JORC Mineral Resource and Ore Reserves

Since acquisition of the project in June  2016, Prospect has embarked on an aggressive, phased drilling program in order to delineate JORC compliant Mineral Resource estimates. The work has included diamond and reverse circulation drilling, geological mapping and channel sampling, topographic, geophysical as well as hydrographical surveys.

To date a total of 14 mineralised stacked pegmatites have been identified covering almost 100m vertical distance, with a strike of  almost 4.5km SW-NE, by over 1km down dip.

Following announcement of a Maiden JORC Mineral Resource estimate in October 2016, the Mineral Resource estimate was updated again in July 2017 and was based on 196 drill holes representing a strike length of 2500 m and a downdip length of approximately 900 m. All Mineral Resource estimates were carried out by Digital Mining Services, Harare in conjunction with Roger Tyler, site geologist and Competent Person. All Mineral Resource estimates were reviewed by The MSA Group in Johannesburg.

As of 31 July 2017, the JORC compliant Mineral Resource estimates for the Arcadia Lithium Project were:

A Global Mineral Resource estimate of 66.6Mt grading 1.13% Li2O (using a 0.2% Li2O cutoff) – containing over 755,000t lithium oxide.

 

Global Resource - 0.2% Li2O Cut-off

Category

tonnes

Li2O %

Ta2O5 ppm

Li2O Tonnes

Ta2O5 lbs

Measured

10,200,000

1.16%

134

117,700

2,800,000

Indicated

37,800,000

1.07%

118

404,600

9,400,000

Inferred

18,600,000

1.25%

109

232,700

5,000,000

GRAND TOTAL

66,600,000

1.13%

117

755,000

17,200,000

A high grade zone (using 1% Li2O cut-off) of 40.5Mt at 1.44% Li2O has been defined that will now be used to enhance the Pre Feasibility Study completed in June 2017.

 

High Grade Zone - 1% Li2O Cut-off

Category

Tonnes

Li2O %

Ta2O5 ppm

Li2O Tonnes

Ta2O5 lbs

Measured

6,200,000

1.48%

132

92,400

1,800,000

Indicated

22,300,000

1.36%

117

303,700

5,800,000

Inferred

12,000,000

1.56%

117

186,600

3,000,000

GRAND TOTAL

40,500,000

1.44%

119

582,700

10,600,000

Following completion of the Pre Feasibility Study in June 2017, Prospect declared Maiden Ore Reserve estimates of 15.8 Mt at 1.34% Li2O and 125ppm Ta2O5. Note that these reserve estimates form part of and are inclusive of the Indicated and Measured Resources declared in March 2017.

Ore Reserves declared at the Arcadia Lithium Project (>1% Li2O cut off)* 

Category Tonnes (Mt) Li2O (%) Ta2O5 (ppm) Li2O (t) Ta2O (Mlbs) Fe2O(%)
Proven 0.0 0.00 0 0 0.0 0.00
Probable 15.8 1.34 125 212,000 4.3 1.02
TOTAL 15.8 1.34 125 212,000 4.3 1.02

* Ore Reserves declared based on and inclusive of the Mineral Resources declared in March 2017

Arcadia is a medium - high grade, large tonnage deposit consisting of series of stacked mineralised pegmatites with definite further potential to delineate additional resources along strike and with the possibility of discovery of additional parallel ore bodies. Geochemical sampling and test drilling are ongoing at Arcadia, therefore an Exploration Target* of 80 - 100Mt at 1.2-1.5% Li2O is considered achievable in the short to medium term.