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Prospect Resources Ltd.

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Summary

Project:

Arcadia

Deposit:Arcadia
Location:Zimbabwe
Commodities:Lithium-Tantalum
Date:11/20/2019
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Mine Development
Report details:20-11-2019: Prospect Resources Ltd. announces a Resource Estimation report for its Arcadia deposit at the Arcadia project. Updated ore reserve at project. African lithium company, Prospect Resources Ltd (ASX:PSC, FRA:5E8) (“Prospect” or “the Company”) is
Resources:(Reserve, P+P): 37.4Mt @ 1.22% Li2O, 121ppm Ta2O5
CP/QP:[Overall Report]: Paul O’Callaghan (CSA Global Pty Ltd.)
ABSTRACT:African lithium company, Prospect Resources Ltd (ASX:PSC, FRA:5E8) (“Prospect” or “the Company”) is pleased to announce a significant increase in the Ore Reserve estimate of its 87%1 owned Arcadia Lithium Project in Zimbabwe, which further extends life of mine and a pathway to updated project economics. An optimised DFS is currently being finalised to reflect this increased Ore Reserve. The optimised DFS will reflect the optimisation works that has been undertaken over the past 12 months to better reflect the economic potential of the Arcadia Lithium Project. The upgraded Ore Reserve of 37.4Mt grading 1.22% Li2O and 121ppm Ta2O5, which represents a 39% increase on the Ore Reserve announced in December 2017, incorporates updated pricing provided by Benchmark Minerals Intelligence following the completion of the low iron petalite market assessment in July 2019 and updated petalite recovery in line with recent testwork developments.

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