Prospect Resources Nears 18,000m Drilling Milestone, Extends Copper Mineralisation Over 1.5km

Phase 2 Drilling Advances Mumbezhi Copper Project

Prospect Resources Ltd (ASX, PSC) has delivered a robust update on its September 2025 quarter activities, highlighting substantial progress at the Mumbezhi Copper Project in Zambia. The company’s Phase 2 drilling program, comprising approximately 18,000 metres of diamond and aircore drilling, is approaching completion. This program has successfully extended the copper mineralisation footprint at the flagship Nyungu Central deposit to over 1.5 kilometres and at Kabikupa to more than 1 kilometre, reinforcing the potential for a large-scale copper system.

Drilling results from Nyungu Central have revealed significant copper intervals across oxide, transitional, and fresh sulphide zones, validating geological models and supporting an upcoming update to the Mineral Resource estimate scheduled for late Q4 2025. Similarly, Kabikupa drilling has confirmed extensions both near surface and at depth, enhancing confidence in the continuity of mineralisation.

Metallurgical Testwork Supports Scalable Processing

Complementing exploration success, metallurgical testwork conducted on samples from Nyungu Central and Kabikupa has demonstrated the project’s amenability to conventional flotation processing. High-grade copper concentrates with strong recoveries; exceeding 95% in some cases; have been produced using simple, low-cost methods. Notably, transitional zone samples from Nyungu Central have shown elevated gold values, suggesting potential by-product credits that could enhance the project’s economics.

The testwork also revealed that copper mineralisation predominantly occurs as chalcopyrite, allowing for reliable predictive processing. The coarse grind size used in testing points to potential reductions in future plant capital and operating costs, a positive indicator for project scalability.

New Targets and Regional Exploration Progress

Aircore drilling at the West Mwombezhi prospect identified a new, highly anomalous copper target extending over 1 kilometre of strike at shallow depths. This discovery aligns with geochemical trends identified through termite mound sampling and historical soil surveys, underscoring the broader copper prospectivity across the Mumbezhi licence area.

Additional exploration activities, including airborne electromagnetic surveys and extensive soil geochemical sampling, are underway to refine targets for the next phase of drilling planned for 2026. These efforts are supported by technical collaboration with First Quantum Minerals, enhancing data quality and interpretation.

Corporate and Financial Position

On the corporate front, Prospect Resources appointed Lee Tamplin and Jenny Macasarte as joint company secretaries and welcomed Dr Doug Jones as a new non-executive director, bringing extensive geological and executive experience. The company maintains a strong financial position with approximately A$12.7 million in cash and zero debt as of 30 September 2025, ensuring adequate funding for ongoing exploration and development activities.

Looking ahead, the company anticipates releasing updated Mineral Resource estimates for Nyungu Central and Kabikupa by the end of the year, alongside further assay results from pending drill holes. These developments are poised to shape the next chapter in advancing one of Zambia’s most promising copper exploration assets.