Prospect to advance drilling program at Mumbezhi Copper Project
Prospect Resources (ASX) is advancing its drilling program at the Mumbezhi Copper Project in Zambia, aiming to publish a maiden mineral resource estimate for the Nyungu deposits in Q1 2025. This milestone will provide an initial assessment of Mumbezhi’s copper resources, which Managing Director and CEO Sam Hosack sees as a substantial development opportunity.
Recent assay results from phase one drilling at Nyungu Central have yielded promising outcomes, indicating a significant expansion of mineralized zones with the potential for further extensions in various directions.
Tabular zones of mineralization
Hosack highlights that recent drilling has led to a reinterpretation of the geological model, revealing a series of stacked, tabular zones of mineralization typical of the Zambian Copperbelt. These “stacked lodes” remain open along strike, dip, and plunge, suggesting substantial growth potential.
“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.
The company has also begun exploration drilling at the Kabikupa prospect, following positive reinterpretations of IP data collected across the broader Mumbezhi project area. This exploration, supported by a thorough review of historical data, underscores the project’s potential beyond the Nyungu deposits alone.
Prospect Resources remains financially strong, holding $12.8 million in cash as of September 30, 2024. The Mumbezhi Project, situated within Zambia’s Central African Copperbelt on a 356 km² license, is surrounded by several major copper mines, including Barrick Gold’s Lumwana mine, located approximately 40 km northeast.
