ASX-listed Prospect Resources has unveiled its maiden mineral resource estimate (MRE) for the Mumbezhi Copper Project in Zambia, reporting 107 million tonnes at 0.5% copper, containing a total of 515,000 tonnes of copper.
Resource Breakdown
The MRE covers two key deposits: Nyungu Central and Kabikupa. Key highlights include:
- Nyungu Central: 69 million tonnes at 0.53% copper, with 43% classified as indicated resources.
- Kabikupa: 18 million tonnes at 0.57% copper, fully classified as inferred resources.
While gold and cobalt mineralization is present at Mumbezhi, these have yet to be classified under JORC guidelines due to inconsistencies in historical cobalt assays and limited gold assay data. Additionally, metallurgical testwork to assess recovery potential for these byproducts is yet to be conducted.
Exploration and Development Plans
- Regional Potential: Prospect Resources sees strong exploration potential, particularly to the north and south of the Nyungu deposit.
- Licensing Progress: The company anticipates securing large-scale mining licenses for the entire project area within weeks.
- Scoping Study: A scoping study for project development remains on track for completion in Q4 2025.
CEO’s Statement
Managing Director and CEO Sam Hosack credited the maiden MRE to the dedicated efforts of the exploration team, emphasizing that it marks a key step in de-risking the project for future development.
Hosack also confirmed that a Phase 2 drill program will launch in Q2 2025, targeting:
- Further resource growth at Nyungu and Kabikupa.
- Broader exploration across the Mumbezhi tenure.
With strong potential for expansion and development, Mumbezhi is positioning itself as a significant new copper project in Zambia.
