Prospect Resources Limited (ASX: PSC) explores copper, lead, zinc, gold and silver in Australia.
The company today, on 5th April 2019, updated regarding the significant improvements to the global lithium recovery for its 87% owned Arcadia Lithium Project located in Zimbabwe, as a result of petalite DMS testwork.
Post the release of this Definitive Feasibility Study (DFS) for Arcadia in November 2018, the company has continued with the bulk metallurgical variability testing, focusing on dense media separation and spiral treatment of bulk ore samples taken from the upper and main pegmatite zones within the proposed pit at Arcadia. The results of this bulk testwork, together with the results of a review of the metallurgical database support the recovery factors employed in the DFS and indicate the potential for an overall increase in project lithium recovery from 67.9% to +70%.
The company has undertaken this bulk testwork at independent third-party facilities in order to provide impartiality and ensure quality control. This program confirmed the amenability of Arcadia ore to deliver premium low iron petalite concentrate product containing +4% Li2O and < 0.1% Fe2O3.
The company has conducted these programs to further optimise design and operating parameters in order to de-risk the plant construction and project ramp-up to production. The extensive metallurgical testwork program will exceed similar programs completed by peer projects, given Arcadia’s ore body contains petalite in addition to commonly produced spodumene.
Prospect’s Managing Director, Sam Hosack, said that the testwork results demonstrated the quality of the project and the company’s ability to de-risk and optimise the project before development. He further added that the investment that the company has made into technical validation and value engineering for the project supports its ability to deliver on the Arcadia Lithium Project successfully. The company has attracted market-leading professionals to join the team, including individuals with extensive experience in DMS, gravity and flotation processing of lithium-bearing minerals. With these initiatives being undertaken by the leading independent specialist organisations, the company is delivering on a high level of quality for each initiative and de-risking the project.
The company will continue to invest in building upon Arcadia’s existing strong project economics by optimising the plant construction, pit design and efficient operation of the project.
With extended petalite recovery and concentration bulk testwork nearing completion, the company is undertaking spodumene metallurgical bulk testwork to conclude the post-DFS testwork and develop a revised global lithium recovery result.
On the stock-performance front, the stock has posted the YTD return of -18.18%. The company also has posted a return of -47.06% over the past six months. While writing, i.e. on the 5th April 2019 AEST 2:15 PM, the stock of the company is trading at a price of A$0.029, up 11.111% during the day’s trade with a market capitalisation of ~A$ 36.83 million. The stock opened the trading day at A$0.020, which was also its intraday high, and touched an intraday low of A$0.019 with a daily volume of ~ 2,131,000. It had a 52-week high price of A$0.060 and a 52-week low price of A$0.017, with an average volume of 855,004 approximately.
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