Mumbezhi Drilling Program Targets 18,000m to Expand Copper Resource

Phase 2 Drilling Commences at Mumbezhi

Prospect Resources Limited (ASX: PSC) has officially commenced its Phase 2 drilling program at the Mumbezhi Copper Project in northwestern Zambia’s prolific Copperbelt region. This campaign marks a significant step forward in the company’s efforts to expand and upgrade its recently declared maiden Mineral Resource estimate of 107.2 million tonnes at 0.5% copper, which was announced earlier this year.

The current program comprises approximately 50 diamond drill holes and 140 aircore holes, totaling around 18,000 meters of drilling. The focus is twofold: to extend and upgrade the existing deposits at Nyungu Central and Kabikupa, and to generate maiden inferred resources at promising new prospects such as Nyungu North, Nyungu South, West Mwombezhi, and Sharamba. Additionally, first-pass exploratory drilling will test numerous regional copper anomalies across the Mumbezhi tenure.

Strategic Partnership and Advanced Exploration Techniques

This phase of exploration is supported by a strategic investment from Quantum Minerals, a cornerstone shareholder with extensive regional expertise. Prospect Resources’ Managing Director and CEO, Sam Hosack, highlighted the value of this partnership, noting that access to Quantum’s knowledge and resources will accelerate discovery and development efforts. The company is well-funded with approximately A$24 million in cash following a recent A$15.2 million placement, positioning it strongly to execute its expanded exploration and evaluation activities.

Complementing the drilling, Prospect is deploying advanced geophysical techniques, including an airborne electromagnetic (AEM) survey conducted by New Resolution Geophysics. This high-resolution survey will help delineate mineralised corridors and guide targeted drilling. Ground-based induced polarization surveys and extensive soil and termite geochemical sampling will further refine exploration targets.

Towards a Scoping Study and Future Development

Part of the diamond drilling program is dedicated to collecting samples for metallurgical and comminution test work, which will inform processing strategies and support an initial scoping study. This study, expected by the end of 2025, aims to evaluate the economic viability of an open-pit mining operation at Mumbezhi. The company’s exploration target suggests a potential resource range between 420 and 1,050 million tonnes at grades of 0.4% to 0.6% copper, indicating substantial upside beyond the current resource estimate.

Prospect Resources is positioning Mumbezhi as a significant copper development project in a world-class mining district, leveraging both its technical expertise and strategic partnerships to unlock value. The ongoing Phase 2 drilling campaign will be closely watched by investors and industry observers eager to see how the resource base evolves and how quickly the project advances towards production.