Prospect Resources said their initial 2 000m RC drilling commenced at Omaruru Lithium Project in December.
To date, the company has drilled 13 holes since October 2022 in pursuit of lithium and is waiting on sample results to test the ore content and quality.
The company which is one of the key firms propping up Namibia’s lithium rush announced this week.
The company indicated that their drilling is focused on the Karlsbrunn and Brockmans pegmatites.
The results of the testing of a metal or ore are expected during Q1 2023.
In its quarterly activities report (4th Quarter 2022) released on 30 January 2023, Prospect Resources managing director, Sam Hosack, indicated that it has been another robust quarter for the company.
He explained that Prospect is well positioned for the year ahead with strong cash reserves of approximately A$30.3 million (N$366.8 million) and with the continued advancement of their broader strategic objective.
The company’s objective is to be a leading battery and electrification metals-focused exploration and development business.
Hosack said the rapid commencement of the RC drilling programme at the Omaruru Lithium Project reflects the company’s conviction in this asset, and in Namibia as an excellent development jurisdiction.
With high-grade spodumene mineralisation also intersected at the 100%-owned Step Aside Lithium Project in Zimbabwe, the company now has two high-quality lithium exploration assets under rapid advancement.
“With the technical teams progressing our assets, the corporate team continues to focus on value creation through the process of identifying, assessing, investing in, and advancing battery and electrification metals opportunities, elsewhere in sub-Saharan Africa,” he pointed out.
The Omaruru Lithium Project, comprising a single Exploration Prospecting Licence EPL 5533 tenement, is centred on the village of Wilhelmstal, east of Karibib and covers 175 square kilometres currently held by Richwing Exploration (Pty) Ltd, a wholly owned subsidiary of Osino Resources Corp (Osino).
The Omaruru tenement is situated near a number of mining developments, including Osino’s Twin Hills Gold Project 20 km to the northwest and Lepidico’s Karibib Lithium Project, located 10 km to the southwest.
“Namibia is a premier resource investment jurisdiction, with a long-standing history of exploration, mining and exportation of minerals, excellent infrastructure and support from both government and community,” said the company in their announcement.
During the quarter, Prospect announced that all conditions precedent to its shareholder agreement with Osino Resources had been satisfied.
The company subsequently commenced RC drilling activities at Omaruru with four drill holes completed for 455 metres up to the Christmas and New Year break on the 16th December.
Subsequent to the end of the quarter, drilling recommenced on the 9th January and a total of nine additional holes for 669m had been completed up to 23 January at the prospective Karlsbrunn deposit.
In the announcement, the company said the initial programme of approximately 2 000m RC drilling and 1 000m of diamond drilling for the Karlsbrunn and Brockmans lithium pegmatite targets is ongoing, and ore testing is underway for the drilling completed to date.
Exploration was also conducted outside, but along strike from, known lithium pegmatite occurrences at Omaruru, with a series of geochemical soil sampling survey grids undertaken.
Sample testing was pending at the end of the quarter.
The work is seeking to identify sub-surface occurrences of other “buried” lithium deposits, with the aim of generating new drilling targets.
“Prospect exploration teams are now focused on fast tracking the remainder of the planned drilling programmes, with the goal of establishing a maiden mineral resource estimate for the lithium mineralisation at Omaruru,” the company said.
Prospect Resources is an ASX listed company focussed on the exploration and development of mining projects, specifically battery and electrification minerals, in Namibia and the broader sub-Saharan African region.