Zimbabwe lithium company, Prospect Resources Ltd said it is pleased to announce a significant increase in the ore reserve estimate of its 87 percent owned Arcadia Lithium Project, which further extends life of mine and a pathway to updated project economics.
The upgraded ore reserve of 37.4mt, which represents a 39 percent increase on the ore reserve announced in December 2017, incorporates updated pricing provided by Benchmark Minerals Intelligence following the completion of the low iron petalite market assessment in July 2019 and updated petalite recovery in line with recent test work developments.
Prospect Managing Director Sam Hosack said “The Prospect team have worked tirelessly to extract the maximum value from the Arcadia deposit, with technical support from CSA Global we have added significantly to our inventory and reinforced the strength of Arcadia’s project economics”.
“This incredible result confirms Arcadia as a globally unique and significant lithium deposit to supply the glass and ceramics market with technical grade ultra-low iron petalite.
“We see the battery market as a key driver of lithium demand growth but remain focused on the glass and ceramics market where Arcadia seeks to become a significant, consistent and reliable high-quality supplier and access the premium prices available in this market”.
Prospect Resources Limited is an African focused mining company listed in Australia. Its flagship project is the Arcadia Lithium Project located on the outskirts of Harare in Zimbabwe.