CDATA[News - Prospect Resources Ltd drills up to 3.13% lithium ]]> http://www.proactiveinvestors.com.au/companies/news/167741/prospect-resources-ltd-drills-up-to-313-lithium-167741.html Prospect Resources Ltd (ASX:PSC) has received further assays peaking at 3.13% lithium oxide from reverse circulation drilling at the Arcadia high grade lithium project located in Zimbabwe.

All drill results are expected to be included in the company’s maiden JORC resource planned for release by the end of October 2016.

Intersections include 26 metres at 1.42% lithium oxide.

The company now has 3 diamond drill rigs and 2 reverse circulation drill rigs on site. 

These rigs are carrying out scout drilling, metallurgical test work drilling, infill drilling and sterilization drilling to determine the best location for mine process plant and tailings storage facilities. 


Drill result details

Assay results from the latest holes returned a peak grade of 3.13% lithium oxide.

Significant intersections included:

- 11 metres at 1.21% lithium oxide from 35 metres peaking at 3.13% lithium oxide;
- 22 metres at 1.71% lithium oxide from 48 metres peaking at 3.13% lithium oxide;
- 26 metres at 1.42% lithium oxide from 51 metres peaking at 2.56% lithium oxide;
- 18 metres at 1.19% lithium oxide from 19 metres peaking at 2.00% lithium oxide; and
- 3 metres at 1.45% lithium oxide from 42 metres peaking at 2.00% lithium oxide.


Arcadia lithium project

Drilling to date has covered 20% of the company’s mining licence area.

The drilled strike of the 14 stacked pegmatites extends more than 1.7 kilometres and 700 metres down dip.

The company’s ground position now covers more than 6 square kilometres of mining licences. 


Analysis

The latest drill assays continue to confirm the high grade lithium potential of the Arcadia project where drilling to date has covered only 20% of the company’s mining licence area.

Prospect remains well leveraged to lithium exploration success in an area known to host lithium.

With five drill rigs on site, news flow is expected to continue from Arcadia.

The board, management and advisors for Prospect include three Zimbabwean residents and a number of people with experience working and living in the country.

Shares in Prospect are trading up 800% or 9x year to date.

Arcadia’s development timeline is as follows:

- First JORC resource expected before the end of October;
- Mine scoping study planned for completion prior to 31 December;
- Off-take discussions underway with over 5 Asian lithium producers and agreements are expected to be completed prior to 31 December; and
- First ore production planned for pre 30 June 2017.

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Fri, 21 Oct 2016 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167741/prospect-resources-ltd-drills-up-to-313-lithium-167741.html
<![CDATA[News - Prospect Resources looks to acquire copper-cobalt project ]]> http://www.proactiveinvestors.com.au/companies/news/167261/prospect-resources-looks-to-acquire-copper-cobalt-project-167261.html Prospect Resources Ltd (ASX:PSC) has signed an option agreement to acquire 90% of the Fimpimpa West Copper/Cobalt Project located in northern Zambia.

According to historical drilling and exploration, the project has an initial Exploration Target of 15-25 million tonnes grading 1.0%-1.5% copper.

The project is preferentially located close to existing road, rail and power infrastructure.

The option cost US$15,000 and will last 90 days. Should Prospect exercise, it will fund 100% of exploration for 24 months.

Prospect intends to build a portfolio of copper and cobalt projects, leveraging off the local knowledge and contact base of the Fimpimpa West vendors.

Additional lithium and cobalt projects are currently under investigation.


Cobalt opportunity

The Fimpimpa West Copper/Cobalt Project forms the first piece of the company’s cobalt strategy. 

Prospect, along with its Zambian partners intend to identify and acquire additional acreage that is prospective for Cobalt deposits, with particular focus on near term production assets. 

To the east of Fimpimpa, the geology tends to shift from a copper-cobalt hosted environment to a cobalt hosted environment. 

Further lithium and cobalt opportunities are being considered within Zambia and the Democratic Republic of Congo.


Fimpimpa West Copper/Cobalt Project

The Fimpimpa Copper/Cobalt Project is a typical copper-belt style, sedimentary stratiform type deposit. 

An open pit is currently being mined nearby and the deposit being mined continues into the Fimpimpa area.

In 1964, two bore holes were drilled and intersected conventional copper belt style mineralisation grading 1.9% copper over a thickness of 6 metres and 9 metres.

During a recent exploration program, values of between 2.8% copper to 9% copper were recorded by XRF testing.


Analysis

By signing this option agreement, Prospect has given itself leverage to a new region and new commodities for little cash outlay.

The company’s exploration success to date at its flagship Arcadia lithium project in Zimbabwe helped support a recent $16 million raising.

This means that should Prospect elect to exercise the option and acquire the project, it may be able to fund exploration at the project from its existing cash balance.

The company intends to release its first JORC reportable Mineral Resource for the Arcadia lithium project before the end of October 2016.

The latest drill assays from Arcadia continue to confirm the high grade lithium potential of the Arcadia project where drilling to date has covered only 12% of the company’s exploration area.

With assays for 23 holes still pending and drilling at a new outcropping target to commence, Prospect remains well leveraged to lithium exploration success in an area known to host lithium.

Prospect shares are trading up 820% year to date.

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Wed, 12 Oct 2016 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167261/prospect-resources-looks-to-acquire-copper-cobalt-project-167261.html
<![CDATA[News - Prospect Resources Ltd receives new batch of high lithium assays in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/166877/prospect-resources-ltd-receives-new-batch-of-high-lithium-assays-in-zimbabwe-71342.html Prospect Resources Ltd (ASX:PSC) has received assays from four more holes drilled at its Arcadia high grade lithium project located in Zimbabwe.

Results included 32 metres at 1.00% lithium oxide with peak grades measuring up to 4.31% lithium oxide.

This follows assays from the initial five holes which graded up to 4.35% lithium oxide.

Assays from nine drill holes have been received with results from another 23 holes still pending.

The company intends to release its first JORC reportable Mineral Resource before the end of October 2016.


Drill results details

Assay results from the latest four reverse circulation drill holes returned a peak grade of 4.31% lithium oxide.

Significant intersections included:

- 32 metres at 1.00% lithium oxide from 33 metres peaking at 2.63% lithium oxide;
- 29 metres at 1.58% lithium oxide from 32 metres peaking at 3.50% lithium oxide;
- 24 metres at 1.46% lithium oxide from 54 metres peaking at 4.31% lithium oxide;
- 6 metres at 1.46% lithium oxide from 32 metres peaking at 3.50% lithium oxide; and
- 5 metres at 1.04% lithium oxide from 25 metres peaking at 2.01% lithium oxide.


Arcadia lithium project

Drilling to date has covered 12% of the company’s exploration area.

The drilled strike of the 14 stacked pegmatites extends more than 1 kilometre and 400 metres down dip.
 
The company’s ground position now covers more than 6 square kilometres of mining licences. 

A scout drilling program is being prepared to determine the overall size of a recently discovered large scale lithium bearing pegmatite system.

Prospect intends to fast track the drilling of this new discovery as part of the wide spaced scout program.


Arcadia development timeline

Drilling is working towards the development of Arcadia in the following order:

- First JORC resource expected before the end of October;
- Mine scoping study planned for completion prior to 31 December;
- Off-take discussions underway with over 5 Asian lithium producers and agreements are expected to be completed prior to 31 December; and
 - First ore production planned for pre 30 June 2017.


Analysis

The latest drill assays continue to confirm the high grade lithium potential of the Arcadia project where drilling to date has covered only 12% of the company’s exploration area.

With assays for 23 holes still pending and drilling at a new outcropping target to commence, Prospect remains well leveraged to lithium exploration success in an area known to host lithium.

The board, management and advisors for Prospect include three Zimbabwean residents and a number of people with experience working and living in the country.

Shares in Prospect are trading up 860% year to date.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 04 Oct 2016 16:09:00 +1100 http://www.proactiveinvestors.com.au/companies/news/166877/prospect-resources-ltd-receives-new-batch-of-high-lithium-assays-in-zimbabwe-71342.html
<![CDATA[News - Prospect Resources Ltd uncovers 300 metre outcropping pegmatite ]]> http://www.proactiveinvestors.com.au/companies/news/166497/prospect-resources-ltd-uncovers-300-metre-outcropping-pegmatite-71232.html Prospect Resources Ltd (ASX:PSC) has discovered a new 300 metre long outcrop of lithium-bearing pegmatite within the Arcadia lithium project located in Zimbabwe.

This discovery is some 1.5 kilometres down dip from the known strike. Additional drill rigs are being mobilised to target this outcrop and the wider claims area.

New assay results from two drill holes have also returned peak grades measuring up to 2.57% lithium oxide.

Prospect awaits assays still for 29 drill holes.

Prospect is working towards generating its first JORC resource estimate before the end of October 2016.


