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Prospect Resources (ASX:PSC) has today reported wide, high-grade copper intercepts from third-phase drilling at Nyungu Central at the Mumbezhi Copper Project in north-west Zambia, extending mineralisation outside the Mineral Resource estimate (MRE) on the back of the new diamond program results.
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Managing director and CEO Sam Hosack this morning noted that the July drilling results demonstrate further extensional success, telling shareholders that the intercepts are wide, high-grade, and located in relatively shallow, up-plunge positions relative to currently defined mineralisation on-site.
Drill hole NCDD026 returned 44 metres at 0.6% copper from 270 metres, alongside an interval of 1.74m at 0.36% copper; NCDD024 intersected 17 metres.
To date, Prospect has wrapped up thirteen Phase 3 diamond drill holes at Nyungu Central’s southern end, to 4,043 metres. Priority results are pending for six of these holes, including holes with visually logged copper sulphides.
“Despite the sizeable existing resource defined at Nyungu Central, the growth potential of our flagship deposit remains compelling,” Mr Hosack said.
These results “demand attention,” he declared. “They demonstrate clear further extensional success to this already large-scale copper system… the returned intercepts are wide and high-grade relative to the existing resource.”
“These intercepts are being returned from relatively shallow, up-plunge positions relative to the currently defined mineralisation and remain open to the southeast, with priority assays pending for holes with visually logged copper sulphides.”
“This enhancement of potential scale and mineral economics is exciting. It also provides further confirmation of our exploration and targeting model,” he added.
Elsewhere, works are ongoing. One diamond rig is operating at the southern end of Nyungu Central to target shallow copper mineralisation outside existing Indicated and Inferred MRE positions. A second rig has initiated exploratory growth-focused work at the Nyungu West prospect zone. A 600-metre infill diamond programme at Nyungu Central is scheduled to begin in late July as well.
Regional exploratory work is also planned later this quarter for Kamafamba and the Chipimpa IP/EM/geochemistry target, while assays from drilling at the Sharamba coincident anomaly target remain pending.
After an hour on Tuesday, PSC shares are -3.7%.
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Disclaimer: This content has been prepared as part of a partnership with Prospect Resources Ltd and is intended for informational purposes only.
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