HARARE – Prospect Resources says it executed a Joint Venture Earn-in Agreement in late May on the Bikita Gem Project.
This comes as the company continues to field numerous early-stage lithium opportunities
in the current counter-cyclical environment.
The Bikita Gem tenure comprises 18 claims over 401 hectares and is located on the northeastern extremity of the Masvingo Greenstone Belt in Zimbabwe. It is 5km to the northwest of the rapidly expanding Bikita Lithium Mine, which is operated by China’s Sinomine Resource Group, where it produces spodumene (and petalite concentrates).
In an update, Prospect said that an excavator has completed surface trenching and prepared pads for an initial 1,000 metre programme of RC drilling designed to test the subsurface below several defined targets previously identified by geochemical soil
sampling.
“Prospect can exit the JV at any time during the initial period, should results fall short of expectations.”
The company also said the sales process at the Step Aside claim in Goromonzi has been initiated. A data room has been set up with >12 parties taking a keen interest. “A simple sales structure is proposed which will facilitate a smooth near-term completion.”
Prospect has an established reputation for substantial shareholder value generation through the systematic de-risking and advancement of the world-class Arcadia Lithium Mine Project, which is now owned by Zhejiang Huayou Cobalt.
The company said in Zimbabwe, activities will be reduced as work has concluded on Step Aside and focus has pivoted towards Zambia’s Mumbezhi Copper Project.
