Drilling campaign recommenced at Omaruru Lithium Project
Prospect Resources Limited (Prospect or the company) is pleased to advise that Reverse Circulation (RC) drilling at its Omaruru Lithium Project (Omaruru) (Prospect 20% interest, with initial earn-in to 40% in progress) in Namibia has recommenced.
This program is focused on follow-up extensional drilling at the Brockmans prospect where thick, near-surface, shallow-dipping, higher-grade lithium mineralization was returned from just over 2,000m of RC drilling earlier this year (refer Prospect ASX release dated 28 March 2023).
It will also encompass targeted depth extension drilling at the Karlsbrunn prospect. Finally, the program is set to test (via first-pass, short-hole, exploratory scout drilling) several high-potential geochemical soil anomaly targets along strike from mapped pegmatites in the region (refer Prospect ASX release dated 26 April 2023).
Prospect confirms it is not aware of any new information or data which materially affects the information included in the original market announcements referred to above.
This Phase of the program is planned to comprise about 24 RC drill holes for a total of approximately 2,000 metres drilled. All assays are expected to be returned during Q3 2023.
Completion of this drilling program is expected to result in satisfaction of Prospect’s initial earning to a 40% interest in Omaruru. Following completion of this initial earn-in, Prospect can then earn a further 11% interest (taking it to majority 51% ownership) via the expenditure of a furtherUS$560,000 on exploration at Omaruru over the following 12 months.
About Prospect Resources Limited (ASX: PSC, FRA:5E8)
Prospect Resources Limited (ASX: PSC, FRA:5E8) is an ASX listed company focused on the exploration and development of mining projects, specifically battery and electrification metals, in Zimbabwe and the broader sub-Saharan African region.
About Lithium
Lithium is a soft silvery-white metal which is highly reactive and does not occur in nature in its elemental form. In nature it occurs as compounds within hard rock deposits and salt brines. Lithium and its chemical compounds have a wide range of industrial applications resulting in numerous chemical and technical uses. Lithium has the highest electrochemical potential of
all metals, a key property in its role in lithium-ion batteries.
