Arcadia Lithium Project

ARCADIA LITHIUM PROJECT DELIVERS ROBUST PRE-FEASIBILITY STUDY & ON TRACK FOR DEVELOPMENT

Prospect Resources Ltd (ASX:PSC) announced on 3 July 2017 that its Pre- Feasibility Study (“PFS”) over the Arcadia Lithium Project in Zimbabwe has been completed. According to the announcement, the results of the PFS confirm and validate the Company’s objective of developing Arcadia to become a significant producer of high quality spodumene, petalite and tantalite concentrates in the near term.

Some of the PFS highlights are:

• Maiden JORC Probable Ore Reserves declared of 15.8 Mt @ 1.34 % Li2O and 125 ppm Ta2O5 forms the basis for a standalone 1.2 Mtpa mining and processing operation over a 15 year Life of Mine (LoM)
• The Arcadia development schedule envisages a 9 month lead time to production with plant commissioning in Q3 2018
• This PFS examines an extended LoM which includes Inferred Mineral Resources (scheduled late in the LoM plan) within planned pits, containing a pit inventory of 23 Mt @ 1.34 % Li2O and 124 ppm Ta2O5, inclusive of Probable Reserves and Inferred Resources. The Company has a reasonable basis to believe it supports an extended LoM of 20 Years at an average strip ratio of 2.79 : 1
• An additional PFS is underway with engineering consultants Hatch, due end of Q3 2017, for a lithium carbonate & hydroxide plant fed by the entire Li2O mineral concentrate production of the Arcadia Mine to become the only vertically integrated producer outside the Asia Pacific

ARCADIA LITHIUM PFS OUTCOMES

In the announcement, Prospect Resources Ltd highlighted that it had commissioned BioMetallurgical Zimbabwe (BMZ) to undertake the PFS on the Arcadia Lithium Project. According to Prospect Resources Ltd, the PFS represents the culmination of technical and financial inputs from its in-house team and supported by several independent consultants and contractors comprising:

• Geology, Mineral Resources and Reserves – Digital Mining Services, Harare and The MSA Group, Johannesburg
• Mine Design and Planning – McDhui Mining Services, Johannesburg
• Geotechnical Design – Practara, Harare
• Metallurgical Test Work – FT Geolabs, Johannesburg and Nagrom, Perth
• Tailings Storage Facility Design – Blonton Management Consultants, Bulawayo
• Environmental Impact Assessment – Envirosmart Consultancy, Harare
• Layout and CAPEX estimates – LogiProc and Consulmet, Johannesburg

Source – www.abnnews.net/ For a more detailed statement click here