Prospect Resources Confirms Widespread Gold at Nyungu Central

Gold Mineralisation Broadens Economic Potential at Nyungu Central

Prospect Resources Limited (ASX:PSC) has bolstered the case for gold as a significant by-product at its flagship Nyungu Central deposit within the Mumbezhi Copper Project in Zambia. New re-assaying of drill holes originally targeting copper has revealed multiple gold intercepts, including 29.0 metres at 0.22 g/t Au and 27.7 metres at 0.21 g/t Au, confirming the widespread nature of gold mineralisation associated with copper and cobalt.

These latest results add to the gold assays reported earlier in April 2026, with some drill holes revealing additional discrete gold zones. The company has highlighted that this gold, coupled with in-situ cobalt, strengthens the economic prospects of Mumbezhi by potentially lowering operating costs through by-product credits. Prospect’s CEO Sam Hosack emphasised the growing reality of this opportunity, noting that the updated Mineral Resource Estimate (MRE), incorporating all new gold data, is expected during Q2 2026.

Upcoming Resource Update and Drilling Campaign

The updated MRE will integrate results from a comprehensive January 2026 re-assay program covering 59 drill holes, with some assay results still pending. This resource revision follows the company’s recent substantial resource growth, which saw contained copper rise to 772,000 tonnes, alongside the maiden inclusion of gold and cobalt by-products, as detailed in the company’s April 22 announcement. The significance of these by-products is expected to become clearer once the updated resource is finalised, potentially reshaping the project’s economic profile.

Prospect is set to launch its Phase 3 drilling program in early May 2026, targeting extensions of the Nyungu Central deposit, particularly in shallower up-dip southern areas. The campaign will also test the broader 'Nyungu Hub' prospects, including Nyungu West, located approximately 1.5 kilometres west of Nyungu Central, and a key conductor northeast of Nyungu South. Regional exploration will focus on large-scale targets such as Chipimpa and Sharamba, each boasting over 2 kilometres of strike and geophysical signatures akin to Nyungu Central.

Technical Rigor Underpins Exploration Progress

The extensive drilling and re-assaying programs have been supported by rigorous sampling protocols, including diamond and reverse circulation drilling, comprehensive logging, and stringent quality control measures. The company has employed certified laboratories and inserted multiple certified reference materials and blanks to ensure assay accuracy. Independent reviews by ERM Consultants and structural specialists have validated sampling techniques and geological interpretations, providing confidence in the reported results.

Geophysical surveys, including induced polarisation and airborne geophysics, have played a pivotal role in delineating mineralisation zones and guiding drill targeting. Metallurgical test work has also delivered encouraging copper concentrate grades and recoveries, further supporting the project’s development potential.

Strategic Positioning in the Central African Copperbelt

Mumbezhi’s location in Zambia’s Central African Copperbelt places it near several major mines with similar geological settings, underpinning its prospectivity. Prospect’s incremental ownership increase to 90% earlier this year has consolidated control over the project, facilitating an accelerated exploration and development timeline. The company’s recent Mumbezhi Copper Resource growth and capital raise have provided the financial firepower for the upcoming drilling push.

The company’s Phase 3 program aims not only to extend known mineralisation but also to scout regional targets that could feed into a central processing hub. This approach aligns with Prospect’s strategy to unlock value through both resource expansion and operational efficiencies, leveraging the combined copper, gold, and cobalt mineralisation.