Prospect Resources Advances Mumbezhi Copper Project With Phase 3 Drilling


 

Prospect Resources Limited (ASX: PSC) is accelerating exploration at its Mumbezhi Copper Project in Zambia, with Phase 3 drilling targeting resource extensions, new copper discoveries and additional growth opportunities across the project area.

The exploration programme is focused on expanding the known copper system at Nyungu Central while testing several regional targets that could potentially add new mineralised zones to the broader Mumbezhi project.

Drilling Progress at Nyungu Central

Nyungu Central remains the primary focus of the current programme.

During the early stages of Phase 3, Prospect completed approximately 20% of its planned diamond drilling and around 35% of its budgeted aircore drilling. Geological observations from the diamond drilling indicated visible copper mineralisation extending beyond the existing Mineral Resource boundaries.

One notable hole, NCDD026, intersected approximately 40 metres of visually mineralised chalcopyrite-chalcocite sulphide mineralisation from around 271 metres depth. Portable XRF readings estimated copper grades of approximately 0.5% over part of the interval, although final laboratory assays are required to establish the definitive grades.

New Copper Corridors at West Mwombezhi

Exploration is also expanding west of the West Mwombezhi deposit.

Aircore drilling completed 81 shallow holes across approximately two square kilometres and identified two previously untested north-south copper corridors, each extending for more than one kilometre.

Results included 25 metres at 0.05% copper from 2 metres and 18 metres at 0.05% copper from surface, with several other shallow copper intersections reported.

These zones are considered follow-up targets for deeper drilling, which could determine whether the shallow anomalies are associated with more substantial copper mineralisation at depth.

Chipimpa and Sharamba Add Exploration Upside

Prospect is also advancing regional exploration at Chipimpa and Sharamba.

At Chipimpa, the company completed a 33-line-kilometre induced polarisation survey to investigate strong airborne electromagnetic anomalies. Geochemical sampling identified elevated copper values across multiple conductive zones, and maiden diamond drilling was planned for the third quarter of 2026.

At Sharamba, maiden diamond drilling has already commenced. The first hole intersected a 20-metre visually mineralised copper zone at approximately 140 metres vertical depth, with assays pending at the time of the reported update.

These regional targets are important because they demonstrate that the exploration potential of Mumbezhi extends beyond the established deposits.

Large-Scale Resource Provides Strong Foundation

The Phase 3 programme builds on substantial resource growth achieved at Mumbezhi.

The project now has a Mineral Resource Estimate of approximately 208.1Mt at 0.42% copper and 0.49% copper equivalent, containing around 877,000 tonnes of copper.

West Mwombezhi contributes an additional 30.7Mt at 0.37% copper, while Nyungu Central remains the largest component of the overall resource.

Development Studies Continue

Exploration is progressing alongside technical studies designed to assess the potential development of Mumbezhi.

Prospect has appointed Lycopodium to support the Scoping Study, while additional infill drilling is planned to improve confidence in portions of the existing resource. The study is targeted for completion in Q4 2026 or Q1 2027.

Metallurgical testwork has also produced high-quality copper concentrates from Mumbezhi material, including Kabikupa results of up to 31.9% copper at 94.7% recovery.

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