Quarterly Activities Report
Summary of Significant Announcements in the Quarter and up to the date of this announcement:
3 July o Release of Pre-Feasibility Study for Arcadia Lithium Project
11 July o New corporate presentation
19 July o First lithium samples sent to customers
3 August o Significant Mineral Resource Estimate upgrade - Arcadia Lithium Project
4 September o Bulk and grade control sampling commences
18 September o New corporate presentation
28 September o 2017 Annual Report
13 October o Notice of Annual General Meeting
18 October o Trial mining sampling results - Arcadia Lithium Project
23 October o New mineralised zone discovered - Arcadia Lithium Project
25 October o Significant Mineral Resource Estimate upgrade - Arcadia Lithium Project
30 October o Grant of National Project Status - Arcadia Lithium Project
31 October o 99.5% Battery grade lithium carbonate produced from Arcadia petalite
The September Quarter focussed on infill drilling of the proposed Arcadia pit, bulk sampling and grade control, building our lithium carbonate laboratory and meeting potential off-take partners and potential financiers and investors.
We finished the Quarter:
- in a strong financial position with A$4.7m cash in the bank and no debt;
- the PFS released;
- product samples being delivered to customers;
- the Mineral Resources upgraded;
- 99.5% battery grade lithium carbonate produced from petalite at our in-house laboratory; and
- more potential customers asking for sample products.
The production of 99.5% lithium carbonate is quite an achievement, particularly in such a short period of time. I do hope that all shareholders appreciate the technical capability of our team to be able to achieve such great results at our own laboratory.
The results from the laboratory scale lithium carbonate are being fed through to the pilot plant design which is expected to be ready for production in late December, giving the Company and potential offtakers valuable knowledge on how to optimise the lithium carbonate process from the Arcadia petalite concentrates.
In addition, we would like to highlight the fact that we are gearing up our laboratory for the mining and processing phase, with technical staff being identified, evaluated and trained. These skills will be critical to optimise both grade control and plant recoveries.
As a company, we are also delighted with the success of the phase 5 drilling regime. Not only did we achieve our aim of upgrading our MRE significantly, but we also discovered a new mineralised zone, now named the Basal pegmatite. This information, along with several thousand additional XRD samples currently being analysed will allow the geological model to be further refined. This in turn is expected to lead to an updated PFS model for the concentrates plant.
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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.
Prospect Resources Ltd