Prospect Resources Ltd (ASX:PSC) (Prospect, the Company) is pleased to report on another busy quarter of activities. Summary of Significant Announcements in the Quarter and up to the date of this announcement:
13 October - Notice of Annual General Meeting
18 October - Trial mining sampling results - Arcadia Lithium Project
23 October - New mineralised zone discovered - Arcadia Lithium Project
25 October - Significant Mineral Resource estimate upgrade - Arcadia Lithium Project
30 October - Grant of National Project Status - Arcadia Lithium Project
31 October - 99.5% Battery grade lithium carbonate produced from Arcadia petalite
10 November - Offtake and Placement and Framework Agreements
13 November - Board Changes
16 November - Market Update
24 November - Good Days Option Extension
6 December - Significant Increase in Ore Reserves - Arcadia
11 December - Presentation - Arcadia Lithium Project
18 December - Prospect Produces Ultra-High Purity Lithium Carbonate
17 January - New Zimbabwe Government gives Priority Status to Arcadia
31 January - Prospect Raises A$10,000,000 via share placement
We thought that the 31 December Quarter was pretty exciting with the announcement of the conditional Offtake and A$10m Placement and Framework Agreements. Clearly this was surpassed with the peaceful transition of power in Zimbabwe.
On 24 November 2017, a new Government of Zimbabwe was formed. As a company, we have seen the positive and almost immediate effects of this new government. As announced on 17 January 2018, Arcadia has been identified as a priority project by the new Government. Various members of our team have already presented to the new President of Zimbabwe and the new Mines Minister and both have offered strong support for Prospect and Arcadia. Harry Greaves, Paul Chimbodza and I will be at Indaba, Cape Town promoting Prospect, Arcadia and the new business friendly environment of Zimbabwe. We think Prospect is one of the best positioned international companies to participate in the renewal of Zimbabwe. A recently released promotional video welcoming investors to Zimbabwe can be found at http://www.abnnewswire.net/lnk/57CR1Z8X
The December Quarter focussed on infill drilling of the proposed Arcadia pit, bulk sampling and grade control, building our lithium carbonate laboratory and meeting potential offtake partners and potential financiers and investors culminating in the announcement of the conditional Offtake and A$10m Placement and Framework Agreements with Sinomine Resources Exploration Co. Ltd. and Sinomine International Exploration (Hong Kong) Co. Ltd. (collectively "Sinomine").
We finished the Quarter with:
- A conditional offtake and A$10m placement in place;
- the Mineral Resource and Mineral Reserve upgraded;
- 99.5% battery grade lithium carbonate produced from petalite at our in-house laboratory; and
- Option over the Good Days Lithium Project being extended.
As we reported in the previous quarterly report, the production of 99.5% lithium carbonate is quite an achievement, particularly in such a short period of time.
The December Quarter drilling not only upgraded our Mineral Resource estimate but also our Ore Reserve estimate.
To view the full report, please visit:
http://abnnewswire.net/lnk/3A84B931
Hugh Warner Prospect Resources Ltd Executive Chairman T: +61-413-621-652 Harry Greaves Prospect Resources Ltd Executive Director T: +263-772-144-669
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