- Expanded phase three drilling program underway at Mumbezhi
- Up to 60 diamond core, 30 RC and 320 aircore holes to be drilled
- Extension drilling adjacent to the shallower southern up-dip areas of the Nyungu Central deposit
- Key regional targets to be tested with shallow AC and RC drilling
Cashed up Prospect Resources (ASX: PSC) has an expanded phase three drilling program underway at its Mumbezhi copper project in the world-class Zambian Copperbelt.
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MD and CEO, Sam Hosack, said the campaign will feature approximately 60 diamond core, 30 RC and 320 aircore holes for around 26,000m of drilling.
“We are pleased to recommence drilling at Mumbezhi following four months of detailed planning, marking the start of our phase three program,” Mr Hosack told shareholders.
“After a highly successful 2025, this program is designed to deliver a further large‐scale resource expansion, building on the compelling regional targets that emerged last year, including the Chipimpa, Sharamba and Kamafamba targets.
“The comprehensive, tenement‐wide geophysical and geochemical surveys completed in 2025 have significantly refined our drill targeting, providing a high level of confidence heading into this next phase.”
Mr Hosack said step‐out and extension drilling at the flagship Nyungu Central deposit will be a key focus of the program.
“In addition, the 2026 program includes ground‐based IP surveys across priority prospects to further optimise drill targeting. Particular attention will be given to the large‐scale Chipimpa and Sharamba EM conductor targets, each exceeding two km in strike length and exhibiting similar scale, geometry and conductivity to the Nyungu Central deposit signature.”
At Mumbezh, where Prospect holds a 90% stake, the company is targeting an extension of the current indicated and inferred mineral resource estimate (MRE) of 173.8 million tonnes (Mt) at 0.44% copper and substantial maiden resources in key prospect areas.
The phase three drilling will be supported by ground-based induced polarisation (IP) geophysics across several key prospect areas including Chipimpa, Kamafamba, Shikezi and Luamvunda.
A portion of the diamond drilling has been designed to supply materials for ongoing comprehensive metallurgical test work studies (across copper, cobalt and gold), supporting comminution and flotation test work (based on the expected feed ratios for fresh and transitional materials across Mumbezhi). It is also expected to enable initial variability testing.
The company is well funded to execute the phase three program and beyond following a recently completed $45 million equity raising, which received strong support from both existing and new investors.
PSC is up 1.61% to 31.5¢. Mkt cap $252.3M.
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