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New Lithium Bearing Pegmatite Discovery
New Lithium Bearing Pegmatite Discovery
Perth, Sep 27, 2016 AEST (ABN Newswire) - Prospect Resources Ltd (ASX:PSC) (Prospect, the Company) is pleased to report that an approximate 300m length outcrop of lithium bearing pegmatite has been discovered within the Arcadia High Grade Lithium Project area. This discovery is some 1.5km down dip from the known strike. Additional RC rigs are being mobilised to target this outcrop and the wider claims area.

Drilling to date has covered approx. 12% of the Company's exploration area. The drilled strike of the 14 stacked pegmatites extends more than 1km SW-NE and some 400m down dip to NW.

The Company's ground position now covers more than 600 hectares of mining licences.

Size of the Arcadia High Grade Lithium Project

An approximate 500m spaced scout drilling programme is being prepared to determine the overall size of this large scale lithium bearing pegmatite system - Arcadia High Grade Lithium Project. Prospect intends to fast track the drilling of this new discovery as part of the wide spaced scout programme. This drill programme is expected to cover some 500 hectares of the claims area. RC drill rigs are scheduled to return to site in early October to carry out further resources definition holes. This programme is expected to aid in the siting for the processing plant, camp accommodation and ancillary equipment.

Assay Results

Assay results received from the next two RC drill holes* returned a peak grade of 2.57% Li2O. Significant intersections are summarised as:

- ACR020 - peak grade 2.57% Li2O

-- 2m @ 1.49% Li2O from 22m
-- 5m @ 1.76% Li2O from 35m
-- 19m @ 1.597% Li2O from 43m

- ACR021 - peak grade 2.43% Li2O

-- 4m @ 1.21% Li2O from 33m
-- 15m @ 1.42% Li2O from 66m

*The Company is awaiting results from holes ACR004-019, and holes ACR022-ACR032

Metallurgical Testing

Two diamond rigs are drilling metallurgical test holes. The first three diamond holes are complete with both holes intersecting thick pegmatites and the next two holes are underway. The first samples are en-route to FT Geolabs for test work.

To view the release including tables and figures, please visit:

About Prospect Resources Ltd

Prospect Resources Ltd ASX PSCProspect 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.



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

Harry Greaves
Prospect Resources Ltd
Executive Director
T: +263-772-144-669

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