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.”
The latest drill assays grading up to 4.31% lithium oxide 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 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.
The company is accelerating exploration at the Arcadia high grade lithium project in Zimbabwe, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.
Prospect Resources Ltd has assayed up to 4.37% lithium at Arcadia in Zimbabwe. The company has also received commitments to raise an additional $2 million, increasing the recent placement raising to $16 million.
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.
Funds will be used to fast track drilling at the Arcadia Lithium project, which is located 35 kilometres from Harare in Zimbabwe. The project is both shallow and high grade with the pegmatite extending over a 1,500 metre strike length.