Prospect Resources Ltd: Presentation - Developing Africa's Largest Lithium Project
07.11.2016 | ABN Newswire
Perth - Prospect Resources Ltd. (ASX:PSC) is pleased to provide the company's latest presentation held in November 2016.Corporate Snapshot
Prospect Resources Ltd. (ASX:PSC) - Advanced lithium and gold company focused on rapid expansion of Lithium JORC Resources at the Arcadia Lithium Project in Zimbabwe
- Arcadia is now largest JORC Lithium Resource in Africa
- Top 10 Lithium Projects in the World
- Experienced Board & Management
Operating in Zimbabwe / Southern Africa
- Zimbabwe is open to foreign investment
- Arcadia Project reflects the strategic importance of Zimbabwe's growing mining industry, potential to be largest lithium mine in Africa
- Zimbabwe is already the largest lithium producer on the African continent through the Bikita Mine
- Zimbabwe is an English speaking country with one of the highest rates of literacy in Southern Africa
Project Summary - Africa's largest Lithium Deposit
Arcadia Lithium Project - Key Value Driver
- Geology - Deposit contains spodumene and petalite in flat lying, stacked pegmatites hosted in meta-basalts of the Arcturus Formation within Harare Greenstone Belt
- Metallurgy - Three dedicated holes processed confirming 6.5% spodumene
- Maiden JORC Resource Estimate -
-- 36Mt at 1.17% Li20 (425,000t contained Li20),
-- includes 31Mt at 1.22% Li20 (Measured, Indicated, Inferred)
-- including 12Mt at 1.47% above 1% Li20 (Measured, Indicated, Inferred)
- Exploration Target - 80-100Mt at 1.1-1.4% Li20
Arcadia Lithium Project Overview
- ~35km east northeast of Harare, Zimbabwe
- Maiden JORC Resource Estimate of 31Mt at 1.22% & 12Mt at 1.47% Li20 (above 1%)
- Testwork confirms ability to produce 6.5% spodumene conc.
- Excellent potential to expand high grade resource along strike and at depth
- Less than 20% of mining license has been drilled, open along strike and down dip
Gwanda East Gold Project
Prospect plans to ramp up gold production at Gwanda East in 2017
- First gold production at Gwanda East announced in April 2016
- Shaft sinking & undeeground development ongoing
- Diamond drilling of high grade, narrow veins at Preston West A returned 71.6g/t Au over 30cm or 21.2g/t Au over 105cm
- Diamond drilling at Bucks West intersected lO.lg/t Au over 95cm and 5.1g/t Au over 41cm
- Focus is on Arcadia, development at Gwanda East has slowed
Summary
Developing the High Grade Arcadia Lithium Project
- Prospect Resources is well placed to rapidly expand the JORC resource base at Arcadia with $16m in cash
- Five drill rigs are onsite aiming to prove up a mineable resource at Arcadia
- The deposit remains open down dip and along strike, further assays are pending
- Experienced Directors and Management to drive value in line with expectations
- Early production focussed management team
- Arcadia is already the largest JORC lithium Resource in Africa and is covered by granted mining licenses
- Options signed over God's Gift Lithium Project, Fimpima West Cobalt Project
- Additional lithium and cobalt opportunities being reviewed in Zimbabwe, Zambia and DRC
To view the presentation, please visit:
http://abnnewswire.net/lnk/I6U9Z875
About Prospect Resources Ltd:
Prospect Resources Ltd. (ASX:PSC) is based in Australasia with operations in Zimbabwe and is a publicly listed company. We are committed to creating value for Prospect's shareholders and the communities in which our company operates. Our vision is to build a Southern African based mining company of international scale.
Contact:
Prospect Resources Ltd.
Hugh Warner Executive Chairman
T: +61-8-9217-3300
Prospect Resources Ltd.
Harry Greaves Executive Director
T: +263-772-144-669
www.prospectresources.com.au