Published: May 17, 2016 |

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Prospect Resources Ltd has signed an option to acquire a lithium prospect situated near Harare, Zimbabwe.

The company has signed a 2 month option to acquire a 90 percent interest in the Arcadia V claim and the mineral claim applications comprising the Arcadia camp for US$10,000.

A further US$40,000 is payable on exercise of the option.

Significantly, there was some production from 1954 to 1972 at Arcadia which produced over 15,000 tonnes of mixed lithium ore.

Two rounds of historical drilling in 1969 and 1981 confirmed that the pegmatite extends at least 1,500 meters along strike, with high grades ranging from 3.5 percent to 5.5 percent lithium.

Based on historical data, Prospect is aiming for an exploration target of 15 to 18 million tonnes with grades ranging from 3 percent to 5 percent lithium.

An aggressive exploration program is planned over the coming months to define a mineral resource with the intent to move to a mining feasibility study.

The proposed exploration program will include detailed mapping, channel sampling and drilling to confirm previous drill data.

Given the shallow nature of the deposit and its proximity to infrastructure, the development program has potential to be fast tracked.

Last month, Prospect had acquired a 6 month option to purchase a 70 percent interest in the Moba Gold Project situated in Katanga, Democratic Republic of Congo.

Source: (May 12, 2016) Proactive Investors

About Prospect Resources
Prospect Resources Ltd is focused on minerals exploration and with operations in Zimbabwe.

To stop by Prospect’s website, CLICK HERE

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