Prospect Resources' Phase 3 drilling at Nyungu Central returns wide copper intercepts beyond the current resource estimate. CEO says results validate geological model, with assays pending from Sharamba and additional holes.
Prospect Resources (ASX: PSC) has four diamond drill rigs working at the Nyungu Central deposit within its Mumbezhi copper project in north-west Zambia. The Phase 3 extensional drilling program is targeting growth areas at the southern end of the existing mineral resource estimate. Two new extensional holes returned wide copper intercepts that extend the mineralised zone beyond the boundaries of the May 2026 resource, which stands at 154.4 million tonnes grading 0.42% copper.
Managing Director and CEO Sam Hosack said the results complement the existing resource and continue to validate the company's geological model. "Our Phase 3 extensional drilling continues to deliver highly encouraging results, with further broad copper intercepts expanding and delineating an emerging mineralised zone southeast of Nyungu Central," he said.
The intercepts lie at or beyond the current resource boundary, Hosack said, and are associated with a shallow, continuous AEM anomaly, an airborne electromagnetic survey signature previously identified. That association strengthens the case for further resource growth. Hosack noted that drilling is outpacing assay turnaround, meaning a backlog of results is building across the Mumbezhi project.
At the Sharamba target, five completed drill holes have intersected visual copper mineralisation. Assays are pending for those holes and for seven priority holes at Nyungu Central. "The consistency of results delivered to date through the Phase 3 program continues to validate our geological model and targeting strategy," Hosack said. "More broadly, this drilling strengthens our conviction that Mumbezhi hosts a much larger copper system than is currently reflected in the existing MRE."
The Phase 3 program is focused on high-priority growth areas at the southern end of the existing resource, where copper mineralisation occurs closer to surface before being offset by a major east-southeast trending fault. The mineralisation is characterised by chalcopyrite and chalcocite.
Hosack said the results suggest the project has potential for further resource growth in the near term. The pending assays from Sharamba and additional Nyungu Central holes will be key to determining the scale of any expansion beyond the current 154.4 million tonne resource.
PSC last traded at 23.0 Australian cents, giving a market cap of A$199.6 million.
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