Prospect Resources

ASX-listed Prospect Resources has announced that the Mining Affairs Board of Zimbabwe has issued to Prospect Lithium Zimbabwe a Mining Lease covering the Arcadia lithium mine.

The lease covers an area of 1,031 ha and encompasses some 57 mining claims owned by
Prospect Lithium Zimbabwe.

The purpose of a mining lease is to amalgamate contiguous mining claims under one licence, to simplify tenement management.

Under provisions of the Mines and Minerals Act of Zimbabwe, a mining lease is a perpetual licence, renewed annually.

Since acquisition of the project in June 2016, Prospect has embarked on an aggressive, phased drilling program in order to delineate JORC compliant mineral resource estimates.

The work has included diamond and reverse circulation drilling, geological mapping and channel sampling, topographic, geophysical as well as hydro-graphical surveys.

To date a total of 14 mineralised stacked pegmatites have been identified covering almost 100 m vertical distance, with a strike of  almost 4.5 km SW-NE, by over 1 km down dip.

Following announcement of a Maiden JORC Mineral Resource estimate in October 2016, the Mineral Resource estimate was updated again in July 2017 and was based on 196 drill holes representing a strike length of 2500 m and a downdip length of approximately 900 m.

Further drilling undertaken after the Pre-Feasibility Study resulted in a 24% increase in the Mineral Resource estimates from the 2017 Pre-Feasibility Study.

All Mineral Resource estimates were carried out by Digital Mining Services, Harare in conjunction with Roger Tyler, site geologist and Competent Person. All Mineral Resource estimates were reviewed by The MSA Group in Johannesburg.

As of March 2018, the JORC compliant Mineral Resource estimates for the Arcadia Lithium Project were:

A High-Grade Zone Mineral Resource estimate of 43.2 Mt @ 1.41% Li2O and 119 ppm Ta2O5 (1% Li2O cut-off), which is a 24% increase to the Mineral Resource estimate announced in the 2017 Pre-Feasibility Study (34.9 Mt @ 1.42% Li2O and 125 ppm Ta2O5 (1% Li2O cut-off)).

The ore reserve estimate has been increased to 26.9 Mt @ 1.31% Li2O and 128 ppm Ta2O5, an increase from 15.8 Mt @ 1.34% Li2O and 125 ppm Ta2O5 in the PFS.