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Prospect Resources Ltd.
Summary
| Project: | Arcadia | |
|---|---|---|
| Deposit: | Arcadia | |
| Location: | Zimbabwe | |
| Commodities: | Lithium-Tantalum | |
| Date: | 7/3/2017 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 3-7-2017: Prospect Resources Ltd. announces a Pre-Feasibility Study report for its Arcadia deposit at the Arcadia project. Initial Reserve estimate and PFS results incl. NPV (10%) of $139M, IRR of 39%. Prospect Resources Ltd (ASX: PSC) (the “Company”) is | |
| Resources: | (Reserve, Prop.): 15.8Mt @ 1.34% Li2O, 125ppm Ta2O5 for 212Kt Li2O, 4.3Mlbs Ta2O5 contained | |
| CP/QP: | [Resources]: Gayle Hanssen (Not stated) | |
| ABSTRACT: | Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce that its PreFeasibility Study (“PFS”) over the Arcadia Lithium Project in Zimbabwe has been completed. The results of the PFS confirm and validate the Company’s objective of developing Arcadia to become a significant producer of high quality spodumene, petalite and tantalite concentrates in the near term. Further to the above cautionary statement, infill drilling has been completed to test the pit inventory areas containing Inferred Mineral Resources, which are scheduled late in the LoM plan. On receipt of this drilling information, the Company plans to re-estimate the Mineral Resource and up-date the Ore Reserves. The Company believes it has a reasonable basis for this pit inventory as the Inferred Mineral Resources have been tested by the recent infill drilling, and confirms sufficient mineralisation continuity for category upgrade once all the necessary checks have been completed. The estimated Capital Expenditure (including initial working capital) of USD52.5 Million represents a key variable in the PFS result, and certainly supports the Company’s aims and objectives of bringing Arcadia into production before the end of 2018. The Company is currently evaluating the establishment of a lithium carbonate and hydroxide chemical plant at Arcadia to produce high end specialty lithium chemical products, with a PFS due to be completed during Q3 2017. | |
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