Australian Prospect obtains Congo Ore purchase right Project involves Cobalt, Lithium, Copper, Cobalt, Lithium and Copper

SMM, July 9 / PRNewswire-FirstCall-Asianet / (Prospect Resources Ltd), an Australian prospective resources company, announced that it has signed an acquisition agreement with J3 Mining Company and will acquire the Malemba Nkulu mining project located in the southern part of Manono Lithium Mine in Haut Lomani Province, Democratic Republic of the Congo. The proportion of shares acquired is as high as 75 per cent.

Because the company's Malemba Nkulu project, which was granted the right to buy, is similar to the Manono lithium mine, 500 kilometers north of Lubumbashi, Katanga province in the southern Democratic Republic of the Congo, its exploration target for pegmatite terrane is set at 100 to 150 tons. Lithium oxide contains 100 to 150 tons of lithium per 1.5% to 1.6% lithium oxide. According to the surrounding exploration results, the exploration target of, Roan Group rock is set at 2 ≤ 2.5 tons, the content of carbon monooxide is 0.35% to 0.40%, and the content of copper is 0.5 to 1.0%.

The company said it would begin full exploration activities immediately after the exercise of the right to purchase. The acquisition is due on Sept. 25, exploration will be carried out during the validity of the acquisition agreement, and the company has begun the first round of technical surveys, including geological mapping, soil, termite nest sampling and geochemical research. And, where appropriate, sample trenches and pits. Because the potential quantity and grade of ore determined in the exploration target are still at the conceptual level in nature, the exploration of mineral resources in the exploration target area is not sufficient, It is uncertain whether further exploration can estimate the total reserves of mineral resources.

The mining project has been approved by "Permis d'Exploitation de Petite Mine" ("PEPM"-small-scale mining licence) and covers an area of approximately 455 km2. The mine is located in Manono district, Haut Lomani province, Democratic Republic of the Congo. The area is located at 400km, east-north-east of Lubumbashi, in the south-eastern part of the Democratic Republic of the Congo.

The text reads as follows:

(SMM synthesis)