Prospect Resources continues to grow its battery minerals presence in sub-Saharan Africa by executing two separate SPAs to acquire the Mumbezhi Copper Project, located in the Zambian Copperbelt in north-western Zambia.
The project is situated in the world-class Central African Copperbelt region of north-western Zambia and located on a single Large Scale Exploration Licence covering an area of approximately 356 km2.
The area is prospective for large tonnage, low-to-medium grade copper-cobalt deposits. There are several major mines proximate to Mumbezhi, which are hosted in similar geological settings.
Prospect Resources MD and CEO, Sam Hosack commented:
“The purchase agreements we have struck for the highly prospective Mumbezhi Copper Project which includes the Nyungu deposits, represent a significant milestone, which extend our reach into the battery and electrification mineral sector in Africa.”
“The Nyungu deposits have all the potential ingredients of a world-class, long-life, open-pittable, copper-cobalt mining and processing operation, with regionally favourable metallurgy and significant exploration upside. Zambia is also a leading jurisdiction to explore and develop mining operations in sub-Saharan Africa, having a long-standing history in the resources sector, particularly for copper.
“I personally have spent over five years in this part of Zambia during my career and have firsthand experience of the excellent infrastructure and strong support from both the government and community, with major companies like Barrick Gold, First Quantum Minerals and KoBold Metals already calling it home.
Further with the promising appointment of Mwelwa Manda, a highly experienced mining executive as country manager we have substantial on-ground leadership for our project. Mwelwa will operate in concert with Valentine Chitalu, appointed as our Zambian strategic advisor.”
“The Mumbezhi Copper Project includes existing drilling, which has the potential to define a maiden copper mineral resource rapidly and within a well-established operating environment.
“The project also offers excellent potential to deliver significant new, high-value copper-cobalt discoveries. Subject to the satisfaction of all relevant conditions precedent, this acquisition is set to deliver a high-quality, advanced copper exploration play into the Prospect Resources portfolio – which is an exciting proposition.”
“The timing of this push into copper is ideal as markets for lithium remain subdued. The current drilling program at Step Aside is nearing completion and the acquisition of 100% of Omaruru gives Prospect Resources much more flexibility with cash spend, allowing a real focus on aggressively drilling Mumbezhi.
“We remain committed to our strategy and think the long term potential of lithium remains robust but we are excited to add copper to our portfolio as it provides diversification and this new project holds the potential to rapidly develop into the flagship project we have been seeking.”
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