Drill results details

Assay results from the latest two reverse circulation drill holes returned a peak grade of 2.57% lithium oxide.

Hole ACR020 achieved a peak grade of 2.57% lithium oxide and included:
- 2 metres at 1.49% lithium oxide from 22 metres;
- 5 metres at 1.76% lithium oxide from 35 metres; and
- 19 metres at 1.59% lithium oxide from 43 metres.
 
Hole ACR021 achieved a peak grade of 2.43% lithium oxide and included:
- 4 metres at 1.21% lithium oxide from 33 metres; and
- 15 metres at 1.42% lithium oxide from 66 metres.

These results follow the recent results which achieved a peak grade of 4.37% lithium oxide and included 17 metres at 1.46% lithium oxide from 42 metres.

Furthermore, diamond rigs have completed their first three holes as part of metallurgical testing at Arcadia.


Arcadia lithium project

Drilling to date has covered 12% of the company’s exploration area. 

The drilled strike of the 14 stacked pegmatites extends more than 1 kilometre and 400 metres down dip.
 
The company’s ground position now covers more than 6 square kilometres of mining licences. 

A scout drilling program is being prepared to determine the overall size of this newly discovered large scale lithium bearing pegmatite system. 

Prospect intends to fast track the drilling of this new discovery as part of the wide spaced scout program. 


Arcadia development timeline

Drilling is working towards the development of Arcadia in the following order:

- First JORC resource expected before the end of October;
- Mine scoping study planned for completion prior to 31 December;
- Off-take discussions underway with over 5 Asian lithium producers and agreements are expected to be completed prior to 31 December; and
 - First ore production planned for pre 30 June 2017.


Analysis

The discovery of this new large outcropping lithium-bearing pegmatite adds to the potential of the Arcadia lithium project.

The potential size of the newly identified system will be realised in the short term with a priority scout drill program now being prepared.

The latest drill assays continue to confirm the high grade lithium potential of the Arcadia project where drilling to date has covered only 12% of the company’s exploration area.

With assays for 29 holes still pending and drilling at the new outcropping target to commence, Prospect remains well leveraged to lithium exploration success in an area known to host lithium.

The board, management and advisors for Prospect include three Zimbabwean residents and a number of people with experience working and living in the country.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 27 Sep 2016 12:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/166497/prospect-resources-ltd-uncovers-300-metre-outcropping-pegmatite-71232.html
<![CDATA[News - Prospect Resources Ltd confirms high grade lithium with more drilling assays ]]> http://www.proactiveinvestors.com.au/companies/news/166045/prospect-resources-ltd-confirms-high-grade-lithium-with-more-drilling-assays-71071.html Prospect Resources Ltd (ASX:PSC) has received assays grading up to 4.37% lithium oxide from its first three reverse circulation drill holes at the Arcadia lithium project in Zimbabwe.

The drill program is now complete with assay results from a further 28 holes expected over the coming weeks.

Highlights from the first three holes included 3 metres at 3.05% lithium oxide and 17 metres at 1.46% lithium oxide.

Two diamond drill rigs are now back on site drilling metallurgical test holes with further resource definition drilling scheduled for late September.

Prospect is working towards generating its first JORC resource estimate before the end of October 2016.


Drill results details

Assay results from the first 3 reverse circulation drill holes returned a peak grade of 4.37% lithium oxide.

Hole ACR003 achieved a peak grade of 2.47% lithium oxide and included:
- 3 metres at 3.05% lithium oxide from 19 metres;
- 17 metres at 1.46% lithium oxide from 42 metres; and
- 2 metres at 2.07% lithium oxide from 64 metres.
 
Hole ACR002 achieved a peak grade of 4.35% lithium oxide and included:
- 11 metres at 2.03% lithium oxide from 24 metres.

Hole ACR001 achieved a peak grade of 2.51% lithium oxide and included:
- 10 metres at 1.50% lithium oxide from 19 metres.


Arcadia development timeline

Drilling is working towards the development of Arcadia in the following order:

- First JORC resource expected before the end of October;
- Mine scoping study planned for completion prior to 31 December;
- Off-take discussions underway with over 5 Asian lithium producers and agreements are expected to be completed prior to 31 December; and
 - First ore production planned for pre 30 June 2017.


Analysis

These reverse circulation high grade lithium assays grading up to 4.37% lithium oxide confirm the recent diamond results which also peaked at a high grade of 3.99% lithium oxide.

Results continue to confirm the high grade lithium potential of the Arcadia project where drilling to date has covered only 10% of the company’s exploration area.

With assays for 28 holes still pending, Prospect remains well leveraged to lithium exploration success in an area known to host lithium.

The drilled strike of the 14 stacked pegmatites now extends more than 1 kilometre and some 350 metres down dip.

The company’s exploration success to date helped support the recent $16 million raising, with strong demand from Chinese sophisticated investors, including those within the lithium battery production cycle.

The board, management and advisors for Prospect include three Zimbabwean residents and a number of people with experience working and living in the country.

Shares in Prospect have increased in value by 10x year to date.

 

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Mon, 19 Sep 2016 09:10:00 +1000 http://www.proactiveinvestors.com.au/companies/news/166045/prospect-resources-ltd-confirms-high-grade-lithium-with-more-drilling-assays-71071.html
<![CDATA[News - Prospect Resources Ltd intersects lithium from diamond drilling at Arcadia ]]> http://www.proactiveinvestors.com.au/companies/news/165376/prospect-resources-ltd-intersects-lithium-from-diamond-drilling-at-arcadia-70764.html Prospect Resources Ltd (ASX:PSC) has received assays including 8.25 metres at 1.74% lithium from its first five diamond holes at the Arcadia lithium project in Zimbabwe.

Assays reached a peak value of 3.99% lithium.

Assays are still pending for 11 diamond holes and 32 reverse circulation holes ensuring strong upcoming news flow.

A maiden JORC mineral resource estimate is expected to be completed before the end of October 2016.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

Drilling to date has covered only 15% of the company’s granted mining licences.


Drill result summary

Significant assays from the first five diamond drill holes ACD001-005 are below:

ACD001: 8.25 metres at 1.74% lithium (Main pegmatite)
ACD001: 2.66 metres at 1.51% lithium (L1 pegmatite)
ACD001: 3.44 metres at 0.38% lithium (Lower Main pegmatite)

ACD002: 7.77 metres at 1.74% lithium (Main pegmatite)
ACD002: 2.98 metres at 0.97% lithium (Lower Main pegmatite)

ACD003: 12.85 metres at 0.61% lithium (Main pegmatite)
ACD003: 1.03 metres at 1.57% lithium (L4 pegmatite)
ACD003: 4.71 metres at 1.49% lithium (Lower Main pegmatite)

ACD004: 1.40 metres at 1.56% lithium (U2 pegmatite)
ACD004: 5.31 metres at 1.86% lithium (Main pegmatite)
ACD004: 1.53 metres at 1.54% lithium (L5 pegmatite)
ACD004: 6.36 metres at 1.44% lithium (Lower Main pegmatite)

ACD005: 9.98 metres at 1.46% lithium (Main pegmatite)
ACD005: 3.36 metres at 2.15% lithium (L3 pegmatite)
ACD005: 5.40 metres at 1.64% lithium (Lower Main pegmatite)


Arcadia development timeline

Drilling is working towards the development of Arcadia in the following order:

- First JORC resource expected before the end of October;
- Mine feasibility study planned for completion prior to 31 December;
- Off-take discussions underway with over 5 Asian lithium producers and agreements are expected to be completed prior to 31 December; and
 - First ore production planned for pre 30 June 2017.


Analysis

The first set of drill results confirms the high grade lithium potential of the Arcadia project.

With assays for over 40 holes still pending, Prospect remains well leveraged to lithium exploration success in an area known to host lithium.

All historical Arcadia lithium deposits have been the subject of previous exploration and have exhibited lithium bearing pegmatites.

The company’s exploration success to date helped support the recent $16 million raising, with strong demand from Chinese sophisticated investors, including those within the lithium battery production cycle.

The company is very well funded with $17.5 million cash, and is strongly supported by its major shareholders with the top 10 holding 54% of the total issued capital.

The board, management and advisors for Prospect includes three Zimbabwean residents and a number of people with experience working and living in the country.

The stock is trading up 880% year to date.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 31 Aug 2016 13:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165376/prospect-resources-ltd-intersects-lithium-from-diamond-drilling-at-arcadia-70764.html
<![CDATA[News - Prospect Resources Ltd's lithium drilling reveals 51 metre thick pegmatite ]]> http://www.proactiveinvestors.com.au/companies/news/165375/prospect-resources-ltds-lithium-drilling-reveals-51-metre-thick-pegmatite-70503.html Prospect Resources Ltd (ASX:PSC) has completed 18 holes and is still reverse circulation drilling at the Arcadia high grade lithium project in Zimbabwe.

