Prospect Resources (ASX:PSC) has published a maiden mineral resource estimate (MRE) for its Mumbezhi project in northwest Zambia, highlighting that it contains more than 500,000 tonnes of contained copper.
The MRE – mainly built around the Nyungu Central and Kabikupa deposits – was reported as 107.2 million tonnes at an average grade of 0.5% Cu (copper), yielding 515,000 tonnes of contained copper (at a cut-off grade of 0.2% Cu).
Prospect believes these grades now establish the developing project as a strong competitor among top-grade regional Zambia mines already in operation.
Breaking down the estimates, Nyungu Central holds an indicated resource of 37.5Mt at 0.5% Cu for 178,100 tonnes of contained copper, and an inferred resource of 49.2Mt at the same grade for 228,700t.
Alongside this, Kabikupahas had an inferred resource of 20.5Mt at 0.5% Cu for 107,800t.
Also in the Nyungu Central MRE model were cobalt and gold, but these were not believed to be reportable per the JORC code given a history of inconsistent assays of cobalt and limited assaying of gold within this deposit.
The company also delineated an exploration target of between 420 and 1,050 million tonnes (with grades of 0.4 to 0.6% Cu) for the Mumbezhi project, inclusive of the initial MRE.
Managing director and CEO Sam Hosack said he was extremely pleased the Prospect team had achieved this maiden MRE, adding: “In combination with the revised Exploration Target for the broader Mumbezhi Project, it demonstrates the strategic scale of the potential opportunity before us at Mumbezhi.”
“This maiden MRE represents a huge milestone in the de-risking pathway for Mumbezhi but is only the beginning of what Prospect plans to deliver,” he continued.
“The next major step planned for Q2 2025 is the Phase Two drill programme, [which] is set to focus on further growth in both the Nyungu Central and Kabikupa deposits, as well testing the large-scale regional potential that exists across the Mumbezhi tenure.
[This includes] the three high-potential IP anomaly targets at Nyungu North that have been interpreted immediately north of the known limits of the Nyungu Central deposit.”Prospect shares rose following the news, and at 1:41pm they were trading at 8.8 cents – a rise of 3.53% since the market opened.
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