Prospect kick starts exploration after signing the docket for the Omaruru lithium project in Namibia
Prospect has completed its initial 20% Earn-In of the Omaruru lithium project and rapidly commenced exploration on the 175km2 tenement in Namibia.
Under the agreement, the company will progressively acquire up to 51% in Omaruru, which is located within a prospective district and hosts multiple lithium-caesium-tantalum style pegmatites at surface.
The project has outstanding potential to rapidly delineate a mineral resource, which Prospect Resources (ASX:PSC) clearly believes given that it has initiated field exploration, with ground penetrating radar surveying, airborne DTM surveying and geochemical soil sampling now underway.
It also plans to quickly undertake a 2,000m reverse circulation drill program to evaluate the prospective Karlsbrunn and Brockmans pegmatite targets.
Omaruru comprises EPL 5533 tenement, which is centred on the village of Wilhelmstal, east of Karibib in Namibia and is located near Lepidico’s Karibib lithium project.
EPL 5533 contains over 60 visible, outcropping pegmatites of variable size, some of which (notably Karlsbrunn) have been subject to limited, near surface, historical lithium and beryl mining.
Only three pegmatites have been the subject of drilling to date, which returned results of up to 23m grading 0.99% Li2O from a downhole depth of 130m and 10m at 1.06% Li2O from only 2m.
There is also potential for Prospect to increase its interest in the project up to 85%.
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.