While assays are still pending, completed drilling has been able to identify the thickness of the pegmatites, which range up to 51 metres.

Drilling is progressing rapidly at one hole per day and a second drill rig is currently being brought to site.

The drilling is working towards a maiden JORC resource expected to be complete before the end of October.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.


Assays pending

Assays are pending from both the completed 16 hole diamond program and the ongoing reverse circulation program.

Diamond program: 16 holes, 70 metres average depth.

Reverse circulation program: 18 holes ongoing, 62 metres average depth.

All but one drill hole intercepted pegmatites, hosting visible quantities of spodumene and petalite, known to host lithium.

The 18 reverse circulation holes drilled to date confirm the extension of the Main pegmatite and Lower Main pegmatite exposed in the old Arcadia pit.

Drilling has identified thicknesses of up to 10 metres in the Main pegmatite and up to 51 metres in the Lower pegmatite.

Pegmatites appear to extend to the east, north, north west and north east. They are flat lying and are less than 80 metres below surface.


Background

Prospect has a dual focus on its high grade lithium and gold projects in Zimbabwe:

- Arcadia lithium project;
- God’s Gift lithium project;
- Gwanda East gold project; and
- Penhalonga gold project.

While Arcadia is the focus of exploration currently, the Gwanda East gold project, recently produced its first gold in April 2016.

Drilling to date at Arcadia has covered 6% of the exploration area and the ground now covers more than 5 square kilometres of mining licences.


Arcadia development timeline

Drilling is working towards the development of Arcadia in the following order:

- First JORC resource expected before the end of October;
- Mine feasibility study planned for completion prior to 31 December;
- First ore production planned for pre 30 June 2017; and
- Off-take discussions underway with over 5 Asian lithium producers and agreements are expected to be completed prior to 31 December.


Analysis

The pending drill results from the two drilling programs leverages Prospect to lithium exploration success in an area known to host lithium.

All Arcadia lithium deposits have been the subject of previous exploration and have exhibited lithium bearing pegmatites.

The company’s exploration success to date helped support the recent $16 million raising, with strong demand from Chinese sophisticated investors, including those within the lithium battery production cycle.

The company is very well funded with $17.5 million cash, and is strongly supported by its major shareholders with the top 10 holding 54% of the total issued capital.

The board, management and advisors for Prospect includes three Zimbabwean residents and a number of people with experience working and living in the country.

The stock is trading up 840% year to date.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Wed, 17 Aug 2016 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165375/prospect-resources-ltds-lithium-drilling-reveals-51-metre-thick-pegmatite-70503.html
<![CDATA[News - Prospect Resources Ltd see lithium potential with 45 metre thick pegmatite ]]> http://www.proactiveinvestors.com.au/companies/news/165374/prospect-resources-ltd-see-lithium-potential-with-45-metre-thick-pegmatite-70468.html Prospect Resources Ltd (ASX:PSC) is awaiting assays from its maiden drill program which is underway at the Arcadia high grade lithium project in Zimbabwe.

Based on current drilling, pegmatites at Arcadia, which are known to host lithium, measure up to 45 metres in thickness.

16 diamond holes are now completed and awaiting assays and 15 reverse circulation holes are complete with the program ongoing.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

Potential exists for the pegmatite zones to extend in all directions.

Drill results are pending for completed holes and Prospect expects to complete a scoping study on the Arcadia Lithium Deposit by the end of 2016. 


Background

Prospect has a dual focus on its high grade lithium and gold projects in Zimbabwe:

- Arcadia lithium project;
- God’s Gift lithium project;
- Gwanda East gold project; and
- Penhalonga gold project.

While Arcadia is the focus of exploration currently, the Gwanda East gold project, recently produced its first gold in April 2016


Assays pending

Drilling at Arcadia has confirmed the down dip extension of the Main pegmatite exposed in the old Arcadia pit.

The company has identified at least 14 pegmatite layers, 4 above the Main pegmatite and 9 below.

The Main pegmatite averages 5.5 metres and ranges up to 10 metres in thickness and the lower pegmatite ranges up to 45 metres in thickness.

A reverse circulation rig has now completed 15 holes with the program ongoing.


Channel chip samples

Prospect recently received all remaining channel chip samples collected from the weathered exposures of the historical Arcadia pit, within the Arcadia lithium project.

Of the 316 samples, the peak value was 4.37% lithium, with the full breakdown:

- 6 samples return over 4% lithium;
- 28 samples return over 3% lithium;
- 95 samples return over 2% lithium;
- 178 samples return over 1.5% lithium; and
- 238 samples return over 1% lithium.

The rock chip samples were collected from one to two metre intervals located along continuous traverses over the central eastern side of the exposed pegmatite within the Arcadia pit as well as from initial geological traverses of the claims area.


Analysis

With drill results pending at Arcadia, Prospect remains highly leveraged to exploration success.

All Arcadia lithium deposits have been the subject of previous exploration and have exhibited lithium bearing pegmatites.

Prospect has received strong investor support with the stock trading up over 10 times year to date.

The company’s exploration success to date helped support the recent $16 million raising, with strong demand from Chinese sophisticated investors, including those within the lithium battery production cycle.

Prospect has a high quality project portfolio in Zimbabwe with featuring historically producing lithium deposits and a producing gold mine.

The company is very well funded with $17.5 million cash, and is strongly supported by its major shareholders with the top 10 holding 54% of the total issued capital.

The board, management and advisors for Prospect includes three Zimbabwean residents and a number of people with experience working and living in the country.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 16 Aug 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165374/prospect-resources-ltd-see-lithium-potential-with-45-metre-thick-pegmatite-70468.html
<![CDATA[News - Prospect Resources Ltd receives another $1M from major shareholder ]]> http://www.proactiveinvestors.com.au/companies/news/165373/prospect-resources-ltd-receives-another-1m-from-major-shareholder-70349.html Prospect Resources Ltd (ASX:PSC) has raised $1 million after a major shareholder and foundation investor subscribed for 20 million shares priced at $0.05 each.

The raising follows the recently successful $16 million placement, which was increased from $14 million due to investor demand.

The company is currently accelerating exploration at the Arcadia high grade lithium project in Zimbabwe.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

Exploration news flow is set to increase with assays pending for 16 diamond drill holes and rigs continuing to drill.


Drilling at Arcadia

Prospect recently completed the first 16 diamond drill holes at the company's Arcadia lithium project in Zimbabwe.


Assays are pending

Drilling has confirmed the down dip extension of the Main Pegmatite exposed in the old Arcadia pit.

The company has identified at least 14 pegmatite layers, 4 above the Main pegmatite and 9
below.

A reverse circulation rig has been mobilised and is now drilling the first of the next 15 holes.


Channel chip samples

Prospect recently received all remaining channel chip samples collected from the weathered exposures of the historical Arcadia pit, within the Arcadia lithium project.

Of the 316 samples, the peak value was 4.37% lithium, with the full breakdown:

- 6 samples return over 4% lithium;
- 28 samples return over 3% lithium;
- 95 samples return over 2% lithium;
- 178 samples return over 1.5% lithium; and
- 238 samples return over 1% lithium.

The rock chip samples were collected from one to two metre intervals located along continuous traverses over the central eastern side of the exposed pegmatite within the Arcadia pit as well as from initial geological traverses of the claims area.


Investor support

Prospect has received strong investor support with the stock trading up over 10 times year to date.

The company’s exploration success to date helped support the recent $16 million raising, with strong demand from Chinese sophisticated investors, including those within the lithium battery production cycle.

The stock is trading at $0.054, representing a premium to the recent placement price of $0.05.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Wed, 10 Aug 2016 09:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165373/prospect-resources-ltd-receives-another-1m-from-major-shareholder-70349.html
<![CDATA[News - Prospect Resources Ltd reveals more high-grade lithium at Arcadia ]]> http://www.proactiveinvestors.com.au/companies/news/165372/prospect-resources-ltd-reveals-more-high-grade-lithium-at-arcadia-70309.html Prospect Resources Ltd (ASX:PSC) has now received all channel chip samples collected from the weathered exposures of the historical Arcadia pit, within the Arcadia lithium project in Zimbabwe.

Of the 316 samples, the peak value was 4.37% lithium, with the full breakdown:

- 6 samples return over 4% lithium;
- 28 samples return over 3% lithium;
- 95 samples return over 2% lithium;
- 178 samples return over 1.5% lithium; and
- 238 samples return over 1% lithium.

The rock chip samples were collected from one to two metre intervals located along continuous traverses over the central eastern side of the exposed pegmatite within the Arcadia pit as well as from initial geological traverses of the claims area.


