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Prospect Resources Ltd.
Summary
| Project: | Arcadia | |
|---|---|---|
| Deposit: | Arcadia | |
| Location: | Zimbabwe | |
| Commodities: | Lithium-Tantalum | |
| Date: | 3/14/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 14-3-2017: Prospect Resources Ltd. announces a Resource Estimation report for its Arcadia deposit at the Arcadia project. Updated Mineral Resource Estimate at Arcadia. Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce a further incr | |
| Resources: | (Resource, Total): 34.9Mt @ 1.42% Li2O, 116ppm Ta2O5 for 462800t Li2O, 8.8Mlbs Ta2O4 contained | |
| CP/QP: | [Resources]: Gayle Hanssen (Digital Mining Services Ltd.) | |
| ABSTRACT: | Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce a further increase in the Mineral Resources at its flagship Arcadia High Grade Lithium Deposit in Zimbabwe to over 57Mt at 1.12% Li2O (0.2% Li2O cut off), representing an increase of 60%. These results certainly place Arcadia as a significant lithium deposit globally and certainly the largest JORC Code reported resource in Africa (and the 4 th largest hard-rock lithium deposit to be listed on ASX and 5th largest globally) with an overall Mineral Resource comprising over 600,000t of contained Li2O. In response to this major increase in the Arcadia Mineral Resource estimate, Mr Hugh Warner (Chairman) said that the expansion and delineation of the Arcadia Mineral Resource since initiation of exploration work in mid 2016 has been phenomenal. “This result is a significant one for Prospect as it confirms the global scale and importantly boosts our confidence and understanding of the Arcadia deposit. With well over 16,000m RC and diamond drilling now completed on the project, Arcadia certainly has sufficient resource inventory to sustain a large, low cost mining operation for many years to come. This upgrade provides our PFS team with a robust, high confidence block model and Mineral Resource estimate to move Arcadia forward to a production decision, which forms part of the ongoing PFS.” | |
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