Prospect Resources has unveiled final Phase 1 drilling results from its Nyungu Central deposit, revealing thick, high-grade copper intersections and extending the deposit’s strike length to approximately 1.4km. The company is gearing up for Phase 2 drilling and an initial resource estimate in early 2025.
- Final Phase 1 drilling confirms thick, high-tenor copper mineralisation at Nyungu Central
- Deposit strike length extended to ~1.4km with mineralisation open to the north
- Phase 2 drilling planned for H1 2025 targeting further extensions and corridor targets
- Initial JORC-compliant Mineral Resource estimate for Nyungu Central and Kabikupa expected Q1 2025
- Prospect holds A$8.5 million cash with zero debt as of December 2024
Phase 1 Drilling Delivers Promising Copper Intersections
Prospect Resources (ASX: PSC) has reported the final assay results from its Phase 1 diamond drilling programme at the Nyungu Central deposit, part of the Mumbezhi Copper Project in Zambia’s prolific Central African Copperbelt. The drilling campaign, completed in December 2024, has successfully delineated thick and consistent copper mineralisation, with standout intersections such as 67.0m at 0.69% Cu and 34.5m at 0.85% Cu from a single hole (NCMT002), underscoring the deposit’s robust tenor.
These results not only confirm the down-dip extensions of sulphide mineralisation but also extend the known strike length of the Nyungu Central deposit to approximately 1.4 kilometres, with mineralisation remaining open to the north. This expansion enhances the prospectivity of the Nyungu corridor, a 16km mineralised trend Prospect aims to develop further.
Strategic Implications and Upcoming Milestones
With 25,000 metres of drilling completed across Nyungu Central and the regional Kabikupa Prospect, Prospect Resources is on track to release its maiden JORC-compliant Mineral Resource estimate in the first quarter of 2025. This milestone will provide a critical foundation for advancing the project towards development.
Looking ahead, the company plans to initiate Phase 2 drilling after the wet season subsides in H1 2025. This next phase will focus on testing the northern plunge extensions of Nyungu Central and exploring high-priority targets identified by induced polarisation (IP) geophysical surveys within the Nyungu corridor. These targets hold the potential to substantially increase the copper resource base beyond the current footprint.
Financial Position and Operational Confidence
Prospect Resources enters this next phase with a solid financial footing, reporting A$8.5 million in cash and zero debt as of December 31, 2024. This balance sheet strength supports ongoing exploration and development activities without immediate capital constraints.
CEO Sam Hosack highlighted the significance of the Phase 1 results, noting the successful extension of mineralised zones and the compelling nature of the exploration targets along the Nyungu corridor. The company’s methodical approach, combining drilling, geophysics, and geochemical sampling, is positioning Mumbezhi as a potentially large-scale copper operation in a mining-friendly jurisdiction.
Regional Exploration and Broader Project Potential
While awaiting assay results from five diamond holes drilled at the Kabikupa Prospect, located 11km northeast of Nyungu Central, Prospect Resources is optimistic about regional exploration upside. The Kabikupa results, expected imminently, could add further scale and resource diversity to the Mumbezhi project portfolio.
The Mumbezhi Copper Project’s location within the Central African Copperbelt, a globally significant copper-producing region, adds strategic value. The project’s geology, featuring structurally controlled, shear-hosted copper mineralisation akin to nearby major mines, supports the potential for a large, open-pit mining operation.
Bottom Line?
As Prospect Resources prepares for Phase 2 drilling and a maiden resource estimate, the Mumbezhi project’s expanding footprint signals growing copper potential in a prime African mining jurisdiction.
Questions in the middle?
- What will the initial JORC Mineral Resource estimate reveal about the scale and grade of Nyungu Central and Kabikupa?
- How might Phase 2 drilling results impact the overall development timeline and capital requirements for Mumbezhi?
- What are the implications of the IP geophysical anomalies for discovering new mineralised zones beyond current drilling?