Prospect Resources (ASX: PSC, FRA: 5E8) (Prospect) has completed the acquisition of an additional 5% interest in the Mumbezhi Copper Project (Mumbezhi) in Zambia from the Global Development Cooperation Consulting Zambia Limited (GDC) for $4.25mn,
Following the transaction, Prospect said on March 26 that it, via its Singapore-based subsidiary, Prospect Copper Holdings, now holds a 90% interest in the project which is located north-western of the southern African nation.
The Australian junior said in a release that it is in advanced planning stages for its 2026 third phase drilling and exploration programme which is set to begin in the June quarter. Field exploration is underway.
Prospect’s MD and CEO, Sam Hosack, said the completion of the transaction reinforces the firm’s long-term commitment to advancing the development of the potentially world-class copper asset in Zambia.
“Preparations for the Phase 3 drilling programme at Mumbezhi are now well advanced, with commencement scheduled for early Q2 2026 following the conclusion of the Zambian wet season in April,” he said.
“Supported by the proceeds of our recent equity raising, the company is well-positioned to undertake an extensive drilling campaign of approximately 50,000 metres over the 2026–2027 period. This programme is designed to drive further resource growth and to test new regional copper targets across the broader Mumbezhi project area as well as significantly enhance the cobalt and gold potential.”
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