Prospect continues to return high-grade assays
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Prospect Resources (ASX: PSC) has released further promising assay results from its Arcadia project located in Zimbabwe. These come on the back of impressive grades announced earlier in the month, providing management with further confidence that the group has only scratched the surface of its mining licenses which cover an area of more than 600 hectares.
The exploration target is up to 18 million tonnes at between 3% and 5% lithium dioxide and the positioning of its tenements in reasonably close proximity to other prominent deposits suggest the company is already impressive strike rate may continue.
As management highlighted recently a maiden 48 hold drill program intercepted lithium bearing pegmatites and more recently assay results from the first three drill holes returned a peak grade of 4.37%.
Assay results released today returned a peak grade of 3.1% lithium dioxide including some robust widths such as 22 metres grading 1.7% and 26 metres grading 1.4%. The following map highlights the most important results released today.
It should be noted that PSC is a high risk stock operating in an area where there is sovereign risk. Seek professional financial advice if considering an investment in the stock.
Only 20% drilled to date
Looking at the bigger picture, drilling to date has now covered approximately 20% of the company’s mining license area. The drilled strike of the 14 horizontally stacked pegmatites extends more than 1.7 kilometres south-west to north-east and some 700 metres down dip to the north-west, and they remain open along strike and down dip.
Looking at future share price catalysts, the company currently has five drill rigs on-site which are carrying out a range of test work to determine the best location for a mine processing plant and tailings storage facility.