Prospect Resources Limited (ASX: PSC, FRA:5E8) (“Prospect” or the “Company”) has reported another significant exploration milestone at its flagship Mumbezhi Copper Project in Zambia, with wide, high-grade copper intersections extending the Nyungu Central deposit beyond its current Mineral Resource Estimate (MRE).
The latest Phase 3 diamond drilling programme continues to validate the scale of the copper system while highlighting considerable upside for future resource growth.
The new drill results were delivered from step-out holes completed at the southern end of Nyungu Central, where mineralisation remains open to the south-east. The Company has now completed 13 Phase 3 diamond drill holes totalling 4,043 metres, while priority assay results remain pending for six additional holes.
Figure 1: Overview/location map of the Mumbezhi Copper Project. [Source: Prospect Resources Limited]
Alongside continued drilling at Nyungu Central, the Company has also commenced exploration activities at Nyungu West, reinforcing its broader strategy to unlock the full potential of the Mumbezhi Copper Project.
Step-Out Drilling Extends Nyungu Central Mineralisation
Prospect’s latest drilling campaign has successfully intersected thick copper mineralisation beyond the existing May 2026 Mineral Resource boundary at Nyungu Central.
The standout drill intersections include:
- 44.0 metres at 0.60% copper from 270 metres in drill hole NCDD026
- 17.0 metres at 0.57% copper from 186 metres in drill hole NCDD024
- An additional 1.74 metres at 0.36% copper from 147 metres in NCDD026.
Both primary intersections are located southeast of the current Indicated and Inferred Mineral Resource Estimate, confirming that the mineralised system extends beyond the existing resource envelope. The Company noted that the new copper intercepts correspond closely with a strong shallow airborne electromagnetic anomaly, further supporting the potential for additional discoveries in the area.
Commenting on the latest drilling success, Managing Director and CEO Sam Hosack said:
“Despite the sizeable existing resource defined at Nyungu Central, the growth potential of our flagship deposit remains compelling. These recent results demand attention for three reasons. The first is that they demonstrate clear further extensional success to this already large-scale copper system. The second is that the returned intercepts are wide and high-grade relative to the existing resource at Nyungu Central.”
Figure 2: Nyungu Central drill hole collar map illustrating Phase 3 drill holes (green), pre-2026 drill holes (yellow), newly reported drill holes (orange dashed), and the cross-section locations presented in Figures 3 and 4 (blue dashed lines). [Source: Prospect Resources Limited]
New Results Strengthen Resource Expansion Potential
The latest intercepts further validate Prospect’s strategy of targeting high-growth areas surrounding the current Mineral Resource Estimate. The Phase 3 programme focuses on the southeastern and southwestern margins of Nyungu Central, where copper mineralisation approaches surface before being offset by geological structures.
According to the Company, the new drilling demonstrates the potential to define additional near-surface copper tonnes beyond the existing resource. These discoveries could positively influence both the future scale of the project and its development economics as drilling progresses.
Mineralisation Remains Open with Further Assays Pending
Prospect confirmed that copper mineralisation remains open to the southeast, providing significant exploration upside.
Priority laboratory assays remain outstanding for six Phase 3 diamond drill holes, including five holes drilled in the southeastern extension where visually logged copper sulphides have already been identified. Another priority hole is awaiting results from the southwestern target area.
The pending assays could further extend the mineralised footprint and potentially define additional high-grade zones outside the current resource estimate.
Mr Hosack highlighted the importance of these pending results, stating:
“The third is that these intercepts are being returned from relatively shallow, up-plunge positions relative to the currently defined mineralisation at Nyungu Central and remain open to the southeast, with priority assays pending for holes with visually logged copper sulphides.”
Figure 3: Cross-sectional view of the Nyungu Central deposit at 8629750mN highlighting the recent NCDD026 drilling intersection (looking north). [Source: Prospect Resources Limited]
Figure 4: Cross-sectional view of the Nyungu Central deposit at 8629850mN highlighting the recent NCDD024 drilling intersection (looking north). [Source: Prospect Resources Limited]
Mumbezhi Continues to Emerge as a Significant Copper Project
The Mumbezhi Copper Project is located within Zambia’s world-class Central African Copperbelt and spans approximately 356 square kilometres across two granted Large Scale Mining Licences.
