Prospect adequately resourced to fund exploration and drilling
AUSTRALIA-LISTED resource exploitation concern, Prospect Resources, says it is adequately – resourced to support its ongoing and planned future exploration and drilling activities as the company holds strong cash reserves estimated at US$17,4 million.
The mining group, which sold its 87 percent shareholding in Prospect Limited Zimbabwe (Pvt) Limited, that owns the Arcadia Lithium project in Goromonzi District in 2021, is also developing the Step Aside lithium project in Goromonzi as well as the Kesya Rare Earth Elements in Namibia and southern part of Zambia.
Prospect also owns the Omaruru lithium project also in Namibia.
In a quarterly activities report for the quarter to June 30, 2023, the firm’s managing director and chief executive officer, Sam Hosack, said they are delighted to have ended the June quarter with the expansion of their critical minerals asset portfolio.
“We remain well-funded to pursue our ongoing and planned future exploration and drilling activities, holding strong cash reserves of approximately A$26,2 million (US$17,4 million) at quarter end.
“With three prospective critical mineral projects in different stages of development, we look forward to updating shareholders as we continue to advance our broader strategic objectives in the battery and electrification minerals sector in Africa,” he said.
Hosack said the recently completed Phase 2 diamond drilling programme at Step Aside (in Goromonzi District) has identified encouraging extensions of high-grade lithium mineralisation across several of the core pegmatites.
“These results have informed our Phase 3 drilling, which commenced in July. Prospect has also completed its Phase 1 drilling programme at Omaruru, which targeted extensions at Karlsbrunn and Brockmans and first-pass testing of key regional soil anomaly targets,” he said.-ebusinessweekly
