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Arcadia is the largest JORC Code reported lithium deposit in Africa - comprising 755 000t contained lithium oxide (over 1 850 000t contained lithium carbonate equivalent - LCE)

Perth, Aug 3, 2017 AEST (ABN Newswire) - Prospect Resources Ltd (ASX:PSC) (the "Company") is pleased to announce a further increase in the Mineral Resource estimates at its flagship Arcadia Lithium Deposit in Zimbabwe to 66.6Mt at 1.13% Li2O (0.2% Li2O cut off). Of importance is the significant conversion of Inferred Resources into Indicated and Measured categories based on infill drilling completed in the last quarter. This increase in confidence in the mineral resource classification can now allow further optimisation of the pit inventory and Ore Reserves that were declared as part of the PFS study completed by the Company in July.

Highlights:

- 16% increase in total Mineral Resource estimates to:

o 40.5Mt grading 1.44% Li2O (1% Li2O cut off) and
o 66.6Mt grading 1.13% Li2O (0.2% Li2O cut off)

- 38% increase in High Grade Measured and Indicated Resource estimates to:

o 28.6Mt grading 1.39% Li2O (1% Li2O cut off)

The Mineral Resource upgrade at Arcadia confirms its status as the largest JORC Code reported resource in Africa and the 5th largest globally with an overall Mineral Resource comprising 755 000t of contained lithium oxide, equating to over 1 850 000t contained lithium carbonate equivalent (LCE) (see Figure 2 in the link below).

In response to the upgrades to the Arcadia Mineral Resource estimates, Mr Hugh Warner (Chairman) had the following to say: "Since completion of the PFS last month, we have been working hard to complete this upgrade to Arcadia's Mineral Resource estimates. I'm happy to say that the infill drilling completed within the PFS pit inventory areas has converted a significant amount of Inferred Resources into Indicated and Measured categories. Our team is now undertaking additional pit optimisation studies, after which we plan to update our Ore Reserves."

Arcadia Mineral Resource Update

Digital Mining Services ("DMS") has reviewed the updated data and produced a revised Mineral Resource estimate as at 31 July 2017. Based on additional infill drilling to the west and within the PFS Conceptual Pit (announced 3 July 2017), and receipt of assays from the Phase 4 drilling campaign, the Arcadia Mineral Resource estimate has been upgraded and now represents a significant increase on the Mineral Resource estimate announced on 14 March by Prospect (see Figure 1 and Table 1 in the link below).

As detailed in the PFS completed by the Company in July, additional infill drilling was ongoing to convert the existing Inferred Mineral resources located within the pit inventory into Indicated and Measured Resources respectively (see Figure 3 in the link below). The infill drilling was successful in converting a significant amount of these resources into these categories, resulting in a 38% increase to 28.5 Mt grading 1.39% Li2O (1% cut off).

The additional drilling also provided further refinement of the geological model in the southwestern parts of the project where the Basal and Lower Main Pegmatites had both increased in thickness. This contributed to a 16% increase in Global Mineral Resource estimates to 66.6Mt grading at 1.13% Li2O (0.2% cut off) (see Table 2 in the link below).

The overall dimensions of the Arcadia Mineral Resource model now represent 2.6km of southwestnortheast strike, by 900m downdip (southeast -northwest) to a 130m depth (see Figure 5 in the link below).

To view tables and figures, please visit:
http://abnnewswire.net/lnk/N15QZPWE


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.

 


Contact

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

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



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