Prospect Executes Joint Venture Earn-in Agreement on Bikita Gem Project
Australia Stock Exchange-listed mining and exploration junior Prospect Resources has executed a Joint Venture earnings-in agreement on the Bikita Gem Project, according to the company’s Investor Presentation.
According to the Investor Presentation titled “Leading Africa in the Battery and Electrification Metals Revolution,” released on Tuesday in late May, Prospect Resources executed a Joint Venture Earn-in Agreement on the Bikita Gem Project. The Bikita Gem tenure comprises 18 claims over 401 hectares, located on the northeastern extremity of the Masvingo Greenstone Belt in Zimbabwe.
“The project site is 5 km northwest of the rapidly expanding Bikita Lithium Mine, operated by China’s Sinomine Resource Group, which produces spodumene and petalite concentrates,” says the report.
According to the report, surface trenching has been completed and pads have been prepared for an initial 1,000-meter RC drilling program.
“An excavator has completed surface trenching and prepared pads for an initial 1,000-meter RC drilling program. This drilling is designed to test the subsurface below several targets previously identified through geochemical soil sampling,” Prospect said.
The report states that Prospect has the option to exit the JV at any time during the initial period.
“Prospect Resources can exit the JV at any time during the initial period if the results fall short of expectations,” the company said.
The company continues to field numerous early-stage lithium opportunities in the current counter-cyclical environment.