The project has continued to grow rapidly since Prospect acquired its interest. In May 2026, the Company announced an updated JORC-compliant Mineral Resource Estimate of 208.1 million tonnes grading 0.42% copper (0.49% CuEq), containing approximately 877,000 tonnes of copper.
The latest drilling extends mineralisation beyond the existing resource boundary and reinforces the project’s potential to evolve into a large-scale, long-life copper development.
Reflecting on the broader implications of the drilling programme, Mr Hosack said:
“This enhancement of both potential scale and mineral economics is exciting. It also provides further confirmation of our exploration and targeting model for Nyungu Central, as well as the implications that hold for targeting across the broader Mumbezhi Project to unlock its latent potential.”
Figure 5: Sam Hosack, Managing Director, Prospect Resources. [Source: Prospect Resources Limited]
Regional Exploration Programme Gains Momentum
While drilling continues to expand Nyungu Central, Prospect has simultaneously accelerated exploration across several regional targets within the broader Nyungu Hub.
A second diamond drill rig has now commenced exploratory drilling at Nyungu West. The Company also plans to test a major geophysical conductor northeast of Nyungu South while preparing initial drilling campaigns at the Kamafamba prospect and the large-scale Chipimpa IP/EM geochemical target later this quarter.
In addition, assay results remain pending from recent exploratory drilling completed at the Sharamba target.
Mr Hosack said the exploration strategy now extends well beyond Nyungu Central:
“Our growth drilling focus has now also shifted to other targets within the broader ‘Nyungu Hub’. This includes initial exploratory work at the Nyungu West prospect zone and then targeting of a large geophysical conductor northeast of the Nyungu South prospect. We also expect to undertake initial exploratory diamond drilling of Kamafamba and the large-scale Chipimpa IP/EM/geochemistry target later this quarter. Assay results from recent exploratory diamond drilling of the Sharamba coincident anomaly target also remain pending.”
Figure 6: Longitudinal section of Nyungu Central (looking west) highlighting the locations of recently reported high-grade Phase 3 drill holes. [Source: Prospect Resources Limited]
Investors’ Outlook
Prospect Resources continues to demonstrate strong exploration momentum at the Mumbezhi Copper Project through consistent drilling success and an expanding regional exploration programme. The latest high-grade step-out intersections have confirmed that Nyungu Central remains open beyond its current Mineral Resource Estimate, creating a clear pathway for future resource growth.
With six priority assay results still pending, a 6,000-metre infill drilling programme scheduled to commence in late July, and exploration expanding across Nyungu West, Kamafamba, Chipimpa and Sharamba, the Company has established a strong pipeline of near-term catalysts.
Share Price Activity (ASX)
| Metric | Value |
| Last Price | $0.255 |
| 1-Year Performance | +37.84% |
| Performance vs Sector | +5.65% |
| Performance vs ASX 200 | +36.73% |
| Market Capitalisation | $212.35 million |
Disclaimer
This article has been prepared by Colitco in collaboration with Prospect Resources as part of a commercial content and investor communications arrangement. Colitco may receive compensation for the production and distribution of this content. This article is intended for informational purposes only and does not constitute financial product advice, investment advice, or a recommendation to buy or sell any securities. The content reflects information available at the time of publication and may not be updated. All figures, data and statements have been sourced from Prospect Resources’ official ASX announcements and publicly available sources. Readers should conduct their own independent research and seek professional financial advice before making any investment decisions. Past performance is not a reliable indicator of future results. Exploration results are not a guarantee of future resource definition or commercial production.
Luke Carlino is a seasoned Copywriter, Content Strategist, and Social Media Manager specialising in Mining, Finance, and Business journalism. With more than a decade of industry experience, he brings rigorous editorial standards and commercial acuity to every project.
