Prospect Resources is moving to fill ownership of the Omaruru lithium project in Namibia. Pic via Getty Images
Prospect Resources to acquire remaining 60pc interest in Omaruru lithium project for just US$75,000
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- Prospect to acquire 100% interest in the Omaruru Lithium Project from Osino Resources
- Omaruru is in Namibia, a Tier 1 mining jurisdiction
- Phase 2 drilling progressing well with assays due next month
Special Report: Prospect Resources has entered an agreement to pick up the remaining 60% interest in the Omaruru Lithium Project it does not already own, as the African-focused explorer progresses its Phase 2 exploration aimed at defining the strike extent and depth of key lithium-mineralised pegmatites.
Prospect Resources’ (ASX:PSC) Omaruru Project is centred on the village of Wilhelmstal, east of Karibib in Namibia, and covers 131 km2 near several advanced mining projects, including Yantai Gold’s Twin Hills gold and Lepidico’s (ASX:LPD) Karibib lithium projects.
The project area contains 60 visible outcropping LCT pegmatites, with historical artisanal workings for gemstones common throughout the tenement and considerable prospectivity for further lithium-enriched deposits occurring below cover in the region.
Drill rigs already turning for Phase 2
Phase 2 exploration at Omaruru for approx. 4,250m of RAB and RC drilling is underway, and designed to target prospective geochemical anomalies at the Karlsbrunn SE, Karlsbrunn NE and Bergers Central targets identified through field exploration programmes last year.
Omaruru has excellent potential to delineate a maiden lithium Mineral Resource estimate and identify additional new deposits, PSC says.
Results from Phase 2 drilling are expected to further define the geometry, depth and strike extent of identified pegmatites after recent detailed soil programmes outlined prospects in areas containing pathfinder signatures for the sought-after lithium mineralisation.
“We are delighted to have opportunistically acquired the residual interest in Omaruru at such an attractive purchase price,” PSC MD and CEO, Sam Hosack says.
“This transaction has been predominantly driven by the recently announced combination deal between Osino and Yantai for the Twin Hills gold project, with the bidder focused on the acquisition of a clean gold asset.
“We look forward to completing this transaction and moving to 100% ownership of Omaruru, at the same time as we continue to advance our rigorous exploration and evaluation activities at the Project.
“Owning the asset 100% frees us up from the earn-in joint venture and we can pace exploration to suit our needs.”
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.
