Prospect Resources gains 70% in Good Days lithium project, Zimbabwe

1 March 2018 (Last Updated March 1st, 2018 11:17)

Prospect Resources is set to gain majority control of Barrington Resources’ Good Days lithium project in north-eastern Zimbabwe after exercising an option to acquire a 70% interest in the development. 

Prospect Resources is set to gain majority control of Barrington Resources’ Good Days lithium project in north-eastern Zimbabwe after exercising an option to acquire a 70% interest in the development.

The agreement was initially signed in June 2017 and Prospect had time until April this year to make a decision to exercise its option following due diligence.

Covering 8km², the project contains several mineralised pegmatites, including historical workings for spodumene and tantalite at the Good Days and Jordywyitt mines.

Before arriving at the decision, the company engaged its team to regionally map and sample the remainder of the Good Days claims.

The move will enable the company to expand its lithium portfolio in the country.

Prospect holds ownership of the Arcadia lithium project on the outskirts of Harare, with focus on near-term production of petalite and spodumene concentrates.

The Good Days project area comprises a number of lithium-caesium-tantalum (LCT) pegmatites.

“The Good Days project area comprises a number of lithium-caesium-tantalum (LCT) pegmatites.”

Since June, the company has drilled the known mineralised pegmatite zone in order to verify the historic geological model.

In addition, the company has carried out two phases of soil sampling for identification of additional targets hosting economic lithium pegmatites.

The sampling programme allowed the company to identify anomalous lithium values, potentially indicating the presence of hard rock mineralisation beneath the soil cover, and expanding the project’s prospectivity away from the site’s historic workings.

Prospect is planning to start a further upgrade programme in an attempt to define a joint ore reserves committee (JORC) reportable mineral resource.

Under the next phase, the company will undertake infill soil sampling followed by trenching and short hole percussion drilling.