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Prospect Resources (ASX:PSC) has shared it’s “highly encouraged” by the work it’s been undertaking at the Mumbezhi copper project in Zambia, especially after it locked in several new targets alongside scoping study advancements.
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At the flagship Nyungu Central deposit, Prospect completed ten Phase 3 diamond extensional drill holes using two active rigs at the southern end. Geological logging has confirmed visual observations of copper mineralisation outside the current Indicated and Inferred Mineral Resource boundaries.
Notably, drill hole NCDD026 intersected 40 metres of visually mineralised chalcopyrite-chalcocite copper sulphide mineralisation from a depth of 271 metres, returning an estimated copper grade of 0.5% Cu via portable X-ray fluorescence (pXRF) analysis over a 4.5-metre interval. All assay results for the drilling remain pending, with initial receipts expected over the coming weeks.
Prospect says exploration is scheduled to expand into the broader “Nyungu Hub” targets, including Nyungu West and Nyungu South, within the month.
Alongside the diamond drilling, aircore drilling operations have been underway to evaluate the surrounding infrastructure and regional zones. In June CY26, Prospect completed 81 shallow vertical aircore holes totalling 1,480 metres over a 2 square kilometre area west of the West Mwombezhi deposit. This regional work has defined two parallel, north-striking corridors of anomalous near-surface copper mineralisation, each extending over one kilometre and separated by 650 metres.
These previously untested zones have been classified as walk-up targets, with follow-up depth continuity testing scheduled for the second half of 2026.
Top drill intersections from this program already include 25 metres at 0.05% Cu from two metres and nine metres at 0.10% Cu from 17 metres.
The company has completed ~20% of its 16,000-metre diamond drilling component and ~35% of its budgeted 8,000m aircore allocation. Regional exploration is also expanding eastward, with ground-based geophysical surveys at the Chipimpa and Sharamba prospects to refine initial diamond drill targeting.
Concurrently, workstreams for a project Scoping Study are advancing with the assistance of the appointed engineering firm, Lycopodium. The evaluation is now considering multiple development scenarios, including a 12 million tonnes per annum open-pit mining operation, among other plans.
The initial Scoping Study is still on track for between Q4 CY26 and Q1 CY27.
PSC opened at 30cps on Tuesday morning.
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