Prospect Resources Limited has started the US$0.56m phase two drilling programme at its Omaruru Lithium Project east of Karibib town in Namibia, with results expected at the end of this month.
The Australian company completed phase one in November 2023, announcing a drill hit of 33m at 1.18% lithium oxide from 81m.
Prospect Resources holds a 40% interest in the Omaruru Lithium via its equivalent shareholding in Richwing Exploration (Pty) Ltd, which is 60%-owned by Osino Resources Corp.
The Omaruru Lithium Project, comprising the EPL 5533 tenement, is centred on the village of Wilhelmstal and covers 158 square kilometres.
The tenement is located near several advanced mining projects, including Osino Resources’ Twin Hills Gold Project (recently acquired by Dundee Precious Metals Inc. and Lepidico’s Karibib Lithium Project.
Prospect is earning a further 11% interest in Richwing via a phase two investment of US$0.56 million over 12 months.
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The completion of Phase 2 drilling is also expected to see Prospect advance its next earn-in stage at Omaruru, increasing the company’s ownership stake in Omaruru to 51%.
The phase two drilling programme targets prospective geochemical anomalies at Karlsbrunn SE, Karlsbrunn NE, and Bergers Central, identified in field programmes conducted through CY2023.
The programme was initially scheduled to commence late in Q4 2023 but was delayed until early January due to insufficient RAB rig availability.
The current programme will further target the root zone feeder system identified on the northeast flank of Karlsbrunn Main, which previously returned 35m @ 0.85% Li2O from the surface.
The outcomes are also expected to inform the generation of a more detailed and profound RC drilling programme targeted at a potential JORC reportable lithium Mineral Resource estimate during H1 CY2024. Prospect anticipates that Phase 2 drilling will take approximately six weeks to complete.
