Second lithium hit within days for PSC

Published at Jul 6, 2016, in Small Caps

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 had its second hit of spodumene-bearing pegmatite within days – with the latest hole finding a combined 9m as part of its lithium hunt at its Arcadia project in Zimbabwe.

Prospect told its shareholders this morning that a second drillhole as part of a 30-hole campaign had intersected visible spodumene bearing pegmatites.

It was a combined 9m from five zones, including 7.75m from the main zone.

The latest hole was drilled as a step-out hole from its ACD001 hole, and PSC said that the latest results was in line with historical data from the project.

Earlier this week PSC said that the first hole in the program hit a combined 12.35m of spodumene-bearing pegmatite, including an 8.24m section from the main zone.

PSC announced that it had picked up the option on the Arcadia Project in May, which has an initial exploration target of 15-18 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 has previously told shareholders at the time that intermittent production between 1954 and 1972 had produced over 15,000 tonnes of mixed lithium ore.

Meanwhile, it told shareholders today that a second diamond drilling rig is on the way to the project – meaning drilling should occur at a quicker rate now.

Location of the Arcadia lithium project in Zimbabwe

Location of the Arcadia lithium project in Zimbabwe

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). 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.

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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.

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