Cash-rich Prospect upbeat about Step Aside

Lithium miner Prospect Resources, which recently announced that it remained well-funded ahead of its future exploration and drilling activities, has completed second phase of drilling at the Step Aside project in Mashonaland East.

Prospect commenced its initial reverse circulation (RC) and diamond drilling programme at Step Aside in early July 2022.

The objective of this programme was to delineate the geometry and grade of the pegmatites and the nature of the lithium mineralisation. The first phase of the drilling programme was completed in October last year.

The second phase programme, according to Prospect, has built on the success of the first one by delivering step-out drilling targeted at strike and dip extensions of the key identified pegmatite bodies.

The Phase Two programme comprised 20 diamond core drill holes for 2 221,5 metres of drilling, and was delivered on time and to budget.

As such, the results from the Phase One drilling programmes at Step Aside and Omaruru have validated the firm’s strong conviction in these assets.

Omaruru is Prospect’s Namibian project.

Sam Hosack, the managing director of Prospect said: “We will continue to pursue our ambitious exploration programs, which will provide an extensive pipeline of news flow over the coming months. I look forward to updating our shareholders as our project generation activities progress throughout the year.”

Prospect’s 100%-owned Step Aside Lithium Project is located within the Archaean Harare Greenstone Belt, approximately 35 kilometres east of Harare, with the claim covering circa 100 hectares.

It is 8 km north of the Arcadia Lithium Mine, which was discovered, advanced and sold to Huayou Cobalt by Prospect last year for approximately US$378 million in cash.

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.

Prospect says it has strong cash reserves of about A$28,5 million (US$18,86 million), to continue exploration work.

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