Prospect looks to ‘exciting’ new targets in Zambia after spotting 11 strong electromagnetic corridors

Prospect Resources (ASX:PSC) has identified eleven strong electromagnetic conductors across the Mumbehzi Copper Project in northwest Zambia, following a preliminary interpretation of licence-wide AEM survey data.

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These eleven hits have set Prospect up with fairly “exciting” targets at the Zambian project, including a 2.5-kilometre conductor cluster at Chipimpa, which mirrors the response seen over the flagship Nyungu Central deposit.

They also go a long way to validating previous electromagnetic interpretations from historical data sets, company chief Sam Hosack said today.

“We’re incredibly pleased with these outcomes from our tenement-wide airborne electromagnetic surveying and now appreciate why they were such a priority for our technical partners,” Mr Hosack declared.

“[Prospect] is now confident that the integration of all this data and information will compellingly inform an update to the existing resource estimates for Mumbezhi during Q1 next year,” he added. All outstanding assay results and full exploration details are expected to come in by January.

With second-phase drilling (which covered as much as 18,200m of diamond and aircore targets) now wrapped at Mumbezhi, Prospect will turn its attention towards possible gold that could pop up in metallurgical testing.

There’s also soil and termite hill sampling still to run; that will help expand known footprints at the Sharamba and Kamafamba prospects and is expected to define a new target for Prospect at Kamafamba West.

Third-phase drilling will be firing up in late December at all sites, with that data to be folded into the overall Zambia picture when it comes back.

“Ongoing regional workstreams, which include comprehensive termite hill sampling, ground-based IP geophysical surveying, and a licence-wide soil geochemistry programme, are expected to strongly complement the receipt of the full and final results from the highly informative AEM geophysical interpretation.”

PSC last sold at 18cps at lunchtime today, and is up +97% YTD.

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