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Prospect Resources Ltd

Prospect Resources Ltd drills up to 3.13% lithium

Snapshot

All drill results are expected to be included in the company’s maiden JORC resource.

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Quick facts: Prospect Resources Ltd

Price: $0.12

Market: ASX
Market Cap: $27.13 m
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Prospect Resources Ltd (ASX:PSC) has received further assays peaking at 3.13% lithium oxide from reverse circulation drilling at the Arcadia high grade lithium project located in Zimbabwe.

All drill results are expected to be included in the company’s maiden JORC resource planned for release by the end of October 2016.

Intersections include 26 metres at 1.42% lithium oxide.

The company now has 3 diamond drill rigs and 2 reverse circulation drill rigs on site. 

These rigs are carrying out scout drilling, metallurgical test work drilling, infill drilling and sterilization drilling to determine the best location for mine process plant and tailings storage facilities. 


Drill result details

Assay results from the latest holes returned a peak grade of 3.13% lithium oxide.

Significant intersections included:

- 11 metres at 1.21% lithium oxide from 35 metres peaking at 3.13% lithium oxide;
- 22 metres at 1.71% lithium oxide from 48 metres peaking at 3.13% lithium oxide;
- 26 metres at 1.42% lithium oxide from 51 metres peaking at 2.56% lithium oxide;
- 18 metres at 1.19% lithium oxide from 19 metres peaking at 2.00% lithium oxide; and
- 3 metres at 1.45% lithium oxide from 42 metres peaking at 2.00% lithium oxide.


Arcadia lithium project

Drilling to date has covered 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. 


Analysis

The latest drill assays continue to confirm the high grade lithium potential of the Arcadia project where drilling to date has covered only 20% of the company’s mining licence area.

Prospect remains well leveraged to lithium exploration success in an area known to host lithium.

With five drill rigs on site, news flow is expected to continue from Arcadia.

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 800% or 9x year to date.

Arcadia’s development timeline is as follows:

- 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.

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