This initial MRE focuses on the Kabikupa and Nyungu Central deposits, in which the copper mineralisation grades are comparable to those of highest-rated mines within the region. The Nyungu Central deposit has 69 Mt at 0.53% Cu, 43% Indicated resources, and the Kabikupa deposit has 18 Mt at 0.57% Cu, all being Inferred.
Concerning exploration potential and expansion plans, both deposits exhibit considerable potential for further resource growth, which is supported by extensive regional exploration opportunities across Mumbezhi. Notably, the developing 16 km-long Nyungu ‘Corridor’—which stretches North from Nyungu South and includes Nyungu Central—offers exciting new exploration targets.
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Key induced polarisation (IP) anomaly targets have been established within the Nyungu ‘Corridor,’ including Nyungu North, West Mwombezhi, Nyungu South, and Kabikupa. These targets will be prioritised in the forthcoming Phase 2 drilling program, set to begin in Q2 2025.
Prospect Resources has also revised its Exploration Target for Mumbezhi, estimating a potential range of 420 to 1,050 million tonnes with grades between 0.4% Cu and 0.6%, which includes the current MRE.
As the development progresses, the company is on the verge of securing approval for two Large Scale Mining Licences (LMLs) over the entire Mumbezhi Project tenure by Q1 2025, to enable the project to advance towards development. Concurrently, a Scoping Study evaluating the economic viability of Mumbezhi is underway with completion anticipated in Q4 2025.
Sam Hosack, Managing Director and CEO of Prospect Resources, expressed optimism regarding the MRE and the project’s trajectory: “We are absolutely delighted with this maiden Mineral Resource, a reflection of a lot of hard work by our team. In combination with the revised Exploration Target for the broader Mumbezhi Project, it demonstrates the strategic scale of the potential opportunity before us at Mumbezhi. Something we have always had high conviction about at this copper asset.
“This maiden MRE represents a huge milestone in the de-risking pathway for Mumbezhi but is only the beginning of what Prospect plans to deliver. The next major step planned for Q2 2025 is the Phase 2 drill programme is set to focus on further growth in both the Nyungu Central and Kabikupa deposits, as well testing the large-scale regional potential that exists across the Mumbezhi tenure – including the three high-potential IP anomaly targets identified at Nyungu North, that have been interpreted immediately north of the known limits of the Nyungu Central deposit.”
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Hosack also congratulated the entire Prospect exploration and geological team on this achievement. “It is a substantial outcome, and I have high conviction towards the further strides we are targeting in the exploration, development and evaluation of Mumbezhi through 2025,” he said.
The project is under work through an ongoing Large Scale Exploration Licence, where all required approvals are in good order. The Zambia Environmental Management Agency has approved all earlier Environmental Social and Impact Assessments.
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