daniel chigunwe
Oliver Kazunga
Senior Business Reporter
AUSTRALIA Stock Exchange-listed mining group, Prospect Resources Limited, which is developing the Step Aside Lithium project in Goromonzi, will commence phase 4 diamond drilling at the new project next month.
This follows the successful completion of a similar drilling campaign at Step Aside under phase 3 of the programme where 44 holes were drilled equalling about 5 100 metres, with assay results having proved encouraging.
Last year, the mining group sold the Arcadia lithium project, also in Goromonzi, to China’s Zhejiang Huayou Cobalt Limited- one of the world’s largest energy Li-ion battery materials and new cobalt materials, for US$377,8 million.
Lithium is now one of the most important minerals due to its growing use in rechargeable batteries for mobile phones, laptops, digital cameras and electric vehicles.
It is also used in some non-rechargeable batteries for things like heart pacemakers, toys and clocks.
The mineral has become one of the strategically important commodities in Zimbabwe, as export revenue from the mineral is expected to drive economic growth and progress towards the target of building a US$12 billion industry by the end of 2023.
In a statement, the Australia-headquartered company said diamond drilling under phase 3 had just been completed and assay results for the 10 holes from the 44 drilled were pending, while the phase 4 drilling campaign would commence in January 2024.
“The company is pleased to announce further encouraging assay results from the now complete Phase 3 drilling programme at the Step Aside Lithium project.
“Phase 4 programme approved with 2 000m of diamond drilling is set to commence in January 2024, targeting extension positions of WinBin further south, and following up high-grade intersections at Pegmatite E.
“The company is pleased to announce further encouraging assay results from the now complete Phase 3 drilling programme at the Step Aside Lithium project,” it said.
Prospect Resources is a southern Africa-focused lithium and gold mining and exploration firm headquartered in Perth, with operations in Zimbabwe.
The firm entered the Zimbabwe mining space in early 2012 scouting for gold and other opportunities.
Prospect Resources managing director and chief executive officer Mr Sam Hosack said: “This latest batch of Phase 3 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 3 programme during the first quarter of 2024 to continue this momentum.
“We are straight back into it in the New Year with the scheduled Phase 4 drilling set to continue the drill-out of WinBin.”
He said this work would also test the area of high-grade intersections previously returned around Pegmatite E to the north.
“I would like to wish all shareholders a safe and happy festive period and look forward to reporting on our activities at Step Aside, and across the broader Prospect exploration portfolio, during 2024,” Mr Hosack.
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