Modern Mining December 2017


Significant increase in ore reserve at Arcadia project

in Zimbabwe, Warner referred to the “peaceful transition of leadership in Zimbabwe” and said Prospect was well placed to participate in and contribute to the rejuvenation of the country. He added that the company was working to bring the deposit into production in the short- est possible time. “It is worth remembering that we have achieved this result in less than 18 months from our first drill hole,” he stated. The PFS announced by Prospect in July this year declared an ore reserve estimate of 15,8 Mt grading 1,34 % Li 2 O. The PFS identified sig- nificant volumes of inferred mineral resource within or adjacent to the study’s pit designs. A drilling programme to increase and upgrade the mineral resource estimate resulted in a 31 % increase in the high grade (>1,0 % Li 2 O) measured and indicated resource estimate, as announced to the ASX in October 2017. In generating the updated ore reserve, the physical and cost parameters used in the PFS were applied including the appropriate modify- ing factors. Pit shells and pit designs were generated

ASX-listed Prospect Resources has announced a further increase in the ore reserve estimate at its flagship Arcadia lithium deposit in Zimbabwe to 26,9 Mt at 1,31 % Li 2 O.This is a 70 % increase in tonnes compared to the Pre-Feasibility Study (PFS) and secures ore supply for a plus 20-year mine life. According to Prospect, Arcadia ranks as the largest JORC Code reported lithium deposit in Africa.

C ommenting on the increase, Pros- pect’s Chairman, Hugh Warner, de- scribed the new estimate as a “great result” for Prospect’s shareholders. “Part of the reason for such a mas- sive increase in our ore reserve is the effective- ness and detail of our exploration programme, the high percentage of diamond core holes rela- tive to RC holes and the benefits of our detailed assay and XRD analysis programme – which, combined, reduces risks associated with our orebody knowledge and helps with future grade control planning,” he said. Touching on recent political developments

One of 90 diamond drill holes at Arcadia (photo: Prospect Resources).

20  MODERN MINING  December 2017

Made with FlippingBook Annual report