Prospect Resources (ASX:PSC) has acquired an 85% stake in the Mumbezhi copper-cobalt project in Zambia for US$6.5 million, paid in cash and shares, in late May.
Situated within the renowned Zambian Copper Belt, one of the world’s most prolific copper mining regions, the Mumbezhi project spans 356 km². The land package includes the ‘Nyungu’ deposits, which have shown promising near-surface drilling results with notable copper grades, such as:
- 71.4m at 0.61% copper from 29.6m;
- 47m at 0.57% copper from 20m; and
- 90m at 0.46% copper from 12m.
Historical Drilling Reveals New Insights
Recent analysis of historical drilling data from a 2021 program has uncovered new intersections that match the widths and copper grades of previous Mumbezhi data sets. These include:
- 38m at 0.87% copper from 101m;
- 32m at 0.68% copper from 159m;
- 32m at 0.87% copper from 353m; and
- 28.1m at 0.79% copper from 103m.
Additionally, other historical data sets have been confirmed, including notable results from Nyungu Central such as 30m at 1.62% copper from 174m, with a highlight of 6m at 5.50% copper from 174m.
The data, acquired from Orpheus Uranium Limited as part of the project purchase, included previously unreported drill intersections and unassayed samples from 13 deep infill diamond holes at Nyungu Central. PSC has verified the surveyed locations and assays for 62 drill holes at the Nyungu Central and Nyungu South deposits in the southwest corner of the Mumbezhi licence.
‘Potential Long Life Open Pit Copper Project’
“These newly released results again confirm the outstanding prospectivity of this land package,” said PSC Managing Director and CEO Sam Hosack. “Our initial evaluation post-purchase reveals key facets of a high-value, long-life, open-pit copper-cobalt mining and processing operation, with favorable regional metallurgy and significant exploration potential.”
Drilling to Commence Soon
PSC plans to begin its first drilling program at Mumbezhi in the coming weeks, aiming to establish a maiden resource by Q4 of this year.
