Total
0
Shares
Prospect Resources (ASX:PSC) - Managing Director, Sam Hosack
Managing Director, Sam Hosack
Source: Prospect Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Prospect Resources (PSC) identifies two large rare earth element anomalies at its Chishanya Carbonatite Project in Zimbabwe
  • The anomalies, dubbed “Chishanya Hill and Baradanga Ridge” have been outlined from a soil sampling program
  • 213 samples from these areas are valued at over 1170 parts per million (ppm) total rare earth oxides (TREO) and eight are valued at over 2330ppm TREO
  • Based on the results, Prospect has exercised the option to purchase the adjoining Chishanya tenements and will undertake further sampling
  • Company shares are up 1.54 per cent to trade at 33 cents

Prospect Resources (PSC) has identified two large rare earth element (REE) anomalies at its Chishanya Carbonatite Project in Zimbabwe.

The company undertook a soil sampling program and collected 1275 soil samples which were assayed for REEs and associated base metals such as niobium and scandium.

The two distinct anomalies were identified at Chishanya Hill and Baradanga Ridge which cover 0.2 and 0.1 square kilometres, respectively.

A total of 213 of the samples taken from these areas are considered significant as they’re valued at more than 1170 parts per million (ppm) total rare earth oxides (TREO) and eight are anomalous with values of over 2330ppm TREO.

The average soil value was 775ppm which represents a value almost five times greater than the average of REE.

The program also outlined elevated values from four oxides including cerium, lanthanum and neodymium oxides and niobium pentoxide.

Managing Director Sam Hosack commented on the results.

“We are excited by the soil sampling results as an initial indication of Chishanya’s potential to be an REE project,” Mr Hosack said.

“While our core focus is on the development of our flagship Arcadia Lithium Project, Chishanya offers a niche opportunity to evaluate the REE potential of this ground and to also assess other targets in the region that have never been explored for REE on this basis before.”

Based on the results, Prospect has exercised the option to purchase the adjoining Chishanya tenements from the Meikle Mining Syndicate for US$30,000 (A$40,559).

The company plans to undertake surface rock chip sampling at the two main defined anomalies as well as infill soil sampling at possible fault-associated anomalies. The aim is to define additional anomalies for percussion drilling.

Company shares were up 1.54 per cent to trade at 33 cents at 11:07 am AEST.

PSC by the numbers
More From The Market Herald
The Market Herald Video

" Orange may be the new gold

One of the latest explorers to head to the ASX is Perth-based Orange Minerals with listing anticipated as soon as next week.
Pan Asia Metals (ASX:PAM) - Managing Director, Paul Lock

" Pan Asia Metals (ASX:PAM) announces latest drilling results from Reung Kiet lithium project, Thailand

Pan Asia Metals (PAM) has released lithium drill results for four holes from its Reung Kiet project in southern Thailand.
Vango Mining (ASX:VAN) - Executive Chairman, Bruce McInnes

" Vango Mining (ASX:VAN) unveils further gold intersections at Marymia

Vango Mining (VAN) has unveiled further gold intersections from an ongoing open-pit drilling campaign at its Marymia Gold Project in the mid-west region

" Pursuit Minerals (ASX:PUR) gets final assays from Phil’s Hill

Pursuit Minerals (PUR) has confirmed a silver sulphide mineralising system at its Phil’s Hill prospect in Western Australia following receipt of the final