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Prospect Resources Ltd.
Summary
| Project: | Arcadia | |
|---|---|---|
| Deposit: | Arcadia | |
| Location: | Zimbabwe | |
| Commodities: | Lithium | |
| Date: | 12/13/2016 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 13-12-2016: Prospect Resources Ltd. announces a Scoping Study report for its Arcadia deposit at the Arcadia project. Results of scoping study including mineral resource within onceptual pit design. The Scoping Study referred to in this report is based on | |
| Resources: | (Resource, Total): 23.4Mt @ 1.42% Li2O and 123ppm Ta2O5 for 331Kt Li2O contained | |
| CP/QP: | [Resources]: Michael Cronwright, Gayle Hanssen (MSA Group Pty Ltd.;Digital Mining Services Ltd.) | |
| ABSTRACT: | The Scoping Study referred to in this report is based on low level technical and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realized. ** The potential quantity and grade stated by the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource over the exploration target area and that it is uncertain if further exploration will result in the estimation of a Mineral Resource. Prospect Resources (ASX: PSC) is pleased to provide a Scoping Study and development update at the Company’s Arcadia Lithium Deposit in Zimbabwe. The Company’s priority is early production – mid 2017. The current mining plan envisages a series of open pits with production commencing from the first high grade pit, anticipated to commence mid 2017, with the second larger pit coming into production thereafter. This update relates to the Mineral Resource expected to be targeted in the first production phase. The infill and metallurgical drilling completed during October and November was successful in increasing the Measured Resource by 70% to 4.1Mt at 1.44 % Li2O (>1% Li2O cut off) as well as defining a high grade zone (>1% Li2O cut off) comprising 16.2Mt grading 1.39% Li2O (Measured and Indicated), all of which are incorporated within the initial pit design of 23Mt at 1.42% Li2O and 123ppm Ta2O5 (Figures 1, 2 and Table 1). All Mineral Resources, to date, are shallow and flat lying. The delineation of this zone provides Prospect Resources with a well-defined and robust block model in which to support and complement the metallurgical testwork and mine design aspects of the Scoping Study. Regional field work has identified several follow up targets, with all identified pegmatites being shallow dipping, are open along strike and down dip with at least 3km of strike length being identified to date. | |
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