Prospect Resources Ltd (ASX: PSC) Reports Strong Drilling Results
Quarterly Activities Overview
Prospect Resources Ltd (ASX: PSC) has reported substantial advancements in its activities for the quarter ending 31 December 2024. The company successfully completed a Phase 1 diamond drilling programme at its Mumbezhi Copper Project in Zambia, totalling 9,516 metres.
Significant Drilling Results
Initial results from the Nyungu Central deposit displayed considerable copper mineralisation, with notable intersections including 36.1m @ 0.95% Cu and 35.0m @ 0.84% Cu from various drill holes. This drilling has extended the deposit’s strike length to 1.4 km and validated historical data while enhancing confidence in the prospectivity of the deposit.
Geophysical Surveys and Future Plans
Geophysical Induced Polarisation (IP) surveys were completed, revealing significant chargeable anomalies across five prospective regional targets. These results contribute to a strong foundation for future drilling phases set to commence in H1 CY2025, focusing on high-potential targets identified in the surveys.
Corporate and Financial Updates
The company has submitted applications for Large Scale Mining Licences, further consolidating its position within the Zambian Copper Belt. As of 31 December 2024, Prospect reported a cash balance of A$8.5 million with zero debt. The retirement of Non-Executive Director Zed Rusike was also noted, marking a transition in the company’s governance.
Executive Comments
Sam Hosack, Managing Director and CEO of Prospect Resources, stated, “Recent assay results… strengthen our conviction that the Mumbezhi Project is a highly prospective copper asset.” He expressed optimism about the opportunities in the copper market, particularly aligned with global demand dynamics.
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