Arcadia project

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

PSC's exploration success to date helped support the recent $14 million raising, with strong demand from Chinese sophisticated investors, including those within the lithium battery production cycle.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Mon, 08 Aug 2016 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165372/prospect-resources-ltd-reveals-more-high-grade-lithium-at-arcadia-70309.html
<![CDATA[News - Prospect Resources Ltd's diamond drilling to reveal lithium potential of Arcadia ]]> http://www.proactiveinvestors.com.au/companies/news/141076/prospect-resources-ltds-diamond-drilling-to-reveal-lithium-potential-of-arcadia-70182.html Prospect Resources Ltd (ASX:PSC) is set to increase exploration news flow during this quarter, after wrapping up the first 16 diamond drill holes at the company's Arcadia high grade lithium project in Zimbabwe.

Assays are pending.

Drilling has confirmed the down dip extension of the Main Pegmatite exposed in the old Arcadia pit.

The company has identified at least 14 pegmatite layers, 4 above the Main pegmatite and 9
below.

A reverse circulation rig has been mobilised and is now drilling the first of the next 15 holes.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

The company's success to date was instrumental in raising $14 million last month.

The raising attracted strong demand from Chinese sophisticated investors, including those within the lithium battery production cycle


Additional chip sample results

Results from additional chip sampling from the weathered faces of historic test pits and surrounding outcrops are positive.

Highlights include:

- 6 samples return > 4% lithium;
- 28 samples return > 3% lithium;
- 95 samples return > 2% lithium; and
- Peak grade is 4.37% lithium.

The samples were collected from one to two metre intervals in continuous traverses on the central eastern side of the weathered face of the Arcadia pit and during survey traverses of the claims area.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 02 Aug 2016 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141076/prospect-resources-ltds-diamond-drilling-to-reveal-lithium-potential-of-arcadia-70182.html
<![CDATA[News - Prospect Resources Ltd samples high grade lithium and gains funding boost ]]> http://www.proactiveinvestors.com.au/companies/news/141074/prospect-resources-ltd-samples-high-grade-lithium-and-gains-funding-boost-69982.html Prospect Resources Ltd (ASX:PSC) has assayed samples of up to 4.37% lithium in its first phase of channel chip sampling at the Arcadia lithium project in Zimbabwe.

The company has also received commitments to raise an additional $2 million, increasing the recent placement raising to $16 million from $14 million.

Funds will be partly used to fast track the exploration and development of the recently acquired Arcadia project.

Result from the first phase of channel chip sampling completed since Prospect’s recent acquisition showed 102 of the 207 assayed samples yield lithium grades of over 2%.

The results of 168 samples and 4 drill holes are pending.


Channel chip sampling results

The first phase of channel chip sampling collected 207 samples grading up to 4.37% lithium from the weathered faces of the 1960s Arcadia pit.

Results were as follows:
 
- 6 samples returned over 4% lithium;
- 22 samples returned over 3% lithium; and
-74 samples returned over 2% lithium.

A total of 375 samples were collected with results of the final 168 samples still to be received.

The samples were collected from one to two metre intervals in continuous traverses on the central
eastern side of the historic Arcadia pit face.


Placement increase

Prospect recently secured commitments to raise $14 million through the issue of 280 million shares priced at $0.05.

The company has now received further commitments to issue an additional 40 million shares priced at $0.05 to raise an additional $2 million subject to shareholder approval.

Strong support was received from sophisticated and professional investors for Prospect’s growing lithium portfolio in Zimbabwe, especially from Chinese investors.


Use of funds

The $16 million in funds raised will be used to:

- Fast track drilling at the Arcadia Lithium deposit;
- Accelerate mine design, plant design and feasibility studies for the Arcadia Lithium deposit;
- Enable the company to order long lead time items of plant for the Arcadia Lithium deposit;
- Fast track exploration at the God’s Gift Lithium deposit;
- Accelerate gold production at the Gwanda East gold camp;
- Provide the company with capacity to make additional strategic acquisitions, particularly within the
lithium, graphite and cobalt sectors; and
- Supplement general working capital.


Analysis

The channel chip sampling taken from faces at the Arcadia pit confirm the potential for high grade economic lithium mineralisation.

With four drill holes also now completed and assays pending, Prospect is highly leveraged to lithium exploration success.

These indicative sampling results continue to be in line with expectations from historical data at the previously mined lithium deposit.

The additional funding support, which raises the placement raising to $16 million exhibits Prospect’s investor support.

Having recently secured a second option to acquire the God’s Gift Lithium Deposit, which would grow the company’s lithium portfolio in Zimbabwe, the company now has a variety of exploration targets to produce news flow from.

Prospect's share price is up over 14 times year to date, currently trading at $0.071.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 22 Jul 2016 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141074/prospect-resources-ltd-samples-high-grade-lithium-and-gains-funding-boost-69982.html
<![CDATA[News - Prospect Resources Ltd pockets $14M to fast track lithium drilling in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/141072/prospect-resources-ltd-pockets-14m-to-fast-track-lithium-drilling-in-zimbabwe-69920.html Prospect Resources Ltd (ASX:PSC) has received strong support from investors for its growing lithium portfolio in Zimbabwe.

The company has commitments to raise $14 million through the issue of 280 million shares at $0.05, subject to shareholder approval.

The extraordinary general meeting is to be held on 22nd July 2016.

Shareholders will also vote on the issue of up to 250 million shares to sophisticated investors at no less than $0.03.

Hugh Warner, chairman, commented:

“The strong demand from Chinese sophisticated investors, including those within the lithium battery production cycle, is a positive endorsement for PSC, its African based management team and directors and of course the quality of our project portfolio.

"We are looking forward to developing strong relationships with our future end users and to be able to fast track the development of our assets with a strong balance sheet.”


Zimbabwe lithium

Zimbabwe is well known for its lithium deposits, and history of production.

Prospect Resources is now funded to fast track drilling at the Arcadia Lithium deposit, located 35 kilometres from Harare.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

The new funds raised will also be allocated to accelerate mine design, plant design and feasibility studies, while allowing the company to order long lead time items.

Adding further interest, Prospect Resources recently pounced on an option to acquire the God’s Gift Lithium deposit, also within Zimbabwe.

The God’s Gift Lithium claims have a long history with intermittent production.

They were first pegged for beryl in 1952. From this date until 1992, a total production of 315 tonnes of beryl, 2.8 tonnes of tantalite and 17 tonnes of cassiterite was declared.


Analysis

Today's cash raising highlights the support investors are showing for Prospect Resources lithium strategy in Zimbabwe.

The company has focused on acquiring projects with a history of lithium production.

With the use of modern drilling techniques, the results from the upcoming program will be highly anticipated.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 20 Jul 2016 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141072/prospect-resources-ltd-pockets-14m-to-fast-track-lithium-drilling-in-zimbabwe-69920.html
<![CDATA[News - Prospect Resources Ltd secures option over historically producing lithium deposit ]]> http://www.proactiveinvestors.com.au/companies/news/141070/prospect-resources-ltd-secures-option-over-historically-producing-lithium-deposit-69895.html Prospect Resources Ltd (ASX:PSC) has further strengthened its position in proven lithium projects, after securing an option to acquire the God’s Gift Lithium Deposit, northeast of Harare in Zimbabwe.

The God’s Gift Lithium claims have a long history with intermittent production.

They were first pegged for beryl in 1952. From this date until 1992, a total production of 315 tonnes of beryl, 2.8 tonnes of tantalite and 17 tonnes of cassiterite was declared.

PSC said that records at the Geological Survey reported microlite grades up to 1.65g/t.

While mining records are incomplete, the company added that there is a series of shafts and open cuts which were developed, while in recent years, tantalite exploitation has been exclusively from eluvial deposits.


Consideration

The company has acquired a 4 month option to acquire, via its 70% owned Zimbabwe subsidiary Hawkmoth Mining & Investment (Pvt) Ltd, a 90% interest in the God’s Gift Lithium Project in consideration of US$50,000.

A further US$450,000 is payable on exercise of the option.


Details of God’s Gift Lithium Deposit

The mineralised pegmatites are associated with the granitoids of the Sutswe suite, which lie at the contact of the Mataki greenstone belt and older granitic gneisses.

A series of largely ESE – WNW trending parallel, flat lying pegmatites intrude country rock biotite schists and amphibolites.

PSC said their widths vary between 0.5 – to 30 metres, and exceed 600 metres in length. They are of the general Na-Li type, and exhibit well-developed zoneation.

The artisanal open cuts expose lithium bearing pegmatites and there are separate and overlapping tantalite and beryl rich zones.

In addition to petalite, tantalite and beryl, the deposit contains cassiterite, garnet and monazite.

The deposit has primarily been a tantalite target in the past, but the extensive pegmatite outcrops, make it an immediate lithium play.


Analysis

Today's option acquisition further solidifies PSC's presence within historical producing lithium areas, for a small initial consideration of US$50,000.

The option adds to the company's Arcadia Lithium Project, also in Zimbabwe.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has a very tidy initial exploration target of 15-18 million tonnes at 3-5% lithium.

