Prospect commences Phase 2 diamond drilling

PROSPECT Resources Limited has started Phase 2 diamond drilling programme at its Step Aside Lithium project in Goromonzi, Mashonaland East province.

The Phase 2 programme is building on the success of the Phase 1 campaign by delivering up to 2 000 metres of step-out drilling targeted at strike and dip extensions of the key identified pegmatite bodies at Step Aside.

“While still at early-stage, our objective at Step Aside is the rapid delineation of a maiden Joint Ore Reserves Committee (JORC) Mineral Resource estimate.

“Our experienced in-country exploration team is focused on quickly advancing Step Aside towards this aim.

“The Phase 2 drilling is designed to test the lateral and vertical extents of the three largest observed pegmatites at Step Aside,” the company’s managing director, Sam Hosack, said in a statement.

He said they look forward to reporting on the outcomes from the Step Aside Phase 2 programme as the results become available.

The Step Aside Lithium Project is owned by Prospect Resources 100 percent.

The project is located 8 kilometres north of the Arcadia Lithium Mine (under construction), which was discovered and sold to Huayou Cobalt by Prospect last year for an estimated US$378 million in cash.

The successful completion of the Arcadia transaction continues to attract first rate partners seeking development partners, and thus putting the Prospect in a leading position to capitalise on the mineral-rich Sub-Saharan region.

Recently, Prospect announced the retention of US$21,4 million in cash to prop-up future growth activities premised on the firm’s battery and electrification minerals strategy.

The mining and exploration company, said with high-grade spodumene mineralisation also intersected at Step Aside Lithium project, it now has two high-quality lithium exploration assets under rapid advancement in Sub-Sahara African countries that include Namibia.-ebusinessweekly