Prospect Resources (ASX:PSC), heading its Mumbezhi copper project in Zambia, has on Monday boosted its previous March 2025 mineral resource estimate (MRE) by 63% to 174Mt of ore and a 50% boost in contained copper at 772Kt.
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Containing both copper and gold, the MRE increase comes at the same time metals prices are, likely well-known by all at this point, currently charging. At the time of writing, gold back at US$5,000/oz while copper has jumped 2.5% in the last week alone.
Copper grades on-site match those of other producing mines also located within the same Zambian Copperbelt geological occurrence; and when it comes to gold resource calculations Prospect noted on Monday it has some 2,000 samples currently in assay labs pending assessment.
Management noted on Monday the MRE upgrade posted today only relates to key deposits within the larger Mumbezhi project.
“It is … important to recognise that this update is limited to only the Nyungu Central and Kabikupa deposits,” PSC CEO Sam Hosack said.
“Pending assays from the drilling of the West Mwombezhi prospect last year offer strong potential for declaration of a maiden Inferred MRE for this zone later in the current half.”
The company now turns its attention towards a fresh Q2 Phase III drilling campaign which will see untapped targets on-site tested for mineralisation.
“These include the large-scale Chipimpa and Sharamba prospects, identified last year across our comprehensive geochemical and geophysical evaluations of the broader Mumbezhi tenure,” Hosack added
PSC last traded at 47cps.
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