Prospect Resources (ASX:PSC) Announces Maiden Mineral Resource Estimate for Mumbezhi
Maiden Mineral Resource Estimate
Prospect Resources Limited (ASX:PSC) has announced a maiden Mineral Resource estimate for its Mumbezhi Copper Project in north-west Zambia. The estimate totals 107.2 Mt at an average grade of 0.5% Cu, resulting in 515 kt of contained copper across the Nyungu Central and Kabikupa deposits.
Exploration and Development Plans
The company highlighted the significant potential to define further resources, with extensive regional exploration planned across the Mumbezhi tenure. Phase 2 drilling is set to commence in Q2 2025, targeting growth at Nyungu Central and Kabikupa, as well as exploring new IP anomaly targets.
Licensing and Studies
Prospect is on track to secure two Large Scale Mining Licences covering the Mumbezhi Project tenure within Q1 2025. Additionally, a scoping study on the project’s development is scheduled for completion in Q4 2025.
Executive Comments
Managing Director and CEO Sam Hosack stated, “We are absolutely delighted with this maiden Mineral Resource, a reflection of a lot of hard work by our team. In combination with the revised Exploration Target for the broader Mumbezhi Project, it demonstrates the strategic scale of the potential opportunity before us at Mumbezhi. Something we have always had high conviction about at this copper asset.
This maiden MRE represents a huge milestone in the de-risking pathway for Mumbezhi but is only the beginning of what Prospect plans to deliver. The next major step planned for Q2 2025 is the Phase 2 drill programme is set to focus on further growth in both the Nyungu Central and Kabikupa deposits, as well testing the large-scale regional potential that exists across the Mumbezhi tenure – including the three high-potential IP anomaly targets identified at Nyungu North, that have been interpreted immediately north of the known limits of the Nyungu Central deposit.
I would like to offer my congratulations and admiration to the entire Prospect exploration and geological team on this achievement. It is a substantial outcome, and I have high conviction towards the further strides we are targeting in the exploration, development and evaluation of Mumbezhi through 2025.”
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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