Prospect Resources (ASX:PSC) has begun a phase three diamond drilling program at its Step Aside Lithium Project in Zimbabwe, Africa.
The $57.78 million market capitalisation company says the phase three program has 2 key objectives: to test the strike and depth extensions of the defined pegmatites B, D, and E; and to scout exploratory drilling south of the pegmatite B and D/F deposits in areas with strong coherent lithium-in-soil geochemical anomalism.
The work will comprise up to 5,000m of drilling over the next 3 months
The work will comprise up to 5,000m of drilling over the next 3 months. First assays are anticipated to be returned from late July 2023.
Prospect’s share price increased by 8% to close at $0.135 on Wednesday afternoon following this news.
The Step Aside Lithium Project is located 35km from Harare and comprises 100 hectares of claims within the Harare Greenstone Belt.
Prospect Resources is an Australian-based mineral exploration and development company focused on opportunities in critical battery and electrification metals.
As of 31 March 2023, the company had $28.5 million cash at hand and no debt, according to its latest quarterly report published on 27 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Prospect Resources Ltd
