Prospect Resources (ASX:PSC) remains “firmly on track” in terms of accelerating phase one drilling and the targeted publication of a maiden mineral resource estimate for the Nyungu deposits in Q1 2025.
Announcing assay results from its phase one drilling program (in progress) at the Mumbezhi Copper Project (85% prospect), Managing Director and CEO Sam Hosack says the aforesaid declaration will represent a key marker in terms of demonstrating the initial copper endowment at Mumbezhi, and the development opportunity this affords prospect.
“We have very high conviction on this asset as having potential to be of large scale and recent drilling has led to an exciting reinterpretation of the geological model as one showing a series of stacked tabular zones of mineralisation and more typical of projects in the Zambian Copper Belt,” says Hosack.
“Importantly, recent results also confirm a significant broadening of the Nyungu Central deposit, including potential for significant further strike, plunge and dip extensions. The stacked lodes of Nyungu Central remain wide open in multiple directions and are currently only limited by the drilling conducted to date.
“Regionally, the IP work we have undertaken is also starting to demonstrate what is on offer across the broader Mumbezhi tenure. As previously highlighted, we are particularly excited about the Kabikupa prospect, and this is even more so following some of the recent interpretive work done on IP data we collected there. We are delighted to have recently commenced drilling at Kabikupa.”
The CEO adds that it’s important to note that Prospect Resources’ longer-term exploration journey at Mumbezhi remains backed by a review of all historical exploration activity and data that shows the full potential of this flagship asset extends far beyond what we initially demonstrated at the Nyungu deposits.
The company remains well funded, holding $12.8 million in cash as of 30 September 2024.
Mumbezhi is situated in the Central African Copperbelt region of north-western Zambia on a single large scale exploration licence, covering an area of approximately 356 km2.
Several major mines lie proximate to Mumbezhi and are hosted in very similar geological settings, including the Lumwana Copper Mine, operated by Barrick Gold, centred approximately 40km to the northeast.
Write to Adam Orlando at Mining.com.au
Images: Prospect
