Prospect Resources Limited (ASX: PSC) (Prospect or the Company) is pleased to announce the commencement of Phase 1 exploration drilling at its Mumbezhi Copper Project (Mumbezhi or the Project) (PSC 85%) in the world-class Zambian Copperbelt.
Prospect Managing Director and CEO, Sam Hosack, commented: 'The commencement of Prospect's maiden exploration drilling at Mumbezhi is an important milestone for our team, which now has boots firmly on the ground in Zambia. Our fully resourced exploration team will undertake an RC and diamond programme targeting Mineral Resource definition and drilling activities at the large Nyungu Central deposit initially, which demonstrates clear strike and wide extensional opportunities, with exploratory work in other areas of the licence. 'Following an extensive review of all historical drill data purchased from Orpheus, we have validated several highly prospective drill targets at the Nyungu series of deposits and across the broader Mumbezhi licence. Given the scale potential we are boldly and systematically targeting these prospects with ongoing results to be incorporated into our rapidly developing resource modelling. With my full focus on Mumbezhi I shall attentively support the exploration team on the ground and look forward to updating shareholders as we progress the drilling over the coming months.'
Prospect has commenced its maiden drilling programme at the Mumbezhi Project. The Phase 1 programme will consist of approximately 30 RC and diamond boreholes for 7,000 metres of drilling over a strike extent of nearly 1 kilometre. The programme will initially target Mineral Resource definition, as well as extensional opportunities at Nyungu Central where historical drill hole intersections produced very impressive results. Drilling will then be extended to Nyungu South, Nyungu West and adjacent regional prospect areas on strike with Nyungu Central.
Historical scarce regional drilling of multiple exploratory targets, some already having mineralised intersections but only targeted on a cursory basis, form a separate phase of drilling during the dry season of 2025, with the aim to further develop their latent copper prospectivity and potential. Programmes of geophysical surveying and geochemical grid sampling will inform a clear ranking for prioritising the targets to be drilled next year. The drilling programme is being conducted by Leos Investments Limited, a well-respected Zambian company, based in Kitwe, and whose Director, Mr John Valasquez, has over 25 years experience operating in the Copperbelt. Leos Investments retains a substantial fleet of drilling rigs and equipment to service Prospect's needs at Mumbezhi, in the likely event that the Company intensifies drilling. Part of the diamond drilling is also designed to supply materials for comprehensive metallurgical studies, supporting comminution and flotation test work, based on the expected feed ratios for fresh and transitional materials at the Project. This will also enable initial variability testing to directly inform a proposed Scoping Study for Mumbezhi and support the future economic evaluation of an open-pit mining operation. The test work programmes are expected to commence during Q3 2024.
Contact:
Sam Hosack Managing
Director
Email: shosack@prospectresources.com.au
About Prospect Resources Limited (ASX: PSC, FRA:5E8)
Prospect Resources Limited (ASX: PSC, FRA:5E8) is an ASX listed company focused on the exploration and development of mining projects, specifically battery and electrification metals, in Zambia and Zimbabwe and the broader sub-Saharan African region
About Copper
Copper is a red-orange coloured metallic element in its pure form and is highly conductive to heat and electricity and is physically soft and malleable. Copper has been used for various purposes dating back at least 10,000 years. Today, it is mostly used by the electrical industry to make wires, cables, and other electronic components and is the key component. The metal is widely seen as a green-energy transition material, in part because of the wiring needed for electric cars. EVs can use as much as 80kg of copper, four times the amount typically used in combustion engine vehicles. It is also used as a building material or can be melted with other metals to make coins and jewellery.
Competent Persons Statement The information in this announcement that relates to Exploration Targets and Exploration Results, is based on information compiled by Mr Roger Tyler, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy and The South African Institute of Mining and Metallurgy. Mr Tyler is the Company's Chief Geologist. Mr Tyler has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person (CP) as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Tyler consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Prospect confirms it is not aware of any new information or data which materially affects the information included in the original market announcements. Prospect confirms the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Caution Regarding Forward-Looking Information
This announcement may contain some references to forecasts, estimates, assumptions, and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are in United States currency, unless otherwise stated.
(C) 2024 Electronic News Publishing, source ENP Newswire