Prospect Resources Ltd (ASX:PSC) 18 RC Holes Completed - Pegmatites up to 51m Thickness

Prospect Resources Ltd (ASX:PSC) (Prospect, the Company) is pleased to report on the first 18 RC drill holes at the Company's Arcadia high grade lithium project. This RC drill programme is ongoing.

Drilling to date has covered approx. 6% of the Company's exploration area. The drilled strike of the stacked pegmatites now extends more than 1km NW-NE and some 300m down dip to NW. The Company's ground position now covers more than 500 hectares of mining licences.

RC drilling is progressing at a rapid rate of nearly 1 hole per day. A second RC drill rig is being brought to site.

Development Timetable

- First JORC reportable resource is expected to be generated before the end of October

- Mine feasibility study planned for completion prior to 31 December

- First ore production planned for pre 30 June 2017

- Off-take discussions underway with > 5 Asian lithium carbonate and lithium hydroxide producers and agreements are expected to be completed prior to 31 December

Attached to this announcement (see link below) is a summary of significant intercepts of the first 18 RC drill holes and a plan map of the existing drill collars.

The Company is awaiting assay results for the diamond hole programme and RC programme.

Key points to note from the summary of drilling results:

- 1,121 metres were drilled in 17 holes (1 abandoned), averaging over 62m depth per hole.

- 1,170 metres were drilled in Phase 1 from 16 Diamond drill holes, averaging almost 70m depth per hole.

- All but 1 drill hole intercepted pegmatites, hosting visible quantities of spodumene and petalite.

- The 18 RC holes drilled to date confirm the NE lateral extension of the Main Pegmatite and Lower Main Pegmatite exposed in the old Arcadia pit.

- In the Diamond holes the Main Pegmatite ranges in thickness up to 10m and averages 5.5m.

- In the RC holes, the Lower Pegmatite:

-- thickens to the NE to up to 39m with cumulative thickness of 51m.

-- averages 23m thickness.

- Pegmatites appear to extend to the east, north, north west and north east.

- Pegmatites are flat lying and are less that 80m below surface.

- There is a thickening of the lower pegmatites to the east and seemingly down dip continuity of both pegmatites to the northwest.

To view the release including tables and figures, please visit:
http://abnnewswire.net/lnk/M8765356


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.

 

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