ASX-listed Prospect Resources has announced a significant increase in the ore reserve estimate at its flagship Arcadia lithium project in Zimbabwe.
Zimbabwe – Prospect Resources says that the results further extends life of mine and is a pathway to updated project economics. An optimised DFS is currently being finalised to reflect this increased ore reserve.
The optimised DFS will reflect the optimisation works that has been undertaken over the past 12 months to better reflect the economic potential of Arcadia.
The upgraded ore reserve of 37.4Mt grading 1.22% Li2O and 121ppm Ta2O5, which represents a 39% increase on the ore reserve announced in December 2017, incorporates updated pricing provided by Benchmark Minerals Intelligence following the completion of the low iron petalite market assessment in July 2019 and updated petalite recovery in line with recent testwork developments.
Prospect Resources MD Sam Hosack said, “The Prospect team has worked tirelessly to extract the maximum value from the Arcadia deposit, with technical support from CSA Global we have added significantly to our inventory and reinforced the strength of Arcadia’s project economics”.
“This incredible result confirms Arcadia as a globally unique and significant lithium deposit to supply the glass and ceramics market with technical grade ultra-low iron petalite.
“We see the battery market as a key driver of lithium demand growth but remain focused on the glass and ceramics market where Arcadia seeks to become a significant, consistent and reliable high-quality supplier and access the premium prices available in this market.”
Arcadia shows potential
The Arcadia lithium project covers 10km² over the Arcadia pegmatite swarm with an identified strike of 4.5km. Since acquiring the project in mid-2016, Prospect Resources has completed an aggressive drilling and evaluation programme that culminated in declaration of several JORC 2012 Compliant mineral resource estimates.
Following completion of a Scoping Study in late 2016, the company completed its pre-feasibility study in June 2017 that included a declaration of maiden ore reserves and has subsequently updated its Ore Reserves.
In November 2018, Prospect Resources completed its DFS and in March this year, it successfully implemented plant optimisation to deliver significant enhancements to project economics.