Prospect Resources Limited (ASX:PSC) Commences Phase 2 Drilling at Mumbezhi Copper Project
Drilling Program Details
Prospect Resources has commenced Phase 2 drilling at the Mumbezhi Copper Project, involving approximately 50 diamond drill holes and 140 exploratory aircore drill holes, totaling around 18,000 metres. The program aims to extend existing Mineral Resources at Nyungu Central and Kabikupa, generate maiden Inferred Mineral Resources on new targets, and conduct first-pass exploratory drilling of regional anomalies.
Exploration Strategy and Partnerships
The drilling efforts are supported by airborne electromagnetic geophysical surveys and extensive soil geochemical sampling. Prospect is establishing a Technical Working Group with strategic partner First Quantum Minerals, leveraging First Quantum’s regional expertise and data to identify new copper prospects and accelerate discoveries.
Financial Position
The Company is well-funded with a proforma cash position of approximately $24 million, following a recent A$15.2 million strategic placement to First Quantum Minerals.
Executive Comments
Managing Director and CEO Sam Hosack stated, “We are delighted to be drilling again at Mumbezhi. The Phase 2 programme has been designed to validate the significant potential for a material, large-scale resource at Mumbezhi. It is exciting to be commencing Phase 2 exploration at Mumbezhi with our new strategic partner, and cornerstone Prospect shareholder, First Quantum Minerals, alongside us.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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