Prospect Resources Ltd (ASX:PSC) (Prospect or the Company) is pleased to report high grade assay results from its first 5 diamond drill holes ACD001 - 005. Drilling to date has covered approx. 15% of the Company's Mining Licence area. The drilled strike of the stacked pegmatites now extends more than 1km SW-NE and some 300m down dip to NW. The Company's ground position now covers more than 500 hectares of granted Mining Licences. Results for diamond drill holes ACD006 - ACD016 and RC drill holes ACR001 - 032 are awaited.
The results in Table 1 (see link below) are generated from 138 results received from 6 batches covering 5 diamond drill holes. Peak Assay value of 3.99% Li2O.
Development Timetable
- Maiden JORC mineral resource estimate is expected to be completed before the end of October 2016
- Mine feasibility study planned for completion prior to 31 December 2016
- First ore production planned for pre 30 June 2017
- Off-take discussions underway with Asian lithium carbonate and lithium hydroxide producers and agreements are expected to be completed prior to 31 December 2016
To view tables and figures, please visit:
http://abnnewswire.net/lnk/281N0F46
Hugh Warner Prospect Resources Executive Chairman T: +61-413-621-652 Harry Greaves Prospect Resources Executive Director T: +263-772-144-669 WWW: www.prospectresources.com.au
