Prospect Resources has revealed a significant maiden mineral resource estimate (MRE) of 107 million tonnes, with an average grade of 0.5% copper, for a total of 515,000 tonnes of contained copper at the Mumbezhi copper project in Zambia.
The resources are located in the Nyungu Central and Kabikupa deposits.
The MRE includes higher-grade components with 69 million tonnes of copper at a grade of 0.53%, of which 43% is classified as indicated resources at the Nyungu deposit.
Additionally, there are 18 million tonnes of copper at a grade of 0.57% at Kabikupa, all of which is classified as inferred resources.
Prospect chief executive Sam Hosack said that the MRE reflects the hard work of the exploration team and contributes to de-risking the project for future development.
The company plans to initiate a Phase 2 drill programme in the second quarter, focusing on further growth in both the Nyungu and Kabikupa deposits, as well as the broader Mumbezhi tenure.
Currently, gold and cobalt resources on site have not been classified as Joint Ore Reserve Committee-reportable due to historical inconsistencies in cobalt assaying and limited gold assaying within the deposits.
Prospect expects to receive the grading for two large-scale mining licenses covering the entire Mumbezhi area within the next few weeks, while a scoping study for the project's development is on track for completion in the fourth quarter.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
