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Perth, Oct 18, 2017 AEST (ABN Newswire) - Prospect Resources Ltd (ASX:PSC) (the "Company") is pleased to announce the results from its in pit grade control sampling program completed at the Arcadia Lithium Project in Zimbabwe. Trial Mining has now been completed with some 260t of Main Pegmatite being generated to supply additional material for ongoing metallurgical test work in Johannesburg, as well as to provide feed to the lithium carbonate pilot plant that has been established by the Company in Zimbabwe. The Company has also made good progress with a number of potential offtake investors as well as with financial investors, debt providers and EPC (Engineering, Procurement and Construction) companies.

Highlights:

- Exceptional results generated from grade control/channel sampling of the Main Pegmatite at Arcadia

o Average grade of 2.51% Li2O from all samples, with a maximum grade of 4.69% Li2O

o Average grade of 108ppm Ta2O5 from all samples, with a maximum grade of 520ppm Ta2O5

- Trial mining of Main Pegmatite at Arcadia now complete with over 260t of material being generated:

o Additional 8t of material delivered to Johannesburg for additional DMS and flotation test work

- Offtake and project financing discussions continuing

Mr Hugh Warner (Chairman) was extremely encouraged by the results - "The results from the trial mining sampling are very significant in that it confirms Arcadia's pedigree as a significant high grade lithium deposit. The additional material mined will be utilised to further enhance our metallurgical recoveries work in parallel with providing feed for our inhouse lithium carbonate pilot plant in Zimbabwe.

I am also happy to say that we continue to make good progress on our various offtake and financing discussions.".

Trial Mining Sampling

Trial mining has focused on the western part of the existing Open Pit that exposes the Main Pegmatite at Arcadia (see Figure 1 in link below). Approximately 260t of Main Pegmatite was generated from three 1.2m benches and following completion of the blast and cleaning of bench faces, 3 x 3kg samples were hand chipped along 1m channels at a 1m spacing along all the bench faces. An average grade of 2.51% Li2O was defined from all the samples taken, including:

- 13% greater than 4% Li2O

- 34% greater than 3% Li2O

- 56% greater than 2% Li2O

- A maximum grade of 4.69% Li2O

These results are considered significant in that these in situ average grades are considerably higher than the Mineral Resource estimate block model generated (please refer to Announcement 3 August 2017) that defines an average grade of 1.51% Li2O. As expected tantalum grades averaged 108ppm Ta2O5 with a maximum grade of 520ppm Ta2O5.

Metallurgical Test work

An additional 8t of Main Pegmatite has been submitted to FT Geolabs in Johannesburg for additional flotation testwork as well as to DMS suppliers for process optimisation. Remaining material will be used as feed to the Company's lithium carbonate pilot plant that has been established in Kwekwe, Zimbabwe.

To view figures, please visit:
http://abnnewswire.net/lnk/7KIE6R87


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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