Prospect Resources Limited has commenced the US$0.56 million phase two drilling program at its Omaruru Lithium Project, situated east of Karibib town in Namibia.
The Australian company aims to unveil results by the end of this month, building on the success of phase one, which revealed a significant drill hit of 33m at 1.18% lithium oxide from 81m in November 2023.
With a 40% interest in the Omaruru Lithium Project through its shareholding in Richwing Exploration (Pty) Ltd, a company 60%-owned by Osino Resources Corp, Prospect Resources focuses on the EPL 5533 tenement covering 158 square kilometers around Wilhelmstal village.
Strategically located near advanced mining projects, such as Osino Resources’ Twin Hills Gold Project (recently acquired by Dundee Precious Metals Inc.) and Lepidico’s Karibib Lithium Project, the Omaruru Lithium Project holds significant promise.
In pursuit of expanding its ownership, Prospect Resources is investing an additional US$0.56 million in Richwing, targeting an 11% interest through the ongoing phase two investment over 12 months.
Upon completion of the phase two drilling, Prospect anticipates advancing to the next earn-in stage, increasing its ownership stake in Omaruru to 51%.
The drilling program will focus on geochemical anomalies at Karlsbrunn SE, Karlsbrunn NE, and Bergers Central, identified during field programs in CY2023.
Originally slated to start in late Q4 2023, the drilling program was delayed to early January due to insufficient RAB rig availability.
The current program will target the root zone feeder system identified on the northeast flank of Karlsbrunn Main, where previous results indicated 35m @ 0.85% Li2O from the surface.
The outcomes of the phase two drilling are expected to guide the development of a more detailed RC drilling program, aiming for a potential JORC reportable lithium Mineral Resource estimate in H1 CY2024. Prospect Resources estimates that the phase two drilling will be completed in approximately six weeks.