PSC has received strong support from the market for its Zimbabwe lithium strategy, with the shares in the company last trading at $0.063, more than ten times higher from the beginning of May 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 19 Jul 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141070/prospect-resources-ltd-secures-option-over-historically-producing-lithium-deposit-69895.html
<![CDATA[News - Prospect Resources Ltd enhances lithium potential in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/141067/prospect-resources-ltd-enhances-lithium-potential-in-zimbabwe-69764.html Prospect Resources Ltd (ASX:PSC) has intercepted further visible spodumene bearing pegmatite (known to host lithium) with its third and fourth drill holes at the Arcadia Lithium Project in Zimbabwe.

Drill hole ACD003 intercepted pegmatites totalling 17 metres and drill hole ACD004 intercepted pegmatites totalling 24.06 metres.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has a very tidy initial exploration target of 15-18 million tonnes at 3-5% lithium.

Historical drilling in 1969 and 1981 confirmed the pegmatite extends at least 1,500 metres along strike with grades of 3.5-5.5% lithium.

Drilling continues as part of the current program which plans to drill 30 holes to average depths of 50 metres.


Arcadia Lithium Project

Prospect recently exercised an option giving it a 63% interest in the project located in one of the three well known lithium camps in Zimbabwe.

The Arcadia Lithium Project hosts shallow pegmatite extending over a 1,500 metre strike length.

The project also hosts a historically mined lithium deposit, which has produced over 15,000 tonnes of mixed lithium ore.

Drilling in 1969 and 1981 confirmed the pegmatite extends at least 1500 metres along strike with grades of 3.5-5.5% lithium.

Drilling is in progress and a second rig has been secured and will be brought onsite as needed.

Visible results from the first two drill holes are in line with expectations from historical data.


Drilling details

Drill hole ACD003 intercepted a number of visibly identified spodumene bearing pegmatites including:

- 0.55 metre upper spodumene bearing pegmatite from 9.38 metres;
- 5.70 metres Main Zone spodumene bearing pegmatite from 30.58 metres, well mineralised in
spodumene and petalite;
- 1.91 metres L5 Zone spodumene bearing pegmatite from 60.34 metres; and
- 4.78 metres L6 Zone spodumene bearing pegmatite from 66.75 metres.

Drill hole ACD004 was within 60 metres of ACD003 and ACD001 and included significant intercepts:

- 3.71 metres U2 Zone spodumene and petalite bearing pegmatite from 27.50 metres;
- 5.54 metres Main Zone spodumene, petalite and beryl bearing pegmatite from 36.06 metres;
- 1.53 metres L5 Zone spodumene and petalite bearing pegmatite from 56.60 metres; and
- 6.30 metres L8 Zone spodumene, petalite and lepidolite bearing pegmatite from 64.73 metres.


Analysis

Visible results from drilling continue to be in line with expectations from historical data at the previously mined lithium deposit.

A second diamond drill rig has now arrived and is in operation at site, which will likely increase the rate of news flow.

Assay results from the first four completed holes are pending.

Prospect's share price is up over 10 times year to date, currently trading at $0.061.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 12 Jul 2016 12:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141067/prospect-resources-ltd-enhances-lithium-potential-in-zimbabwe-69764.html
<![CDATA[News - Prospect Resources Ltd lifts lithium potential of project in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/141064/prospect-resources-ltd-lifts-lithium-potential-of-project-in-zimbabwe-69652.html Prospect Resources Ltd (ASX:PSC) has intersected a combined 9 metres of visible spodumene bearing pegmatite at the Arcadia Lithium Project in Zimbabwe.

Pegmatites are the primary source of spodumene, a lithium ore.

This second hole, is a 50 metre step out hole from the recently drilled first hole which intercepted 12.35 metres of visible spodumene bearing pegmatite.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has a very tidy initial exploration target of 15-18 million tonnes at 3-5% lithium.

Historical drilling in 1969 and 1981 confirmed the pegmatite extends at least 1,500 metres along strike with grades of 3.5-5.5% lithium.

Drilling continues as part of the current program which plans to drill 30 holes to average depths of 50 metres.


Arcadia Lithium Project

Prospect recently exercised an option giving it a 63% interest in the project located in one of the three well known lithium camps in Zimbabwe.

The Arcadia Lithium Project hosts shallow pegmatite extending over a 1,500 metre strike length.

The project also hosts a historically mined lithium deposit, which has produced over 15,000 tonnes of mixed lithium ore.

Drilling in 1969 and 1981 confirmed the pegmatite extends at least 1500 metres along strike with grades of 3.5-5.5% lithium.

Drilling is in progress and a second rig has been secured and will be brought onsite as needed.

Visible results from the first two drill holes are in line with expectations from historical data.


Drilling details

Drill hole ACD002 intercepted a number of visibly identified spodumene bearing pegmatites as follows:

- 0.60 metre upper spodumene bearing pegmatite from 10.20 metres;
- 7.75 metres Main Zone spodumene bearing pegmatite from 21.7 metres, well mineralised in
spodumene and petalite;
- 1 metre L1 Zone spodumene bearing pegmatite from 34.90 metres;
- 0.62 metre L2 Zone spodumene bearing pegmatite from 38.20 metres; and
- 0.1 metre quartz and beryl from 44.81 metres.

Assay results are pending.


Funding

The company is well funded having recently raised $2.67 million in a heavily oversubscribed placement at $0.014.

The Gwanda East gold project, also in Zimbabwe, recently produced its first gold.

The cash flows generated from this production will help to propel growth in gold production and lithium exploration and development.


Analysis

There are some wraps on this Arcadia project given its historical production, exploration target and large tonnage potential given the strike length and high lithium grades.

The exploration target may prove conservative given the project lies within one of the well known lithium camps, not far from Harare.

Zimbabwe has a history of lithium production.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 06 Jul 2016 12:10:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141064/prospect-resources-ltd-lifts-lithium-potential-of-project-in-zimbabwe-69652.html
<![CDATA[News - Prospect Resources Ltd intercepts visible pegmatite at Arcadia Lithium Project ]]> http://www.proactiveinvestors.com.au/companies/news/141063/prospect-resources-ltd-intercepts-visible-pegmatite-at-arcadia-lithium-project-69598.html Prospect Resources Ltd (ASX:PSC) has intercepted 12.35 metres of visible spodumene bearing pegmatite (known to host lithium) in its first drill hole at the Arcadia Lithium Project in Zimbabwe.

The hole was drilled adjacent to the historical main pit and confirms continuity of spodumene bearing pegmatites from historical workings.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

Historical drilling in 1969 and 1981 confirmed the pegmatite extends at least 1,500 metres along strike with grades of 3.5-5.5% lithium.

This current program plans to drill 30 holes to average depths of 50 metres.


Arcadia Lithium Project

Prospect recently exercised an option giving it a 63% interest in the project located in one of the three well known lithium camps in Zimbabwe.

The project hosts a historically mined lithium deposit, which has produced over 15,000 tonnes of mixed lithium ore.

Drilling in 1969 and 1981 confirmed the pegmatite extends at least 1500 metres along strike with grades of 3.5-5.5% lithium.

Drilling is in progress and a second rig has been secured and will be brought onsite as needed.

Visible results from the first drill hole are in line with expectations from historical data.


Zimbabwe

Arcadia is located 35 kilometres from Harare in Zimbabwe.

Zimbabwe is a proven jurisdiction for lithium production having been the 5th largest global producer at its peak.


Analysis

Visible results from the first drill hole at Arcadia suggests potential lithium mineralisation continues down dip from historical workings.

This is an early positive sign that Prospect has a good opportunity to fast-track a pathway to defining a JORC resource.

The Arcadia Lithium Project hosts shallow pegmatite extending over a 1,500 metre strike length.

The high grades and large tonnage potential, given the known strike length, make this a significant project.

The company is well funded having recently raised $2.67 million in a heavily oversubscribed placement at $0.014.

Prospect's share price is up 460% year to date, currently trading at $0.028.

With 30 holes planned to be drilled in the current program, further news is expected regarding assay results.


African gold projects

Prospect has 3 gold projects in Africa; the Gwanda East and Penhalonga Gold projects in Zimbabwe and the recently acquired Moba Gold Project in the Democratic Republic of Congo.

The Gwanda East gold project, also in Zimbabwe, recently produced its first gold.

The project has a number of historically producing gold mines and ore from the Prestwood Main mine is currently being stockpiled ready for processing.

The short term production plan is for three shafts within the project to be extracting ore.

The cash flows generated from this production will help to propel growth in gold production and lithium exploration and development.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 04 Jul 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141063/prospect-resources-ltd-intercepts-visible-pegmatite-at-arcadia-lithium-project-69598.html
<![CDATA[News - Prospect Resources Ltd readies drilling at Arcadia Lithium Project ]]> http://www.proactiveinvestors.com.au/companies/news/141061/prospect-resources-ltd-readies-drilling-at-arcadia-lithium-project-69177.html Prospect Resources Ltd (ASX:PSC) has now exercised its option to acquire 90% of the high grade Arcadia Lithium Project via its 70% owned subsidiary, Hawkmoth Mining & Exploration Pvt Ltd.

