Exploration update on Step Aside and Omaruru lithium projects

Prospect Resources Limited (ASX: $PSC) has released an update on its recent exploration activities across its lithium projects portfolio in Sub-Saharan Africa. The company has received strong assay results from the Phase 4 diamond drilling program at the Step Aside Lithium Project in Zimbabwe, as well as results from the follow-up Phase 2 RAB and RC drilling program at the Omaruru Lithium Project in central Namibia.

Executive commentary on exploration progress

Prospect Managing Director and CEO, Sam Hosack, expressed satisfaction with the progress made at Step Aside and Omaruru through the exploration activities. The assets have indicated substantial additional mineralisation growth potential ready to be further uncovered. The WinBin mineralised zone at Step Aside and the Phase 2 drilling at Omaruru have shown promising results, indicating further extensions and potential for amenability to processing via a conventional lithium flowsheet. With the focus now directed towards the rapid advancement of the recently acquired Mumbezhi Copper Project in Zambia, the company plans to reduce exploration activities at Step Aside and Omaruru while evaluating potential commercialisation routes for these lithium assets.

Summary of exploration update and future plans

The Phase 4 drilling at Step Aside revealed significant lithium intercepts, demonstrating the potential for further mineralisation growth. The WinBin mineralised zone extended for at least another 100m southwest, and the Northern Pegmatite E deposit intersected high lithia grades at depth, indicating open and thickening deposits. At Omaruru, the Phase 2 drilling program outlined further extensions to the Karlsbrunn Main deposit root feeder system and anomalous mineralisation along strike to the north of Brockmans. Prospect Resources plans to reduce exploration activities at Step Aside and Omaruru while evaluating potential commercialisation routes for these lithium assets, considering a near term sale opportunity to help fund the Mumbezhi Copper Project and testing the market for attractive sale options. The company will also review additional lithium prospectivity within the licence for future drill targeting.