Prospect Resources continues Phase 2 copper drilling at Mumbezhi with three rigs turning

• Three drill rigs are on the go at Prospect Resources’ Mumbezhi copper project
• Results so far validate the wider geological model
• A tenement wide soil sampling programme, advocated by First Quantum Minerals, will begin in mid-July

Special Report: Initial assay results have been received for the Nyungu Central deposit as part of Prospect Resources’ Phase 2 drilling campaign at the wider Mumbezhi copper project in northwestern Zambia.

The programme, which kicked off in May, is primarily focused on growing the existing Nyungu Central resource from 86.7Mt at 0.5% copper.

It is continuing to advance steadily, with 10 diamond drill holes and five re-entry holes completed to date at the Nyungu Central deposit for a total 2,968m.

So far, the most significant intersection from the four Phase 2 drill holes was in hole NCRD009, which returned 49m at 0.52% copper from 314m, including 12.3m at 0.79% copper from 331m and 8m at 0.80% copper from 314m.

Prospect Resources (ASX:PSC) says the results provide validation of the wider structural geological model resulting from thick, high-tenor intersection of copper mineralisation.

Extensional drilling at the Kabikupa deposit is ongoing with initial assays pending.

First Quantum drives tenement-wide programme

Other activities include a tenement-wide programme advocated by First Quantum Minerals, aimed at completing key datasets required to assess broader copper mineralisation potential.

This marks another key step in the project’s development pipeline as historical coverage of exploration datasets remain incomplete.

First Quantum Minerals invested $15.2m in Prospect earlier this year, acquiring a 15% stake in the company and becoming a key technical partner for the Mumbezhi project.

Mumbezhi is about 25 kilometres from First Quantum’s Sentinel copper mine and holds a total current resource of 107.2Mt grading 0.5% copper for 515 kilotonnes of contained metal.

“Leading copper exploration asset”

PSC managing director and CEO Sam Hosack said the substantial breadth of exploration success achieved to date has strongly positioned Mumbezhi amongst the leading copper exploration assets in Zambia.

“I am pleased to say that we were amongst the first teams in the Zambian Copperbelt to have commenced drilling following the wet season hiatus and is a sign of our team’s strong intent to maximise the drill season,” he said.

“Incorporating further technical expertise from FQM has been very impactful, we are continuing to build upon the strong outcomes produced during Phase 1 with a broader and deeper skills base.

“Initial assay results from early Phase 2 drilling at Nyungu Central have returned pleasing intercepts, which are notably consistent with our current geological understanding of the deposits greater scale potential,” Hosack added.

“Our focus with Phase 2 is all about greater use of scout drilling towards material extensions to the key deposits, increasing confidence on large-scale targets, with the ultimate goal of growing Mumbezhi in multiples beyond its existing MRE position.”

Exploration to test untested regional prospectivity

An airborne electromagnetic survey, focused on two copper mineralised corridors at Mumbezhi – along with the extensive geochemical soil sampling programme – will begin shortly.

The surveys will target the 16km long north-south Nyungu Corridor and the Kabikupa-Kamafamba Corridor in the centre of Prospect’s licences.

Hosack said these exploration initiatives are designed to identify and target the exciting untested regional, tenement-wide prospectivity across Mumbezhi.

“I could not be happier with the efforts of the team now with significant contributions from FQM, and the recognition from the market of advancement at Mumbezhi, with all eyes on the systematic but ambitious manner we will attack the projects through the remainder of 2025 and beyond,” he said.

This article was developed in collaboration with Prospect Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.