Prospect Resources to acquire 85% stake in Mumbezhi copper project

Small Caps04-09

Prospect Resources (ASX: PSC) has continued to grow its battery minerals presence in sub-Saharan Africa by acquiring an 85% stake in the Mumbezhi copper project in north-western Zambia. The company ...

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class=\"title\">\nProspect Resources to acquire 85% stake in Mumbezhi copper project\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-09 10:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://smallcaps.com.au/prospect-resources-acquire-stake-mumbezhi-copper-project/><strong>Small Caps</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Prospect Resources (ASX: PSC) has continued to grow its battery minerals presence in sub-Saharan Africa by acquiring an 85% stake in the Mumbezhi copper project in north-western Zambia.\nThe company ...</p>\n\n<a href=\"https://smallcaps.com.au/prospect-resources-acquire-stake-mumbezhi-copper-project/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GDC","symbol_name":"GD Culture Group 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plus options to Orpheus Uranium  – formerly Argonaut Resources – as reimbursement for certain exploration costs at Mumbezhi.Orpheus has explored Mumbezhi over the past decade with a focus on the Nyungu deposits and has identified substantial prospectivity across several other discoveries in the area.Prospect has agreed to pay Orpheus a further $3.78m in cash on the definition of a mineral resource exceeding 500,000 tonnes of contained copper metal.Alternatively, the company can opt to convert the entire licence into contiguous mining licences with no reduction in size based ","collect":0,"end_time":0,"defaultTopTitle":"smallcaps.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"GDC":"GD Culture Group Limited","BK4009":"广告","ORP.AU":"ORPHEUS URANIUM LTD","BK7095":"多种金属与采矿","PSC.AU":"PROSPECT RESOURCES LTD","BK7104":"黄金","BK4104":"贸易公司与经销商","GDC.AU":"Global Data Centre Group"},"translate_title":"前景资源收购蒙别智铜矿项目85%的股份","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GDC":1,"GDC.AU":1,"ORP.AU":1,"PSC.AU":1},"content_text":"Prospect Resources (ASX: PSC) has continued to grow its battery minerals presence in sub-Saharan Africa by acquiring an 85% stake in the Mumbezhi copper project in north-western Zambia.\nThe company has secured the acquisition with current owner Global Development Co-operation Consulting Zambia (GDC) for a cash consideration of approximately $8.32 million and $1.5m in Prospect shares.\nProspect will also make a $1.5m payment of scrip plus options to Orpheus Uranium (ASX: ORP) – formerly Argonaut Resources – as reimbursement for certain exploration costs at Mumbezhi.\nExploring Mumbezhi\nOrpheus has explored Mumbezhi over the past decade with a focus on the Nyungu deposits and has identified substantial prospectivity across several other discoveries in the area.\nWork has included the completion of 50 reverse circulation and diamond drill holes for a total of 9,330 metres, returning numerous economic and near-surface intercepts including 71.4 metres grading 0.61% copper from 29.6m, 47m at 0.57% copper from 20m and 90m at 0.46% copper from 12m.\nThe results are believed to have demonstrated the potential for a low-cost open pit development at the underexplored copper-cobalt asset.\nProspect has agreed to pay Orpheus a further $3.78m in cash on the definition of a mineral resource exceeding 500,000 tonnes of contained copper metal.\nFor its part, Orpheus has agreed to withdraw any legal claims to the licence area and share all relevant historical geological and mining data with Prospect.\nExtending African reach\nProspect chief executive officer Sam Hosack said the acquisition represents a significant milestone that extends the company’s reach into Africa’s battery and electrification mineral sector.\n“Mumbezhi includes existing drilling results within a well-established operating environment with the potential to rapidly define a maiden mineral resource,” he said.\n“This acquisition is set to deliver a high-quality, advanced copper exploration play into our portfolio, which is an exciting proposition.”\n“We are excited to add copper to our portfolio as it provides diversification and Mumbezhi holds the potential to rapidly develop into the flagship project we have been seeking.”\nLargest copper province\nThe Mumbezhi project is located in the Central African Copper Belt—the world’s largest and most prolific mineralised sediment-hosted copper province.\nIt comprises a single, large-scale exploration licence over an area of approximately 356 square kilometres and is prospective for large tonnage, low-to-medium grade copper-cobalt mineralisation.\nThe licence was originally granted to GDC in 2021 for a four-year period.\nProspect can renew it for a further three years but the licence area will be reduced in size by 50% as per the initial terms of the grant.\nAlternatively, the company can opt to convert the entire licence into contiguous mining licences with no reduction in size based on new applications.\nWorld-class mines\nSeveral other world-class copper mines are located around the Mumbezhi project, including Barrick Gold’s Lumwana copper mine to the north-west as well as Sentinel to the west and Kansanshi to the east, both operated by First Quantum Minerals.\nLumwana has a reported mineral resource of 1.92 billion tonnes grading 0.52% copper for 10 million tonnes of contained metal.\nDefined ore reserves are 480Mt at 0.58% copper for 2.8Mt of contained metal at a current 36-year life of mine.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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