Prospect Resources looks to be on track for another great score at its Omaruru lithium project in Namibia. Pic via Getty Images.
Mining
Prospect Resources struck it rich when it sold its stake in the Arcadia lithium project in Zimbabwe to battery minerals giant Huayou Cobalt for over $500 million.
Now arguably Australia’s most successful African lithium explorer could be onto another discovery with adit sampling at its Omaruru project in Namibia picking up high grade lithium mineralisation.
Best results in sampling at the Karlsbrunn prospect included 14m at 1.21% Li2O, 10m at 1.35% Li2O and 8m at 1.11% Li2O, setting Prospect Resources (ASX:PSC) up for additional RC drilling to test targets in the June quarter.
Detailed regional soil sampling at Omaruru has also outlined significant geochemical anomalies with pathfinder signatures characteristic of lithium-caesium-tantalum pegmatites, with grid-based surface sampling in locations along strike from mapped pegmatites and historical workings having generated subsurface extensions and new positions of potential blind lithium mineralisation.
In total 1243 samples over eight separate grids have now been received with evaluation and interpretation of the data completed.
Backed by strong early exploration results like the Karlsbrunn sampling, the first phase of Prospect’s earn-in is expected to be achieved this quarter, with the explorer spending US$1m over 12 months to reach an initial 40% JV interest.
“The high-grade lithium results returned from the adit sampling programme at the Karlsbrunn prospect are extremely promising, and underscore the prospectivity of that broad mineralised system,” Prospect MD Sam Hosack said.
“Additionally, a systematic and extensive soil sampling program undertaken across the Omaruru Project has provided the sort of results that we were targeting from this exercise. It is very pleasing to have identified a number of potential ‘under cover’ lithium mineralisation targets for prompt drill testing.
“The sizable surface footprint and strong concentration of some of these geochemical anomalies is very encouraging for the prospects of further discoveries in the short term at Omaruru.
“We now look forward to drilling these targets as part of our upcoming next-phase RC drilling programmes at Omaruru.”
After the additional 20% is acquired in the Phase-1 earn-in, Prospect will need to spend just US$560,000 over 12 months to take another 11% in Namibian domiciled Richwing, the holding company for the Omaruru JV, located 20km from the regional centre of Karibib in central Namibia.
Limited drilling will take place at Karlsbrunn to evaluate extensions at depth, with infill and extensional RC drilling to take place at the Brockmans deposit in the coming months.
High grade petalite and lepidolite has been sampled across five adits at Karlsbrunn, with a maiden mineral resource estimate due later this year.
Drilling at Brockmans will follow-up the discovery of thick, flat-lying and higher grade intersections from the Phase 1 drilling.
Located near JV partner TSX-listed Osino Resources’ Twin Hills gold project and Lepidico’s Karibib lithium project, Omaruru contains 60 visible LCT pegmatite outcrops in an attractive mining jurisdiction.
Further priority drilling targets are located at Karlsbrunn North-East, Hillside South-West, Petalite South-West, Bergers South-West, Brockmans South-West and Bergers North-East, where shallow scout RC drilling is expected to begin this quarter.
This article was developed in collaboration with Prospect Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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