Prospect Resources Limited (ASX:PSC) Reports Positive Drilling Results
Drilling Highlights
Prospect Resources Limited (ASX:PSC) has reported significant final assay results from its Phase 1 diamond drilling at the Nyungu Central deposit, revealing substantial copper intersections. The drilling highlighted thick, high-tenor intersections of copper mineralisation, including 67.0m at 0.69% Cu and 34.5m at 0.85% Cu from NCMT002. The extension of the copper mineralisation has increased the strike length to approximately 1.4km, indicating promising potential in the broader Nyungu corridor.
Future Exploration Plans
The company completed 47 mixed drilling holes, identifying compelling anomalies for future exploration. Further drilling at the Nyungu Central site will be pursued after the wet season, along with the initial Mineral Resource estimate scheduled for Q1 2025 for both Nyungu Central and the surrounding Kabikupa Prospect.
Financial Position
As of December 31, 2024, Prospect held A$8.5 million in cash with zero debt, positioning the company well for potential growth. The focus remains on exploring high-potential areas indicated by recent geophysical surveys.
CEO Comments
Sam Hosack, Managing Director and CEO, stated, “The return of the final assay results from Phase 1 drilling at Nyungu Central closes an exceptionally productive and safely executed programme.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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