Prospect Resources (ASX:PSC) has uncovered “widespread” gold at the Nyungu Central prospect at its flagship Mumbezhi Copper Project, likely as a by-product of the area’s previously defined copper mineralisation.
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The Australian explorer has been looking for copper in north-west Zambia, but a re-assaying program on several existing drill samples has handed them gold, too − in as many as 26 of Nyungu’s 36 holes to boot.
“Gold by-product mineralisation at Nyungu Central creates a compelling new value lever for Mumbezhi,” Prospect’s managing director, Sam Hosack, said.
That “value lever” is fairly simple: Gold, like copper, has been blitzing through several all-time highs in recent months. Gold is selling at just over US$4,597 today, while copper last fetched $5.96/pound heading into Wednesday.
“[The discovery] further strengthens Mumbezhi’s already robust economic outlook,” Mr Hosack declared. “This emerging multi-commodity potential is particularly well-timed, aligning with the uplift in investor sentiment and the strong, sustained price performance of both gold and copper in recent months.”
Prospect can’t be unhappy with the hits themselves either, with notable results headlined by 30 metres at 0.21 grams per tonne gold from 187 metres and 12 metres at 0.23g/t gold from 52 metres. Some intersections were shorter but hit higher grade intervals, like NCDD011’s 4.4m at 0.6g/t from 83.6m.
Further gold assays from another four drill holes are still outstanding, too; these, The Market Link understands, should be back by the end of the month.
All these gold re-assay results will now “feed directly” into the company’s upcoming resource update for Nyungu, which will “position the project for the planned declaration of a maiden gold resource” before long.
PSC started Wednesday morning trade at 34.5cps.
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