PSC signals first gold production from Prestwood

Published at Apr 21, 2016, in Small Caps

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 announced first gold production from its Prestwood mine in Zimbabwe – but it’s not what you may think.

The ASX-listed junior managed to secure some time at a nearby toll treating facility, and took the opportunity to undertake a trial production run.

The source material for the trial, however, was not gold from the mine itself but rather a stockpile generated from artisanal mining tailings, waste ore from shaft sinking, and waste ore from cleaning of old stopes.

PSC is continuing to clean up the historical Prestwood mine, continuing to open additional shafts and finding new quartz reefs.

It ran the material through the treating facility for two-and-a-half days, treating 273 tonnes of ore in the process.

While not representative of Prestwood gold, the trial run was nonetheless a good trial run for PSC as it gave it a real look at the operational and logistic needs of gold production.

It managed to recover 92.1% of the gold on offer – with it ultimately producing 610 grams of gold.

About the Prestwood Mine

The historic Prestwood Gold Mine is located about 112km south east of Bulawayo in Zimbabwe, and historically produced roughly 16,000 ounces of gold at an average grade of 33.1g/t.

It is situated within an almost contiguous block of claims covering approximately 25 sq. km. of the gold bearing Gwanda Greenstone Belt.

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