PROSPECT Resources Limited has commenced Phase 3 drilling programme at Step Aside Lithium Project near Harare, targeting significant strike and depth extensions of high-grade lithium mineralisation.
In a quarterly activities report for the quarter ended September 30, 2023, Prospect managing director and chief executive officer, Sam Hosack said the quarter concluded with substantial advancements in the exploration programmes of their two high-quality lithium projects.
“Our Phase 3 drilling programme is in progress at Step Aside, targeting significant strike and depth extensions of high-grade lithium mineralisation,” he said.
“Over 2 500 metres of drilling was completed by the end of the September quarter, which successfully culminated in the discovery of a new spodumene mineralised pegmatite, WinBin.
“In order to deliver a prompt follow-up for the strongly encouraging assays, Prospect is adopting the expanded design of the Phase 3 drilling programme, now totalling 5 000 metres.”
This expanded programme, according to Hosack, will include follow-up drilling of the WinBin discovery to further test orientation and extent of the mineralised pegmatite that has been intercepted, to better understand the source or feeder of the body.
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“We believe that this discovery represents the unlocking of substantial new potential within the Step Aside Project,” he said.
Hosack said Prospect remained well-funded to pursue ongoing and planned future exploration and drilling activities, holding strong cash reserves of approximately A$23,7 million at quarter end.
“I look forward to updating our shareholders as further results from these exploration drilling programmes become available,” he said.
Prospect’s 100%-owned Step Aside Lithium Project is located within the Archaean Harare Greenstone Belt, approximately 35km east of Harare, with the claim covering circa 100 hectares.
It is 8km north of the Arcadia Lithium Mine, which was discovered, advanced and sold to Huayou Cobalt by Prospect last year for approximately US$422 million.
The lithium potential of this area was confirmed by positive historical regional stream and soil sample geochemistry results.
Six mineralised pegmatites have been mapped on the eastern side of the tenement, within a meta-dolerite host rock.
In July 2023, the group entered into a shareholder agreement that reduced its ownership in Eagle Lithium Resources, the subsidiary entity that holds the Step Aside exploration project, by 10%, as a consideration for the land access and future support of the exploration activities and local community.
The minority holders were instrumental in the success of the Arcadia Project and the management and board felt this is a formula that needs to be retained for success in future projects.