Millions invested in Omaruru lithium project

Big potential, says Prospect
Phase 2 of Prospect Resources' lithium project is progressing efficiently and is expected to be achieved in this quarter.
Jo-Maré Duddy
Prospect Resources, an ASX-listed company, will invest US$560 000 – more than N$10 million – in its Omaruru lithium project about 20 km east of Karibib.
The company on Wednesday provided an update on the results and interpretation of its recently completed, comprehensive surface geochemical soil sampling programme across several new and existing prospects at the project.
“What our recent field mapping and geochemical soil sampling activities demonstrate is that there are previously unidentified pegmatites at Omaruru with substantial overlain geochemical anomalism.
“This not only provides key targets for further scout discovery drilling at Omaruru, but also demonstrates the additional potential that might lie in the largely untapped northern parts of the Omaruru licence,” Prospect managing director Sam Hosack said.
He added: “We look forward to RAB drill testing of the newly identified targets, and particularly the sizeable new zone unearthed at Karlsbrunn SE. The substantial surface footprint and strong concentration of some of these geochemical anomalies is very encouraging for the delineation of further discoveries in the short term at Omaruru.”
According to Prospect, phase 2 earn-in on Omaruru is progressing efficiently and is expected to be achieved in this quarter.
Prospect will be investing US$560 000 over 12 months to reach a 51% project interest, the company said.