Prospect Resources Unveils Promising Copper Drilling Results at Nyungu Central
PSC (PSC) Share Update November 2024 Monday 25th
Prospect Resources Reports Strong Copper Intercepts at Nyungu Central
Prospect Resources Limited (ASX: PSC) has announced further strong intercepts from its ongoing diamond drilling program at the Nyungu Central deposit in Zambia, highlighting the potential for significant copper mineralisation.
Instant Summary:
- Phase 1 drilling reveals wide, high-grade copper intersections.
- Key intercepts include 47.3m @ 0.63% Cu and 10m @ 0.76% Cu.
- Drilling extends mineralisation westwards and increases strike length.
- Initial Mineral Resource estimate expected in Q1 2025.
- Four drill rigs remain active ahead of the wet season.
Drilling Results and Progress
Prospect Resources has reported significant copper mineralisation from its Phase 1 diamond drilling program at the Nyungu Central deposit, part of the Mumbezhi Copper Project in north-western Zambia. The latest results include impressive intercepts such as 47.3 meters at 0.63% copper from 232.3 meters depth and 10 meters at 0.76% copper from 87.0 meters depth, indicating robust mineralisation.
The drilling program aims to extend the known mineralised footprint of Nyungu Central, both along strike and down dip to the west. The results so far have validated previous data and increased confidence in the potential to expand the deposit significantly.
Geophysical Surveys and Future Plans
In addition to the drilling, ground-based Induced Polarisation (IP) surveys have been completed over five regional targets, with initial follow-up drilling nearing completion at Kabikupa. These surveys have identified several chargeable anomalies, suggesting further exploration potential.
The company plans to complete the Phase 1 drilling program before the wet season, with an initial Mineral Resource estimate for Nyungu Central expected in the first quarter of 2025. This estimate will be based on over 21,000 meters of drilling.
The positive drilling results at Nyungu Central could significantly enhance Prospect Resources' valuation and attract investor interest. The continued success of the drilling program and the upcoming resource estimate could lead to increased confidence in the company's ability to develop a large-scale mining operation.
Investor Reaction:
Analysts are likely to view the results positively, as they confirm the potential for a substantial copper deposit at Nyungu Central. The upcoming resource estimate will be closely watched, as it could provide further clarity on the project's economic viability.
Conclusion:
Investors should keep an eye on Prospect Resources' progress as it moves towards a Mineral Resource estimate and potential mining license application. The company's strategic focus on expanding its copper resources could offer significant opportunities in the growing electrification metals market.