Wilhelmstal, a quiet village situated roughly 50km east of Karibib, might witness a transformation following Prospect Resources’ revelation of a significant drill discovery.
The company reported a 33m drill hit at 1.18% lithium oxide from a depth of 81m during the initial phase earn-in program.
Prospect Resources, an Australian-based mineral exploration and development company, is actively advancing the Omaruru Lithium Project.
The company completed the program across four separate grids, evaluating a total of 1,241 sample assays.
Anticipating the completion of its Phase 2 earn-in for the Omaruru Lithium Project by Q4 CY2023, the project, identified as EPL 5533, is centered around Wilhelmstal village, covering an area of 175 square kilometers to the east of Karibib.
The Omaruru Lithium Project is strategically positioned near various advanced mining initiatives, including Osino Resources’ Twin Hills Gold Project and Lepidico’s Karibib Lithium Project.
Prospect Resources holds a 40% stake in the Omaruru Lithium through its equivalent shareholding in Richwing Exploration (Pty) Ltd, a company 60%-owned by Osino Resources Corp.
The company disclosed plans in September 2022 to acquire an additional 11% interest in Richwing Exploration through a Phase 2 investment totaling US$0.56 million over 12 months.
Emphasizing the vast potential of the Omaruru Project, Prospect Resources Managing Director Sam Hosack highlighted the project’s extensive tenure, previously explored within limited areas.
Recent field mapping and geochemical soil sampling unveiled previously unidentified pegmatites at Omaruru, showcasing significant geochemical anomalies.
These discoveries not only present prime targets for further exploration drilling but also signify untapped potential in the northern regions of the Omaruru license.
Prospect Resources ventured into Namibia in 2022 following the sale of its flagship Arcadia Lithium Mine to Zhejiang Huayou Cobalt in Zimbabwe for a cash sum of US$422 million.
The company also owns the Step Aside Lithium Project, covering 100 hectares and located approximately 35km from Harare, and the Kesya Rare Earths Project in the southern Kafue region of Zambia, approximately 90km from Lusaka.