Drilling in 1969 and 1981 confirmed the pegmatite extends at least 1500 metres along strike with grades of 3.5-5.5% lithium.

PSC is now readying a drilling program, with its first diamond rig to commence a double shift on the 25th June 2016. A second rig has been secured and will be brought onsite as needed.

Arcadia is located 35 kilometres from Harare in Zimbabwe.

Zimbabwe is a proven jurisdiction for lithium production having been the 5th largest global producer at its peak.


Well-funded

PSC recently raised $2.67 million in a heavily oversubscribed placement at $0.014. Shares in the company last traded at $0.023, and are set for a stronger opening today.


Increased footprint

PSC has also increased its position over the Arcadia pegmatites and surrounding targets.

The company has instigated an aggressive land acquisition strategy which covers a number of regional targets.


Gwanda East gold project

PSC has a dual focus, on lithium and gold.

The Gwanda East gold project, also in Zimbabwe, recently produced its first gold.

The project has a number of historically producing gold mines and ore from the Prestwood Main mine is currently being stockpiled ready for processing.

The short term production plan is for three shafts within the project to be extracting ore.

The cash flows generated from this production will help to propel growth in gold production and lithium exploration and development.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 14 Jun 2016 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141061/prospect-resources-ltd-readies-drilling-at-arcadia-lithium-project-69177.html
<![CDATA[News - Prospect Resources Ltd bags $2.67M for lithium drilling in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/141059/prospect-resources-ltd-bags-267m-for-lithium-drilling-in-zimbabwe-68958.html Prospect Resources Ltd (ASX:PSC) has received strong investor demand in a heavily oversubscribed placement at $0.014 per share to raise $2.67 million.

Funds will be used to fast track drilling at the Arcadia Lithium project, which is located 35 kilometres from Harare in Zimbabwe.

Arcadia is both shallow and high grade with the pegmatite extending over a 1,500 metre strike length.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

Drilling in 1969 and 1981 confirmed the pegmatite extends at least 1,500 metres along strike with grades of 3.5-5.5% lithium.

Zimbabwe is a proven jurisdiction for lithium production having been the 5th largest global producer at its peak.

Funds will also be allocated to accelerate gold production at the Gwanda East gold camp, south east of Bulawayo, and to supplement general working capital.


Hugh Warner, chairman, commented:

“The strong demand from this capital raising is an endorsement for PSC and the quality of its project portfolio.

"We are excited to commence the exploration program with a healthy balance sheet with a view to creating value for PSC and its shareholders."


Gwanda East gold project

The Gwanda East gold project in Zimbabwe produced its first gold recently and is PSC's most advanced gold project.

The project has a number of historically producing gold mines and ore from the Prestwood Main mine is currently being stockpiled ready for processing.

The short term production plan is for 3 shafts within the project to be extracting ore.

The cash flows generated from this production will help to propel growth in gold production and lithium exploration and development.


Background

PSC recently acquired an option giving it a 63% interest on the Arcadia V lithium claims and applications covering the Arcadia Camp in Zimbabwe.

The composite grade of the Arcadia claim is estimated at 5% lithium.

PSC has 3 gold projects in Africa; the Gwanda East and Penhalonga Gold projects in Zimbabwe and the recently acquired Moba Gold Project in the Democratic Republic of Congo.


Analysis

Prospect Resources has a dual lithium and gold focus, which investors have embraced, shown by the heavily oversubscribed placement.

Shares in the company have more than tripled since the start of April.

Expected news flow over the coming months:

- Updates on pre-drilling lithium exploration such as mapping and channel sampling;
- Updates on gold production at Gwanda East;
- Potential securing of additional lithium projects;
- Securing of tenements currently under application for the remainder of the Arcadia Camp; and
- Drilling at Arcadia scheduled for July.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 01 Jun 2016 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141059/prospect-resources-ltd-bags-267m-for-lithium-drilling-in-zimbabwe-68958.html
<![CDATA[News - Prospect Resources Ltd to reveal placement for lithium in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/141057/prospect-resources-ltd-to-reveal-placement-for-lithium-in-zimbabwe-68900.html Prospect Resources Ltd (ASX:PSC) has been granted a trading halt by the ASX, pending details regarding the completion of a placement.

The company recently secured diamond drilling services to drill 30x 50 metre holes on its Arcadia Lithium Project in Zimbabwe.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

Historical drilling in 1969 and 1981 confirmed the pegmatite extends at least 1,500 metres along strike with grades of 3.5-5.5% lithium.

Prospect is reviewing more lithium opportunities in Zimbabwe and surrounding countries such as Namibia and Mozambique.

Zimbabwe is a proven jurisdiction for lithium production having been the 5th largest global producer at its peak.

Exploration at Arcadia is ongoing and the diamond drilling will commence in July.

The halt will remain in place until the opening of trade on Wednesday 1st June 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 30 May 2016 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141057/prospect-resources-ltd-to-reveal-placement-for-lithium-in-zimbabwe-68900.html
<![CDATA[News - Prospect Resources Ltd to define maiden lithium resource in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/141055/prospect-resources-ltd-to-define-maiden-lithium-resource-in-zimbabwe-68734.html Prospect Resources Ltd (ASX:PSC) has secured diamond drilling services to drill 30x 50 metre holes on its recently acquired Arcadia Lithium Project in Zimbabwe.

The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.

Historical drilling in 1969 and 1981 confirmed the pegmatite extends at least 1,500 metres along strike with grades of 3.5-5.5% lithium.

Prospect is reviewing more lithium opportunities in Zimbabwe and surrounding countries such as Namibia and Mozambique.

Zimbabwe is a proven jurisdiction for lithium production having been the 5th largest global producer at its peak.

Exploration at Arcadia is ongoing and the diamond drilling will commence in July.


Gwanda East gold project

The Gwanda East gold project in Zimbabwe produced its first gold recently and is Prospect's most advanced gold project.

The project has a number of historically producing gold mines and ore from the Prestwood Main mine is currently being stockpiled ready for processing.

The short term production plan is for 3 shafts within the project to be extracting ore.

The cash flows generated from this production will be used to propel growth in gold production and lithium exploration and development.


Background

Prospect recently acquired an option giving it a 63% interest on the Arcadia V lithium claims and applications covering the Arcadia Camp in Zimbabwe.

The composite grade of the Arcadia claim is an estimated 5% lithium.

Prospect has 3 gold projects in Africa; the Gwanda East and Penhalonga Gold projects in Zimbabwe and the recently acquired Moba Gold Project in the Democratic Republic of Congo.


Zimbabwe

Zimbabwe is recognised as a global player in the production of lithium with the bulk of the historic production having come from Bikita Mine.

At its peak production, Zimbabwe has been the 5th largest lithium producer in the world.


Analysis

When Prospect acquired the option over the Arcadia Lithium Project their intention was to plan a rapid development program, which is now in motion.

Prospect have a good opportunity to fast-track a pathway to lithium production by defining a JORC resource at a deposit that has historically produced mixed lithium ore.

The Arcadia Lithium Project is both shallow and high grade with the pegmatite extending over a 1,500 metre strike length.

The high grades and large tonnage potential, given the known strike length, make this a significant project.

Prospect's share price is up over 100% since moving into the lithium space in May, 2016.

Gold produced at the Gwanda East project will provide the company with short term cash flows to fund both the expansion of gold production and an aggressive lithium exploration and development program.

Expected news flow over the coming months:

- Updates on pre-drilling lithium exploration such as mapping and channel sampling;
- Updates on gold production at Gwanda East;
- Potential securing of additional lithium projects;
- Securing of tenements currently under application for the remainder of the Arcadia Camp; and
- Drilling at Arcadia scheduled for July.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 May 2016 11:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141055/prospect-resources-ltd-to-define-maiden-lithium-resource-in-zimbabwe-68734.html
<![CDATA[News - Prospect Resources Ltd shares fly on Zimbabwe lithium acquisition ]]> http://www.proactiveinvestors.com.au/companies/news/141053/prospect-resources-ltd-shares-fly-on-zimbabwe-lithium-acquisition-68577.html Prospect Resources Ltd (ASX:PSC) shares were up over 150% after signing an option to acquire a lithium prospect situated near Harare, Zimbabwe.

The company has signed a 2 month option to acquire a 90% interest in the Arcadia V claim and the mineral claim applications comprising the Arcadia camp for US$10,000.

A further US$40,000 is payable on exercise of the option.

Significantly, there was some production from 1954 to 1972 at Arcadia which produced over 15,000 tonnes of mixed lithium ore.

Two rounds of historical drilling in 1969 and 1981 confirmed that the pegmatite extends at least 1,500 metres along strike, with high grades ranging from 3.5% to 5.5% lithium.

