Prospect Resources extends Nyungu Central Deposit

Prospect Resources (ASX:PSC) has announced substantial extensions of the Nyungu Central Deposit at its Mumbezhi Copper Project in Zambia. The ongoing Phase 1 diamond drilling program has yielded significant copper mineralization, validating historical data and extending the deposit's strike length. With four drill rigs operating on site, the company is accelerating its exploration efforts.

Prospect Resources' future plans and exploration progress

Prospect Resources is making significant strides in its exploration efforts at the Mumbezhi Copper Project in Zambia. The recent extensions of the Nyungu Central Deposit demonstrate promising copper mineralization, prompting a reinterpretation of the geological model. With four drill rigs actively working to expedite the Phase 1 drilling, the company is also nearing the completion of geophysical Induced Polarisation surveys over several regional targets. Looking ahead, Prospect aims to announce a maiden Mineral Resource estimate for Nyungu in the first quarter of 2025. Additionally, they are working towards a Mining Licence application, anticipating further development activities. Regional exploration is expanding, with initial drilling at the Kabikupa prospect underway, supported by positive survey results. The company is financially well-positioned with A$12.8 million in cash as of September 2024, ensuring ongoing exploration and development efforts. Prospect Resources is poised to leverage its strong exploration results and strategic plans to advance its position in the copper mining industry.

Executive commentary on Nyungu Central Deposit extension

CEO Sam Hosack expressed strong confidence in the project's potential and the ongoing exploration strategies.