Prospect Shifts Focus to Copper with Mumbezhi Project Acquisition
Australia Stock Exchange-listed mining and exploration company Prospect Resources has announced a strategic shift towards copper exploration and development, highlighted by the acquisition of the Mumbezhi Copper Project in Zambia. The company also reported promising results from its lithium projects.
By Patricia Rwafa
The acquisition of an 85% interest in the Mumbezhi Copper Project, located in the highly prospective Zambian Copperbelt, marks a significant step forward for Prospect as it expands its focus on copper project development in Sub-Saharan Africa.
Validation of historical drilling data at the project has yielded impressive copper intercepts, fueling optimism about the project’s potential. Significant intersections from the validated data included:
– 38.0m @ 0.87% Cu from 101.0m and 32.0m @ 0.68% Cu from 159.0m (NYDD058)
– 32.0m @ 0.87% Cu from 353.0m and 28.1m @ 0.79% Cu from 103.0m (NYDD062)
– 20.0m @ 1.08% Cu from 27.0m (NYDD054)
– 17.0m @ 1.03% Cu from 29.0m (NYDD055)
Prospect Resources has commenced a maiden drilling program comprising approximately 30 holes of reverse circulation (RC) and diamond drilling for a total of about 7,000m, targeting mineral resource definition and extensional growth at the Nyungu Central deposit.
The company has also initiated an Environmental and Social Impact Assessment (ESIA) of the project for submission to the Zambia Environmental Management Agency (ZEMA) in late 2024, which will support an application for a mining lease in early 2025. They aim to declare a maiden JORC-reportable copper mineral resource and associated scoping study for Mumbezhi (Nyungu deposits) within the first half of 2025.
Prospect also owns the Step Aside Lithium Project in Zimbabwe which is located 35km from Harare (and approximately 8km north of the Arcadia Lithium Mine Project). It comprises approximately 100 hectares of claim within the Harare Greenstone Belt.