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Prospect Resources Ltd.
Summary
| Project: | Arcadia | |
|---|---|---|
| Deposit: | Arcadia | |
| Location: | Zimbabwe | |
| Commodities: | Lithium | |
| Date: | 2/14/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 14-2-2017: Prospect Resources Ltd. announces an Exploration/Drilling Update report for its Arcadia deposit at the Arcadia project. Drilling results incl. 14.62m @ 1.38% Li2O from 102.18m. Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to rep | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Roger Tyler (Internal) | |
| ABSTRACT: | Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to report significant assay intersections of up to 1.85% Li2O from Phase 3 Diamond (DD) and Reverse Circulation (RC) drill holes located to the immediate West of the conceptual pit design derived from the Scoping Study completed in December 2016. These positive results confirm the continuity of the Main Pegmatite (MP) and Lower Main Pegmatite (LMP) to the west. Additional drill results to be incorporated into the ongoing PFS that will see an updated pit design and Mineral Resource estimate, along with the declaration of Ore Reserves. The PFS is well progressed and is on track for completion in the 1Q 2017, and includes all requisite scale metallurgical testwork, engineering, geotechnical, mining, offtake, marketing and social studies. n order to fully complement and support the PFS and mine development programs at Arcadia, the Company has hired technical staff with reputable experience of the Lithium/pegmatite geometallurgy, marketing and products development sectors. The Company is now confident it has a team that can achieve the timelines and project development objectives of taking Arcadia into production. Drilling results received from the West of the conceptual pit outline and current MRE confirm the extension of the MP and LMP along strike and downdip to the West and Southwest. Prospect has now completed some 92 DD (10,200m) and 90 RC (6,200m) holes, many of which were not included in the Company’s updated JORC reportable Mineral Resource estimate released in December 2016. | |
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