Prospect Resources (ASX:PSC) has announced an updated Mineral Resource Estimate (MRE) for the Mumbezhi Copper Project in Zambia.
The update outlines 208.1 million tonnes at an average grade of 0.42% copper (0.49% copper equivalent) for the Nyungu Central, Kabikupa, and West Mwombezhi deposits.
The MRE updates the indicated and inferred resources for the Nyungu Central deposit from the February 2026 estimate and includes a maiden inferred resource for the West Mwombezhi deposit, which holds 115,000 tonnes of contained copper.
The update also shows a 106% uplift in total gold resources, which now stand at 262,100 ounces.
CEO Sam Hosack says that the MRE shows that the large-scale potential for the project overall is now emerging.
“Total copper content is approaching 900,000 tonnes, with 262,000 contained gold ounces, with all three defined deposits enjoying significant additional growth potential,” Hosack says.
“When this current mineralised footprint is coupled with the magnitude of prospectivity presented by our regional target drilling focus this year, one starts to get a picture of the broader opportunity that exists at Mumbezhi and why I am so excited.
“The material boost to gold content within the Nyungu Central MRE delivered from our recent gold re-assaying program also means we will now routinely assay for gold moving forward.
“As we have previously highlighted, the by-product revenue potential at Mumbezhi, across both gold and cobalt, is material — delivering real opportunity to drive forecast operating costs down the global cost curve.”
Prospect is continuing open pit optimisation and scoping studies across Nyungu Central, Kabikupa, and West Mwombezhi, and will complete them before any extensive drilling.
Metallurgical testwork is also ongoing to obtain recovery information for West Mwombezhi. The company is continuing to re-assay gold within the new copper intersections to support future mineral resource updates.
The company’s phase three drilling program is also underway, focusing on the Nyungu West area and targeting an airborne geophysical conductor to the northeast of Nyungu South.
Induced polarisation (IP) surveying, combined with shallow aircore and reverse circulation drilling, will target regional prospects at Kamafamba, Sharamba, Chipimpa, West Mwombezhi, and Chalamba, with further diamond drilling planned for other targets.
Finally, Prospect is continuing with technical studies to support the completion of an initial scoping targeted for Q4 2026.
Prospect Resources is focused on exploration and development of electrification and battery metals mining projects in sub-Saharan Africa.
Write to Amy Rotman at Mining.com.au
Images: Prospect Resources
