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Prospect Resources Ltd.
Summary
| Project: | Arcadia | |
|---|---|---|
| Deposit: | Arcadia | |
| Location: | Zimbabwe | |
| Commodities: | Lithium-Tantalum | |
| Date: | 8/3/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 3-8-2017: Prospect Resources Ltd. announces a Resource Estimation report for its Arcadia deposit at the Arcadia project. Significant Mineral Resource upgrades at Arcadia. Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce a further i | |
| Resources: | (Resource, Total): 66.6Mt @ 1.13% Li2O, 117ppm Ta2O5 for 755koz Li2O, 17.2Mlbs Ta2O5 contained | |
| CP/QP: | [Resources]: Gayle Hanssen (Digital Mining Services) | |
| ABSTRACT: | Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce a further increase in the Mineral Resource estimates at its flagship Arcadia Lithium Deposit in Zimbabwe to 66.6Mt at 1.13% Li2O (0.2% Li2O cut off). Of importance is the significant conversion of Inferred Resources into Indicated and Measured categories based on infill drilling completed in the last quarter. This increase in confidence in the mineral resource classification can now allow further optimisation of the pit inventory and Ore Reserves that were declared as part of the PFS study completed by the Company in July. The Mineral Resource upgrade at Arcadia confirms its status as the largest JORC Code reported resource in Africa and the 5th largest globally with an overall Mineral Resource comprising 755 000t of contained lithium oxide, equating to over 1 850 000t contained lithium carbonate equivalent (LCE) (Figure 2). In response to the upgrades to the Arcadia Mineral Resource estimates, Mr Hugh Warner (Chairman) had the following to say: “Since completion of the PFS last month, we have been working hard to complete this upgrade to Arcadia’s Mineral Resource estimates. I’m happy to say that the infill drilling completed within the PFS pit inventory areas has converted a significant amount of Inferred Resources into Indicated and Measured categories. Our team is now undertaking additional pit optimisation studies, after which we plan to update our Ore Reserves.” | |
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