Prospect Resources Ltd (ASX:PSC) is set to increase exploration news flow during this quarter, after wrapping up the first 16 diamond drill holes at the company’s Arcadia high grade lithium project in Zimbabwe.
Assays are pending.
Drilling has confirmed the down dip extension of the Main Pegmatite exposed in the old Arcadia pit.
The company has identified at least 14 pegmatite layers, 4 above the Main pegmatite and 9below.
A reverse circulation rig has been mobilised and is now drilling the first of the next 15 holes.
The project hosts the Arcadia Lithium Deposit, which is a historically producing mine and has an initial exploration target of 15-18 million tonnes at 3-5% lithium.
The company’s success to date was instrumental in raising $14 million last month.
The raising attracted strong demand from Chinese sophisticated investors, including those within the lithium battery production cycle…