Significant Mineral Resource Upgrades - Arcadia Lithium
Perth, Mar 14, 2017 AEST (ABN Newswire) - Prospect Resources Ltd (
ASX:PSC) (the "Company") is pleased to announce a further increase in the Mineral Resources at its flagship Arcadia High Grade Lithium Deposit in Zimbabwe to over 57Mt at 1.12% Li2O (0.2% Li2O cut off), representing an increase of 60%. These results certainly place Arcadia as a significant lithium deposit globally and certainly the largest JORC Code reported resource in Africa (and the 4th largest hard-rock lithium deposit to be listed on ASX and 5th largest globally) with an overall Mineral Resource comprising over 640,000t of contained Li2O.
- 56% increase in high grade Mineral Resource estimate to:
o 34.9Mt grading 1.42% Li2O (1% Li2O cut off)
- 60% increase in Global Mineral Resource estimate to:
o 57.3Mt grading 1.12% Li2O (0.2% Li2O cut off)
- 136% increase in Measured Resources to:
o 5.7Mt grading 1.48% Li2O (1% Li2O cut off)
- 27% increase in total Measured and Indicated Resources to:
o 20.7Mt grading 1.41% Li2O (1% Li2O cut off)
- Upgraded Mineral Resource to be incorporated into Pre-Feasibility Study
- On track for completion of the Pre-Feasibility Study over the coming weeks
In response to this major increase in the Arcadia Mineral Resource estimate, Mr Hugh Warner (Chairman) said that the expansion and delineation of the Arcadia Mineral Resource since initiation of exploration work in mid 2016 has been phenomenal. "This result is a significant one for Prospect as it confirms the global scale and importantly boosts our confidence and understanding of the Arcadia deposit. With well over 16,000m RC and diamond drilling now completed on the project, Arcadia certainly has sufficient resource inventory to sustain a large, low cost mining operation for many years to come.
This upgrade provides our PFS team with a robust, high confidence block model and Mineral Resource estimate to move Arcadia forward to a production decision, which forms part of the ongoing PFS."
Arcadia Mineral Resource Update
Digital Mining Services ("DMS") has reviewed the updated data and produced a new Mineral Resource estimate as at 14 March 2017. Based on additional drilling to the west and east of the Arcadia Conceptual Pit (announced 14 February 2017), and receipt of outstanding assays from previous drilling campaigns, the Arcadia Mineral Resource estimate has been upgraded and now represents a significant increase on the Mineral Resource estimate announced in October 2016 by Prospect (see Figure 1 and Table 1 in the link below).
The Scoping Study Results released in December 2016 were based on the previously defined high grade (>1% Li2O) Mineral Resource estimate of 23.4 Mt grading 1.42% Li2O. The current upgrade has significantly enhanced the size and confidence of this zone, reporting an increase of 136% of Mineral Resources in the Measured Category, along with a 27% increase in Measured and Indicated Categories of this high grade zone to 34.9Mt grading 1.42% Li2O (>1% Li2O). This updated model will be incorporated into the ongoing Pre-Feasibility Study.
Drilling
The Phase 4 RC drilling programme which began in January 2017 tested the southwestern extent of the pegmatites, and undertook sterilisation drilling on sites proposed for location of the Tailings Storage Facility as well as Process plant and waste stockpile areas (see Figure 4 in the link below).
Assays for only the first three phases of drilling and a portion of Phase 4 were available for this Mineral Resource estimate. A total of 81 DD (10,129m) and 115 RC holes (6,082m) were used. To date, pegmatite hosted lithium mineralisation has been traced for over 3.5km of strike, with the current Mineral Resource Estimate covering 2km of this. Future drilling is planned to continue to extend the strike of the pegmatites to the northeast and down dip beyond the regional dyke-fault.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/GK4BD91Z
About Prospect Resources Ltd
Prospect Resources Limited (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.
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