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Prospect Resources Ltd (ASX:PSC) ("Prospect" and "the Company") is pleased to report assay results from the first 3 RC drill holes at the Company's Arcadia high grade lithium project. This first RC drill programme is completed and the Company await assay results from a further 28 holes over the coming weeks.

Drilling to date has covered approx. 10% of the Company's exploration area. The drilled strike of the 14 stacked pegmatites now extends more than 1km SW-NE and some 350m down dip to NW. The Company's ground position now covers more than 600 hectares of mining licences.

Assay results from the first 3 RC drill holes returned a peak grade of 4.37% Li2O. Significant intersections are summarised as:

- ACR003 - peak grade 2.47% Li2O

-- 3m @ 3.05% Li2O from 19m
-- 17m @ 1.46% Li2O from 42m
-- 2m @ 2.07% Li2O from 64m

- ACR002 - peak grade 4.35% Li2O

-- 11m @ 2.03% Li2O from 24m

- ACR001 - peak grade 2.51% Li2O

-- 10m @ 1.5% Li2O from 19m

Two diamond rigs are now back on site drilling metallurgical test holes. RC drill rigs are scheduled to return to site in late September to carry out further resources definition holes.

Development Timetable

- First JORC reportable Mineral Resource is expected to be generated before the end of October

- Mine scoping study planned for completion prior to 31 December

- First ore production planned for pre 30 June 2017

- Off-take discussions underway with > 5 Asian lithium carbonate and lithium hydroxide producers and agreements are expected to be completed prior to 31 December

Please find in the link below: cross sections; a summary of significant intercepts of the first 3 RC drill holes; and a plan map of the existing drill collars.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/WE339SFG


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.

 

Contact

Hugh Warner
Executive Chairman
Prospect Resources Ltd
T: +61-413-621-652

Harry Greaves
Prospect Resources Ltd
Executive Director
T: +263-772-144-669
WWW: www.prospectresources.com.au



Link: Very High Grade Assay Results - Arcadia Lithium Project



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