Prospect Resources has completed its Phase 2 drilling at the Mumbezhi Copper Project in Zambia, revealing extended copper mineralisation and significant gold by-product potential. The company is well-funded and poised for updated resource estimates in early 2026.
- Phase 2 drilling completed with nearly 15,000m diamond and 3,500m aircore drilling
- Nyungu Central copper deposit extended over 1.5km with new gold by-product mineralisation
- Kabikupa deposit shows significant strike and depth extensions
- Eleven new strong electromagnetic targets identified, including the 2.5km Chipimpa cluster
- Robust cash position of A$10.4 million and zero debt supports ongoing exploration
Phase 2 Drilling Advances Mumbezhi Project
Prospect Resources Ltd (ASX – PSC) has successfully completed its Phase 2 drilling programme at the Mumbezhi Copper Project in Zambia, marking a significant step forward in its exploration and development efforts. The programme delivered nearly 15,000 metres of diamond drilling and over 3,500 metres of aircore drilling across multiple targets, including the flagship Nyungu Central and Kabikupa deposits.
The drilling results have extended the known mineralised footprint at Nyungu Central to more than 1.5 kilometres, with copper mineralisation confirmed both near surface and at depth. Notably, the northern and southern extensions of the deposit have been validated, highlighting the potential for a large-scale copper system. Assays revealed encouraging copper grades alongside significant intervals of gold, a valuable by-product that could enhance the project's economics.
New Targets and Regional Exploration
Beyond the established deposits, Prospect’s airborne electromagnetic (AEM) survey has identified 11 strong conductors across the Mumbezhi licence area. The standout among these is the Chipimpa cluster, a 2.5-kilometre-long target exhibiting geophysical characteristics similar to Nyungu Central. This discovery opens new avenues for exploration and resource growth in previously underexplored parts of the licence.
Regional geochemical sampling has also expanded the footprints of historical prospects such as Sharamba and Kamafamba, while defining a new target at Kamafamba West. These findings underscore the broader prospectivity of the Mumbezhi tenure and set the stage for further drilling campaigns.
Corporate Developments and Financial Strength
On the corporate front, Prospect welcomed Dr Doug Jones to its board as a Non-Executive Director, bringing extensive geological and executive experience across Africa and globally. The company also completed the sale of its Step Aside Lithium Project in Zimbabwe for up to US$2.2 million, streamlining its focus on copper and gold assets.
Financially, Prospect remains well-positioned with a cash balance of approximately A$10.4 million and no debt as of 31 December 2025. This strong balance sheet provides a solid foundation to fund ongoing exploration and development activities at Mumbezhi.
Looking Ahead
Prospect is on track to release updated Mineral Resource Estimates (MREs) for Nyungu Central and Kabikupa in the first quarter of 2026, incorporating the latest assay results, including the newly identified gold mineralisation. Phase 3 drilling is planned to commence in the second quarter, focusing on both resource expansion and testing of new targets generated from the recent geophysical and geochemical surveys.
With multiple value drivers emerging, from resource growth and new target generation to the addition of gold by-product potential, Prospect Resources is shaping up for a pivotal year in advancing its flagship Mumbezhi project.
Bottom Line?
As Prospect Resources prepares for updated resource estimates and Phase 3 drilling, the Mumbezhi project’s expanding copper-gold footprint could redefine its market potential.
Questions in the middle?
- How will the incorporation of gold by-product mineralisation impact the overall economics of Mumbezhi?
- What are the expected timelines and targets for the upcoming Phase 3 drilling campaign?
- How might metallurgical test results from Kabikupa influence future development plans?