Prospect unveils lithium plan
Editor’s note: Prospect Resources is a very high risk stock. Getting mining projects up and running in countries such as Zimbabwe is no simple feat for political and social reasons, and there may be challenges ahead. You need to fully inform yourself of all factors and information relating to this company before engaging with it.
Prospect Resources (ASX:PSC) has switched gears again, this time electing to take an option on a lithium deposit in Zimbabwe.
The ASX-listed junior company told its shareholders today that it had taken an option on the Arcadia project, which has an initial exploration target of between 15 million and 18 million tonnes of pegmatite at 3-5% lithium oxide.
While there has been historical drilling on the permit, this was done before the JORC 2012 standard was in play and therefore PSC will need to do its own drilling to come up with a JORC Resource on the project.
PSC told shareholders that intermittent production between 1954 and 1972 had produced over 15,000 tonnes of mixed lithium ore.
The above production figures are not compliant with modern resource techniques, but demonstrate that there has been at least some production in the area in the past.
The pegmatite at Arcadia is reportedly exposed in a 100m long pit on a steep hill slope and has 3-10m thickness and “significantly is known to extend for at least 1500m along strike”
PSC has taken a two month option on the project through its 70%-owned subsidiary Hawkmoth Mining & Investment to grab a 90% share in the Arcadia project.
PSC said an “aggressive” drilling campaign is being planned over the next couple of months in order to develop a Mineral Resource at the project, with the forward plan to develop a feasibility study.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.