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Prospect Resources Ltd.
Summary
| Project: | Arcadia | |
|---|---|---|
| Deposit: | Arcadia | |
| Location: | Zimbabwe | |
| Commodities: | Lithium | |
| Date: | 10/23/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 23-10-2017: Prospect Resources Ltd. announces an Exploration/Drilling Update report for its Arcadia deposit at the Arcadia project. Drilling results incl. 10m @ 2.45% Li20 from 63m. Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Roger Tyler (Internal) | |
| ABSTRACT: | Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce the delineation of a new mineralised zone; the Basal Pegmatite (BP). This mineralised zone, which was originally thought to be in part, a down-faulted part of the Lower Main Pegmatite (LMP) has now been explored more thoroughly during the recent Phase 5 RC drilling. The Basal Pegmatite (BP) has been intersected in a total of twelve Phase 5 drill holes and covers an area of at least 35 hectares on the south west edge of the planned pit. The average grade for all 21 BP intercepts in this and the previous phases of drilling is 1.29% Li2O over 16.8m. This mineralised body lies some 34 – 40m below the Lower Main Pegmatite. The total defined volume of the BP is 6 million cubic metres, and upgrading this zone to at least an Indicated Mineral Resource category will be the focus of the planned Phase 6 RC drilling programme. In response to the new discovery, Mr Hugh Warner (Chairman) had the following to say: “Since completion of the PFS, our drilling programme has been focussed, primarily, on upgrading the mineral resource categories to feed into our pit optimisation studies, after which we plan to update our Ore Reserves. However, our exploration team has not lost sight of the fact that there is still much to learn about the size of the Arcadia lithium pegmatite and this new discovery confirms that conviction” | |
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