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.
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.
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