Based on historical data, Prospect is aiming for an exploration target of 15 to 18 million tonnes with grades ranging from 3% to 5% lithium.

An aggressive exploration program is planned over the coming months to define a mineral resource with the intent to move to a mining feasibility study.

The proposed exploration program will include detailed mapping, channel sampling and drilling to confirm previous drill data.

Given the shallow nature of the deposit and its proximity to infrastructure, the development program has potential to be fast tracked.

Last month, Prospect had acquired a 6 month option to purchase a 70% interest in the Moba Gold Project situated in Katanga, Democratic Republic of Congo.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 12 May 2016 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141053/prospect-resources-ltd-shares-fly-on-zimbabwe-lithium-acquisition-68577.html
<![CDATA[News - Prospect Resources Ltd to reveal option agreement ]]> http://www.proactiveinvestors.com.au/companies/news/141051/prospect-resources-ltd-to-reveal-option-agreement-68485.html Prospect Resources Ltd (ASX:PSC) has been granted a trading halt by the ASX this morning, pending details of an option agreement.

The company has recently been focussed on gold and lithium in Africa.

The halt will remain in place until the opening of trade on Wednesday 11th May 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 09 May 2016 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141051/prospect-resources-ltd-to-reveal-option-agreement-68485.html
<![CDATA[News - Prospect Resources Ltd to hunt for gold at historic Congo project ]]> http://www.proactiveinvestors.com.au/companies/news/141049/prospect-resources-ltd-to-hunt-for-gold-at-historic-congo-project-68087.html Prospect Resources Ltd (ASX:PSC) has acquired a 6 month option to purchase a 70% interest in the Moba Gold Project situated in Katanga, Democratic Republic of Congo.

The Moba Gold Project is a large gold system that has seen limited modern exploration. Historic mining (1939 to 1958) has produced 325,000 ounces of gold from less than 35 metres depth.

The project area is comprised of more than 12 kilometres of gold bearing structures in a 50 kilometres diameter metal zonation. The project licence area is 860 square kilometres.

At the Kamalingela prospect within the project area, gold vein structures hosted along the granite-diorite contact have been traced over 4 kilometres of strike length.

Recent exploration at the Kamalingela included a total of 48 trenches (1,014 metres) being excavated over the 4 kilometre strike, collecting 647 channel samples.

Best results included 13 metres at 7.7g/t gold and 30 metres at 1.57 g/t gold from the Kamalingela Nord prospect.

A total of 143 rock chip samples were collected from outcrops and historic exploration pits, returning a maximum grade of 69 g/t gold with an average 3.13 g/t gold grade.

The exploration work to date has demonstrated the potential for open pit and underground gold mining operations.

Prospect Resources is investigating early production options to fund a larger scale exploration programme.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 15 Apr 2016 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141049/prospect-resources-ltd-to-hunt-for-gold-at-historic-congo-project-68087.html
<![CDATA[News - Prospect Resources Ltd finds visible gold from historic Zimbabwe mine ]]> http://www.proactiveinvestors.com.au/companies/news/141047/prospect-resources-ltd-finds-visible-gold-from-historic-zimbabwe-mine-67942.html Prospect Resources Ltd (ASX:PSC) has discovered and collected visible gold using shaft sinking at the Prestwood mine sub-vertical in Gwanda East Project, Zimbabwe.

The Prestwood Gold Mine was mined intermittently from the early 20th Century and briefly mined again at the turn of the 21st century, with historic production of 16,000 ounces of gold at 33.1 g/t.

The company is developing underground stopes and stockpiles of ore to prepare for the first toll treatment.

Prospect Resources had acquired the property in 2014, and immediately began an evaluation exercise.

High grade gold was intersected from a maiden 6-hole, 1281 metres reverse circulation drill programme in May 2014.

Five of the six holes drilled intersected intact main reef down dip of the existing workings to 195 metres below the surface.

The results from under the main gold reef include 9.23 g/t gold over 1 metre at 153 metre depth and 9.94 g/t gold over 1 metre at 193 metres depth.

Prospect’s share price has increased by 40% since the beginning of 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 08 Apr 2016 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141047/prospect-resources-ltd-finds-visible-gold-from-historic-zimbabwe-mine-67942.html
<![CDATA[News - Prospect Resources receives placement funds ]]> http://www.proactiveinvestors.com.au/companies/news/141044/prospect-resources-receives-placement-funds-59956.html Prospect Resources (ASX:PSC) has received the first $103,725 tranche of a conditional placement for working capital and exploration on its Zimbabwe gold assets.

The company has allotted 6,915,000 shares at $0.015 each to E N Nefolovhodwe, adding a African-based shareholder.

In November, the company announced the conditional placement of A$310,000 via the issue of 20,666,668 shares at $0.015 each.

Prospect’s Zimbabwe assets include the Prestwood Gold Mine that had historic production of about 16,000 ounces of gold at 33.1 grams per tonne and is a target for development.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 08 Jan 2015 08:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/141044/prospect-resources-receives-placement-funds-59956.html
<![CDATA[News - Prospect Resources to raise funds from South African investment trust ]]> http://www.proactiveinvestors.com.au/companies/news/141042/prospect-resources-to-raise-funds-from-south-african-investment-trust-59106.html Prospect Resources (ASX:PSC) will issue 20,666,668 fully paid ordinary shares at an issue price of $0.015 to a South African investment trust to raise $310,000.

While still conditional on receiving South African Reserve Bank approval for the capital transfer for the NEF’s Trust.

Prospect is looking to commence mining at the Prestwood Gold Mine in Zimbabwe, where historic production produced around 16,000 ounces of gold at a whopping 33.1g/t gold.

So there is gold in the hills at Prestwood with funds raised to assist in the development of the Prestwood Gold Mine.

Most recent exploration at Prestwood during 2014 saw economic intercepts of Main Reef in three of the 6 holes drilled with intercepts varying from 1.1g/t to 12.3g/t gold.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 21 Nov 2014 10:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/141042/prospect-resources-to-raise-funds-from-south-african-investment-trust-59106.html
<![CDATA[News - Prospect Resources tastes near-surface gold in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/141040/prospect-resources-tastes-near-surface-gold-in-zimbabwe-58501.html Prospect Resources’ (ASX:PSC) rock chip sampling has returned economic gold grades in 8 of the 9 traverses at its 70%-owned Bushtick Gold Project in Zimbabwe.

The results confirm the theory that gold mineralisation exists along large portions of the historically mined deposit, which can be exploited from a surface operation.

Bushtick is a dormant mine situated 8 kilometres north northeast of Esigodini in the Esigodini Greenstone belt, in the grounds of Falcon College.

This had historical production of about 470,000 ounces of gold at 5.4 grams per tonne.

Best results from the rock chip sampling program totalling 250 metres include 5.1g/t over 17 metres, 5.4g/t over 15 metres and 2.8g/t over 12 metres.

The mineralised zone lies within the oxidised altered package of meta-basalts and andesites. Gold grades have been identified within ferruginous shear zones and stockworks.

This mineralised package lies along the flanks of the ‘Main Gold Reef’ that was exploited largely in the 1930’s and 40’s.

Historically the contact of the ‘Main Gold Reef’ was defined on a cut-off grade, of > 4 g/t, resulting in considerable mineralised material remaining that could be mined economically today.

A second phase of chip sampling is scheduled to commence shortly at the Open Cut, South of the Warwick East Shaft.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Oct 2014 10:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/141040/prospect-resources-tastes-near-surface-gold-in-zimbabwe-58501.html
<![CDATA[News - Prospect Resources granted trading halt ]]> http://www.proactiveinvestors.com.au/companies/news/141037/prospect-resources-granted-trading-halt-56945.html Prospect Resources (ASX:PSC) has been granted a trading halt by the ASX, with its shares placed in pre-open.

PSC requested the halt pending the outcome of the litigation it is currently involved in. The decision of the court is expected to be received today.

The company recently confirmed near-surface gold mineralisation at the company’s 70% owned Bushtick Gold Project in Zimbabwe.

Economic gold grades confirmed in 9 of 10 trenches, with grades including 15 metres at 1.3g/t gold.

The halt will remain in place until the opening of trade on Tuesday 19th August 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 15 Aug 2014 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141037/prospect-resources-granted-trading-halt-56945.html
<![CDATA[News - Prospect Resources to raise $1M for Zimbabwe gold focus ]]> http://www.proactiveinvestors.com.au/companies/news/141035/prospect-resources-to-raise-1m-for-zimbabwe-gold-focus-55296.html Prospect Resources (ASX:PSC) has entered into a placing agreement to raise US$1,000,000 (A$1,078,748) via the issue of  71.9 million shares at $0.015.

The share placement is to Armoured Fox Capital, an investment vehicle represented by Sithembiso Mthethwa and Manana Nhlanhla who are successful South African business people.

