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Prospect Resources in option agreement with J3 Mining over the acquisition of Malemba Nkulu project

By Nita Karume :

Prospect Resources recently entered into an option agreement with J3 Mining for the acquisition of the Malemba Nkulu lithium and copper-cobalt project in the Democratic Republic of Congo.

The properties are registered as two small mining permits which cover approximately 455 km2 in the Manono district of the Haut Lomani Province in the DRC. This is approximately 400 km north-northeast of Lubumbashi, in south eastern DRC.

According to media reports, the option agreement is subject to a free 90 day due diligence period. Presently, exploration work is being undertaken, with the period set to expire on 25 September 2018.

The acquisition of another significant project, with lithium and cobalt potential, according to Prospect Resources executive chairman Hugh Warner, fits with the Prospect Resources profile in energy metals. This, he further adds, is after numerous reviews of DRC cobalt and lithium projects over the last one year.

The Malemba Nkulu project comes as an addition serving as a building block in the establishment of Project Resources as a leading energy provider in Africa. This is as part of the firm’s Zimbabwean lithium project. On the other hand, with the project being significant distance from infrastructure, Warner explains that the acquisition of this option and the exploration and possible resource will go a long way towards changing the status quo.

Warner went on to elaborate that initially, geochemical soil sampling covering the entire surface area of PEPM12388 and 12390 will be undertaken.  This will include the collection of soil and termite hill samples on a line spacing of approximately 200 x 100 m. In the case of positive feedback from the sampling, the company will go ahead with its exploration program of the project. This will include infill soil sampling, geological mapping, ground magnetics and air core and reverse circulation drill programs.

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