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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, Oct 23, 2017 AEST (ABN Newswire) - Prospect Resources Ltd (ASX:PSC) (the "Company") is pleased to announce the delineation of a new mineralised zone; the Basal Pegmatite (BP).

Highlights:

- Delineation of new mineralised zone; the Basal Pegmatite

- Average grade of 1.29% Li2O over 16.8m, with peak grade of 4.06% Li2O

o Notable high grade intercepts of:

-- 3.40% Li2O over 5m
-- 2.45% Li2O over 10m
-- 2.54% Li2O over 8m

o Covers an area of at least 35 hectares.

This mineralised zone, which was originally thought to be in part, a down-faulted part of the Lower Main Pegmatite (LMP) has now been explored more thoroughly during the recent Phase 5 RC drilling.

The Basal Pegmatite (BP) has been intersected in a total of twelve Phase 5 drill holes and covers an area of at least 35 hectares on the south west edge of the planned pit. The average grade for all 21 BP intercepts in this and the previous phases of drilling is 1.29% Li2O over 16.8m.

This mineralised body lies some 34 - 40m below the Lower Main Pegmatite.

The total defined volume of the BP is 6 million cubic metres, and upgrading this zone to at least an Indicated Mineral Resource category will be the focus of the planned Phase 6 RC drilling programme.

In response to the new discovery, Mr Hugh Warner (Chairman) had the following to say: "Since completion of the PFS, our drilling programme has been focussed, primarily, on upgrading the mineral resource categories to feed into our pit optimisation studies, after which we plan to update our Ore Reserves. However, our exploration team has not lost sight of the fact that there is still much to learn about the size of the Arcadia lithium pegmatite and this new discovery confirms that conviction".

To view tables and figures, please visit:
http://abnnewswire.net/lnk/P15VA4AV


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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