Prospect now owns 87pc of the world-class Arcadia lithium project Mining share clipboard Near term lithium miner Prospect Resources (ASX:PSC) has increased ownership in the tier 1 Arcadia lithium project in Zimbabwe by 17% to 87%. Prospect will issue about 9.5 million shares and $1.2m cash to vendor Farvic Consolidated Mines. The shares issued are subject to a voluntary escrow, with 25% set to be released every six months. The increase in ownership will have a major positive impact on financing Arcadia project development, the company says.
A near-term potential producer The Arcadia project in Zimbabwe has a high grade JORC mineral resource of 43.2 million tonnes at 1.45% lithium oxide and 119 parts per million tantalum pentoxide for 61.5 million tonnes of lithium oxide and 11.3 million pounds of tantalum pentoxide.