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Prospect Resources Ltd.
Summary
| Project: | Arcadia | |
|---|---|---|
| Deposit: | Arcadia | |
| Location: | Zimbabwe | |
| Commodities: | Lithium | |
| Date: | 12/6/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 6-12-2017: Prospect Resources Ltd. announces a Resource Estimation report for its Arcadia deposit at the Arcadia project. Ore Reserve update increases tonnes by 70%. Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce a further increa | |
| Resources: | (Reserve, P+P): 26.9Mt @ 1.31% Li2O, 128ppm Ta2O5 at project | |
| CP/QP: | [Overall Report]: David Miller (Independent) | |
| ABSTRACT: | Prospect Resources Ltd (ASX: PSC) (the “Company”) is pleased to announce a further increase in the Ore Reserve estimate at its flagship Arcadia Lithium Deposit in Zimbabwe to 26.9 Mt at 1.31% Li2O. The upgraded Ore Reserve is based on the Mineral Resource estimate announced to the ASX on 25 October 2017 (included in Tables 2 & 3). Mine designs were generated with the relevant modifying factors applied and subjected to a financial evaluation. Measured and Indicated Resources were converted to Proved and Probable Ore Reserves respectively. The Ore Reserve estimate for the Arcadia Project as at 6 December 2017 is outlined in Table 1 below: In response to the upgrade to the Arcadia Mineral Ore Reserve estimate, Mr Hugh Warner (Chairman) had the following to say: “This is another great result for our shareholders. Part of the reason for such a massive increase in our Ore Reserve is the effectiveness and detail of our exploration programme, the high percentage of diamond core holes relative to RC holes and the benefits of our detailed assay and XRD analysis programme – which combined, reduces risks associated with our orebody knowledge and helps with future grade control planning. These are exciting times for Zimbabwe and for Prospect. During the past 10 days we have seen a peaceful transition of leadership in Zimbabwe and we have all read the positive remarks that the new President has made with respect to welcoming foreign investment. Harry Greaves (Executive Director) and I believe that Prospect is well placed to participate in and contribute to the rejuvenation of Zimbabwe. | |
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