Sign up Australia
Proactive Investors - Run By Investors For Investors

Prospect Resources Ltd receives new batch of high lithium assays in Zimbabwe

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.
Prospect Resources Ltd receives new batch of high lithium assays in Zimbabwe

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.





Register here to be notified of future PSC Company articles
View full PSC profile View Profile

Prospect Resources Ltd Timeline

Related Articles

Mustang Resources' Christiaan Jordaan with investors at Proactive's CEO Sessions
October 06 2017
Christiaan Jordaan discussed rubies with investors at Proactive's CEO Session in Melbourne.
Royal Road Minerals' Nicaraguan ambitions starting to take shape
September 07 2017
Caza, which it has now bought, controlled land in the highly prospective but undeveloped gold belts of Nicaragua
Tyranna Resources' Bruno Seneque discussed pending gold assays at Proactive's CEO Sessions
July 27 2017
Bruno Seneque talked gold discovery streak at Proactive's CEO Sessions.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use