Prospect Resources Expands Portfolio
Prospect Resources has made significant strides in expanding its portfolio, acquiring a controlling stake in the highly prospective Mumbezhi Copper-Cobalt Project in Zambia and reported encouraging drilling results from its lithium projects in Zimbabwe and Namibia.
Patricia Rwafa
As announced on April 30, 2024, Prospect Resources acquired an 85% interest in the Mumbezhi Copper-Cobalt Project in Zambia. The project has significant exploration potential and is located in the highly prospective Zambian Copperbelt. Phase 4 drilling commenced at the Step Aside Lithium Project in Zimbabwe, targeting extensions and high-grade intersections.
Final results from Phase 3 drilling at Step Aside confirmed significant lithium mineralization and extensions to the WinBin deposit. Phase 2 drilling commenced at the Omaruru Lithium Project in Namibia, targeting prospective geochemical anomalies.
Prospect Resources holds $19.2 million in cash and zero debt as of March 31, 2024.
– 63.1m @ 1.17% Li2O from 74.9m, including 41.0m @ 1.49% Li2O from 97.0m.
– 17.0m @ 1.54% Li2O from 52.0m, including 9.0m @ 2.13% Li2O from 56.0m.
– 9.0m @ 1.12% Li2O from 90.0m.
– 1.5m @ 1.38% Li2O from 17.6m.
Prospect achieved a 100% ownership stake in Omaruru, following the successful execution of an agreement with Osino Resources to acquire the residual 60% interest for US$75,000 in cash.
According to Prospect’s Managing Director and CEO, Sam Hosack:
“The successful culmination of our transactional strategy for the world-class Mumbezhi Copper-Cobalt Project was an excellent way to round out a productive Q1 and lead into an exciting June quarter. This large-scale asset, hosted in the Zambian Copperbelt, significantly expands and diversifies our battery and electrification metals portfolio.
Pending targeted future exploration success, it has the strong potential to advance into a low-cost, open-pit mine development in the long term. We are excited to see where initial exploration and resource drilling takes us with this well-positioned, large-scale critical mineral project.”
“At Step Aside, final results from our Phase 3 program have produced further intercepts of robust lithium mineralization, highlighting additional extensions to WinBin at depth and along strike, while also remaining open to the south.
We now know that the broader mineralization zone continues further northwest, through the conjoined WinBin/Pegmatite C extension. We are extremely pleased with the results to date from Step Aside, and with Phase 4 underway, we will continue our exploration agenda targeting further extensions to the current mineralized zone and further delineation of the footprint of this high-grade lithium deposit.”