Prospect Resources says it will soon undertake a comprehensive review of the potential to commercialise its lithium projects in Zimbabwe and Namibia.
The Australian Stock Exchange-listed mining group, which in 2022 sold its Arcadia Lithium project in Goromonzi District, Mashonaland East Province to a Chinese firm, Huayou Cobalt for around US$422 million, owns the Step Aside Lithium project also in Goromonzi.
The Step Aside project is being developed simultaneously with the Omaruru Lithium project in Namibia.
In a statement, Prospect said it was excited about the preliminary results of the exploration activities so far undertaken at the two projects, with promising assay results having been produced at Step Aside.
At Omaruru, Prospect said, results from the recently completed follow-up Phase 2 Rotary Air Blast (RAB) and Reserve Circulation (RC) drilling programme have also been received.
"We plan to reduce our exploration activities at Step Aside and Omaruru from the levels completed over the past 12 months.
"Alongside this, we will be undertaking a comprehensive review focussed on the range of potential commercialisation routes for these two attractive lithium assets," the group's managing director and chief executive officer Sam Hosack said.
He said their teams had worked diligently to produce pleasing results over four phases of drilling at Step Aside and two phases at Omaruru, conducted progressively over the past two years.
And thus at every stage, the two projects have indicated substantial additional mineralisation growth potential ready to be further uncovered.
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Phase 4 diamond drilling has been completed at Step Aside.
"The 'WinBin' mineralised zone at Step Aside was an excellent discovery last year and enabled us to swiftly identify what we now know to be a significant co-joined mineralised pegmatite system that remains open in multiple directions and at depth," revealed Mr Sam Hosack.
"With similar geographical characteristics to the Arcadia deposit, located just 8km to the south, this system offers strong potential for amenability to processing via a conventional lithium flowsheet such as the Arcadia plant.
"Phase 2 drilling at Omaruru has also concluded with results indicating further extensions to the Karlsbrunn Main deposit root feeder system from surface and further anomalous mineralisation along strike to the north of Brockmans.
"We are very pleased with the progress made at Step Aside and Omaruru via our exploration activities to date."
Lithium is a strategically important base metal for Zimbabwe, whose authorities expect would be significant in driving the growth and development of the mining industry, one of the key sectors of the country's economy.
Official figures indicate that the mining industry continues to be a significant contributor to employment, currently employing about 53 000 in formal jobs and providing sustenance to over 500 000 small-scale miners.
The Government has set a new target of growing the mining to a US$40 billion industry by 2030. The sector has generated US$20,5 billion from exports over the past five years.