Completion of the share placement is planned to occur within 14 calendar days of this announcement and is subject to receiving approval from the South African Reserve Bank for an ‘outward capital transfer’.

The funds raised will be used for general working capital, to fund exploration on the company’s Zimbabwe gold assets; and to progress litigation against Alexander Molyneux, Blumont Group and Pacific Advisers in relation to a subscription for $3.9 million worth of shares in Prospect.

The company has an active 2014 exploration and development program to develop its mineral assets in Zimbabwe and Australia.

In April, Prospect intersected gold grading up to 12.3 grams per tonne from a promising maiden drill campaign at the Prestwood Gold Mine in Zimbabwe.

Highlight results from under the main gold reef included 1 metre at 9.23g/t gold at 153 metres, and 1 metre at 9.94g/t gold at 193 metres.

The 12.3g/t gold intercept over 1 metre was within shallower shear zones and could imply open pit development potential.

These results confirmed that the mineralised reef continues below and along strike of the historic gold workings.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 29 May 2014 11:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141035/prospect-resources-to-raise-1m-for-zimbabwe-gold-focus-55296.html
<![CDATA[News - Prospect Resources finds gold of a high grade in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/141033/prospect-resources-finds-gold-of-a-high-grade-in-zimbabwe-54541.html Prospect Resources (ASX:PSC) has intersected gold grading up to 12.3 grams per tonne from a promising maiden drill campaign at the Prestwood Gold Mine in Zimbabwe.

Highlight results from under the main gold reef included 1 metre at 9.23g/t gold at 153 metres, and 1 metre at 9.94g/t gold at 193 metres.

The 12.3g/t gold intercept over 1 metre was within shallower shear zones and could imply open pit development potential.

Importantly, these results confirm that the mineralised reef continues below and along strike of the historic gold workings.

The Main Reef extends down dip to at least 195 metres and is seemingly open ended; it has a strike length of around 75 metres and is also open ended to the north-east.

As an indication, the Bucks Mine, situated 600 metres to the west, is known to have been worked to at least 300 metres.

Following these results, Prospect will proceed with shaft rehabilitation and underground drilling in the near future, with a view to bringing the project into production as a high-grade gold mine.

The company is presently capped at under $5 million but should start gaining some market traction once gold production begins.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 28 Apr 2014 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141033/prospect-resources-finds-gold-of-a-high-grade-in-zimbabwe-54541.html
<![CDATA[News - Prospect Resources lands $1 million via placements at 233% premium ]]> http://www.proactiveinvestors.com.au/companies/news/141031/prospect-resources-lands-1-million-via-placements-at-233-premium-51813.html Prospect Resources (ASX:PSC) has emerged from a trading halt and will trade significantly higher after entered agreements to raise $1,000,000 via the issue of 100 million shares at $0.01, a 233% premium to that last traded share price of $0.003.

Shares in the company have since increased to $0.007.

This is a substantial endorsement and vote of confidence from the investors, which include an Africa focused private equity fund, MBM Capital Partners LLP for A$750,000 and Sirius Trustees Ltd for A$100,000 respectively. These two subscription agreements are unconditional.

Family interests associated with a director, Hugh Warner, have agreed to subscribe for $150,000. The share subscriptions by entities associated with Hugh Warner are subject to shareholder approval.

The funds raised will be used for general working capital, to fund exploration on its Zimbabwe gold assets; and to progress previously announced litigation against Alexander Molyneux, Blumont Group, and Pacific Advisers in relation to a subscription for $3.9 million in Prospect shares at $0.012.

Prospect is in the process of acquiring a 70% interest in the Bushtick and Penhalonga Gold Projects in Zimbabwe.

Bushtick is a dormant mine situated 8 kilometres north northeast of Esigodini which had historically been a major producer with a large tailings stockpile.

The surrounding ground of about 25 square kilometres is also prospective and has not been the subject of any modern prospecting.

Penhalonga consists of a number of shear and vein hosted gold deposits along the southern side of the Penhalonga Valley covering an area of almost 2 square kilometres.

This includes the historic Battersea Gold Mine and the dormant Penhalonga Gold Mine.

Prospect is now capitalised at around $2 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 13 Jan 2014 14:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/141031/prospect-resources-lands-1-million-via-placements-at-233-premium-51813.html
<![CDATA[News - Prospect Resources heads to market, gold focus in Zimbabwe ]]> http://www.proactiveinvestors.com.au/companies/news/141029/prospect-resources-heads-to-market-gold-focus-in-zimbabwe-51775.html Prospect Resources (ASX: PSC) is in a trading halt pending an announcement on a proposed capital raising.
 
The halt will last until the earlier of the start of trading on Tuesday, 14 January 2014, or the announcement being made.

Prospect is in the process of acquiring a 70% interest in the Bushtick Gold Project and the Penhalonga Gold Project in Zimbabwe.

Bushtick is a dormant mine situated 8 kilometres north northeast of Esigodini in the Esigodini Greenstone belt, in the grounds of Falcon College.

This had historically been a major producer with a large tailings dump.

The surrounding ground of about 25 square kilometres is also prospective and has not been the subject of any modern prospecting.

Penhalonga consists of a number of shear and vein hosted gold deposits along the southern side of the Penhalonga Valley covering an area of approximately 1.8 square kilometres.

This includes the historic Battersea Gold Mine and the dormant Penhalonga Gold Mine.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 10 Jan 2014 18:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/141029/prospect-resources-heads-to-market-gold-focus-in-zimbabwe-51775.html
<![CDATA[News - Prospect Resources moves into Zimbabwe gold sector, attracts Blumont of Singapore ]]> http://www.proactiveinvestors.com.au/companies/news/141028/prospect-resources-moves-into-zimbabwe-gold-sector-attracts-blumont-of-singapore-45552.html Prospect Resources (ASX: PSC) has dialled into the gold sector in Zimbabwe, while also receiving a strong investment support strategic investors, including Blumont of Singapore.

In one swoop, Prospect will acquire a 70% stake in a Zimbabwe gold exploration company which owns 100% of one gold project and can mine a previously operating gold mine and raises $4.5 million with strategic investors.

The acquisition provides the opportunity to fast-track projects using historical data with potential to generate cash flows early.

In tough market conditions Prospect has signed subscription agreements to raise A$4.5million at $0.012, conditional on shareholder approval, with $3.9 million of this subscribed for by a Singapore-based consortium including Blumont Group Ltd.

The deal includes Prospect acquiring a 70% stake in Zimbabwe gold exploration company which owns 100% of one gold project, and has the right to explore and mine a
previously operating gold mine.

Prospect's 100% owned UK subsidiary has subscribed for new shares to the value of US$50,000 representing 70% of Hawkmoth Mining and Exploration (Pvt) Limited (HME).


High-grade historical production

The two projects were historical producers of high-grade gold:

- Bushtick produced around 470,000 gold ounces at a 5.4g/t cut-off until closure in 1950; and
- Penhalonga produced around 185,000 gold ounces at a 11g/t cut-off until closure in 1943.

The 70% ownership structure is approved by the Zimbabwe Investment Authority and is compliant with Zimbabwe Indigenisation Legislation.


Details

HME has entered into a senior exploration and mining agreement, providing HME the right to explore and mine the historic Bushtick Gold Mine and surrounding acreage including tailings dumps.

The right to explore outside of the tailings dumps is subject to receipt of a special mining grant (special mining grant has been lodged for approval by the relevant government department).

In consideration for these rights, HME has agreed to pay an upfront fee of US$50,000, and a 5% royalty of net gold revenues.

HME must fund a Feasibility Study and reach a decision to mine within 5 years and pay an annual prospecting fee of $50,000 until royalties become payable.

 

Analysis

This is an interesting deal and announcement for Prospect and a value enhancing one at that for a company capped at just $4 million before the deal.  While Zimbabwe is not without risks, Blumont's investment and involvement is intriguing.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 15 Jul 2013 11:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141028/prospect-resources-moves-into-zimbabwe-gold-sector-attracts-blumont-of-singapore-45552.html
<![CDATA[News - Prospect Resources poised to reveal material acquisition, capital raising ]]> http://www.proactiveinvestors.com.au/companies/news/141026/prospect-resources-poised-to-reveal-material-acquisition-capital-raising-45464.html Prospect Resources (ASX: PSC) outlined in the March quarterly that it was actively reviewing new projects to acquire and/or invest in, with the company now readying to announce a material acquisition, along with a capital raising.

The ASX has granted Prospect a trading halt to organise the announcements, with its shares placed in pre-open.

Most recently the company's exploration has been focused on the Northampton Project in Western Australia, and earlier in the year Prospect liaised with geological consultants to scope a work program.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 15th July 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 11 Jul 2013 16:10:00 +1000 http://www.proactiveinvestors.com.au/companies/news/141026/prospect-resources-poised-to-reveal-material-acquisition-capital-raising-45464.html