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.
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.
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.
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