Prospect Resources (ASX:PSC) has received approvals to kick off a phase four diamond drilling program in January 2024 at its Step Aside Lithium Project in Zimbabwe.
The $38.45 million market capitalisation company plans to focus primarily on extending its WinBin discovery to the south of Step Aside.
Prospect Managing Director and Chief Executive Officer (CEO) Sam Hosack says the company is ‘straight back into drilling’ in the new year, and it will also test the area of ‘high-grade’ intersections previously returned around Pegmatite E.
Meanwhile, the latest results from the phase three drilling program, demonstrate that the mineralised feeder zone extends from WinBin through to an extension of Pegmatite C and remains open at depth and to the south.
Prospect reports assays include drillhole CDD063 with 20m @ 1.34% lithium oxide (Li2O) from 45m, including 6m @ 2.21% Li2O from 48m; and drillhole CDD066 with 12m @ 1.45% Li2O from 131m.
Hosack says the WinBin discovery has continued to deliver for the company.
“This latest batch of phase three assay results has significantly extended the strike extent of the broader discovery, as well as increasing our understanding of the controlling geology in this zone.
We look forward to the receipt of the remaining assay results from the phase three program during Q1 2024 to continue this momentum.”
“This latest batch of phase three assay results has significantly extended the strike extent of the broader discovery, as well as increasing our understanding of the controlling geology in this zone”
The phase three program comprised 44 holes for 5,105m.
Prospect Resources is a battery and electrification metals-focused explorer and a developer of mining projects in Zimbabwe and the broader sub-Saharan African region.
As of 30 September 2023, the company had $23.7 million cash at hand and zero debt, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Prospect Resources
