Prospect Resources has provided an exploration update from its Phase 2 drilling programme at the 85%-owned Mumbezhi Copper Project in north-west Zambia. Early assay results from the Nyungu Central deposit confirm copper mineralisation consistent with the company’s geological model, while broader exploration activities—including diamond drilling, geophysical surveys, and geochemical sampling—continue to ramp up across the tenement.

Highlights:

• Phase 2 drilling and exploration programmes progressing intently at Mumbezhi, with three diamond rigs currently targeting the Nyungu Central and Kabikupa deposits.
• Diamond drilling at Nyungu Central provides validation of the wider structural geological model resulting from the thick, high-tenor intersection of copper mineralisation.
• Significant intervals from the recent Nyungu Central drilling include:
  • 49.0m @ 0.52% Cu from 314m, including 12.3m @ 0.79% Cu from 331m and 8.0m @ 0.80% Cu from 314m (NCRD009)
• Extensional drilling at Kabikupa is also progressing very well, with final assays pending.
• An airborne electromagnetic survey is commencing. The survey will prioritise two known mineralised corridors for initial testing and proceed to produce tenement-wide coverage dependent on initial results.
• A tenement-wide multi-element geochemical soil sampling programme to commence in mid-July 2025.
• These tenement-wide programmes initiated by First Quantum Minerals (FQM) technical team will complete the key datasets required to evaluate broader copper mineralisation potential at Mumbezhi. This represents a significant development for the project, as historic coverage of key exploration datasets has remained incomplete.
• Metallurgical test work for transitional mineralisation from Nyungu Central and Kabikupa is very encouraging and nearing completion.

Prospect’s Managing Director and CEO, Sam Hosack, commented: “The substantial breadth of exploration success achieved to date has strongly positioned Mumbezhi amongst the leading copper exploration assets in Zambia. I am pleased to say that we were amongst the first teams in the Zambian Copperbelt to have commenced drilling following the wet season hiatus, and it is a sign of our team’s strong intent to maximise the drill season.

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“Incorporating further technical expertise from FQM has been very impactful; we are continuing to build upon the strong outcomes produced during Phase 1 with a broader and deeper skills base. Initial assay results from early Phase 2 drilling at Nyungu Central have returned pleasing intercepts, which are notably consistent with our current geological understanding of the deposits greater scale potential. Our focus with Phase 2 is all about greater use of scout drilling towards material extensions to the key deposits, increasing confidence on large-scale targets, with the ultimate goal of growing Mumbezhi in multiples beyond its existing MRE position.

“Airborne electromagnetic surveying focused on the two major copper-mineralised corridors at Mumbezhi, along with an extensive geochemical soil sampling programme, is set to commence shortly. These combined initiatives are designed to identify and target the exciting untested regional, tenement-wide prospectivity across Mumbezhi. I could not be happier with the efforts of the team now with significant contributions from FQM and the recognition from the market of advancement at Mumbezhi, with all eyes on the systematic but ambitious manner we will attack the projects through the remainder of 2025 and beyond.”