Sign up Australia
Proactive Investors - Run By Investors For Investors

Prospect Resources Ltd developing Africa's largest lithium project

Arcadia is now the largest JORC lithium resource in Africa and a top-10 lithium project globally.
Prospect Resources Ltd developing Africa's largest lithium project
Five drill rigs are currently on site.

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.


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.


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.

View full PSC profile View Profile

Prospect Resources Ltd Timeline

Related Articles

coal price rise sign
June 12 2018
City firm Peel Hunt has moved its recommendation to 'buy' from 'add'
July 17 2018
The hard rock collaboration agreement with Omnia Mining has sent channel samples and rock chips for assay sampling.
March 22 2018
Lithium and tungsten have been to the fore of late, but there are plenty of other strings to Premier African's bow

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 2018

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