Prospect Resources Uncovers High-Grade Copper Intercepts at Mumbezhi Project
Australia Stock Exchange-listed mining and exploration junior, Prospect Resources, has announced significant copper discoveries at its Mumbezhi Copper Project in Zambia.
By Patricia Rwafa
The company’s recent drilling program has unearthed high-grade copper mineralization, confirming the project’s potential for significant economic value. These findings represent a major milestone for Prospect as it continues to expand its regional operations.
In a press release on 9 September, Phase 1 diamond drilling has produced wide, high-tenor intersections that have extended high-grade copper mineralization at the key Nyungu Central deposit.
Significant new intersections from the current drilling include:
- 64.3m @ 0.53% Cu from 241.7m (NCDD004)
- 15.2m @ 0.73% Cu from 99.1m (NCDD001)
- 12.0m @ 1.13% Cu from 36.0m (NCDD002)
- 6.9m @ 0.80% Cu from 256.1m (NCDD003)
Newly sampled portions of visually mineralized diamond drill core from three previously unassayed holes completed in 2023 by the prior owner, GDC, also returned:
- 53.0m @ 0.76% Cu from 215.0m and 15.0m @ 0.70% Cu from 43.0m (DD23-1)
- 10.6m @ 0.55% Cu from 246.0m, including 7.0m @ 0.68% Cu from 246.0m (DD23-3)
The widths and copper grades have strongly supported and extended the historical Mumbezhi data sets, providing high confidence in the overall prospectivity of significantly growing the Nyungu deposits.
Three drilling rigs are currently on-site, with a fourth mobilizing in September to accelerate the Phase 1 program for the remainder of 2024.
Sam Hosack, Prospect’s Managing Director and CEO, commented:
“These initial results from Phase 1 drilling at Mumbezhi are highly revealing. In acquiring Mumbezhi, it was our strong belief that this advanced exploration project had large existing deposit growth potential plus regional discovery prospectivity. These initial results have already demonstrated the former dynamic and demand that we accelerate our drilling efforts.
“We have also recently commenced a ground-based Induced Polarisation survey targeting five regional areas, including the Kabikupa prospect, which has previously returned significant historic drill intercepts. This work is an exciting first step in interrogating the extent of the regional prospectivity at Mumbezhi, as I alluded to above.
“Our recent capital raising has funded the delivery of key exploration and project advancement milestones at Mumbezhi over the next 12 months. This includes targeting the declaration of a maiden JORC-reportable Copper Mineral Resource estimate for the Nyungu deposits during Q1 2025.
“Finally, I want to emphasize that we are serious about advancing the Mumbezhi Project rapidly in all key respects. To that end, and among a range of project workstreams, our Environmental and Social Impact Assessment (ESIA) studies are advancing well for full reporting by the end of 2024, which will support the completion of a Scoping Study, coinciding with the maiden Mineral Resource estimate declaration next year.”