Prospect Resources Limited (ASX: PSC) (“Prospect” or the “Company”) has delivered a comprehensive update on its Phase 3 exploration programme at the Mumbezhi Copper Project in north-west Zambia, highlighting steady drilling progress, encouraging new copper targets, and continued advancement towards the Company’s Scoping Study.
The update demonstrates that Prospect is not only expanding the footprint of known mineralisation at its flagship Nyungu Central deposit but also unlocking the regional potential of the broader Mumbezhi project through systematic exploration across multiple high-priority targets.
Figure 1: Geographical Location of the Mumbezhi Copper Project, Zambia [Source: Prospect Resourced Limited]
Drilling is progressing on schedule and within budget. Early exploration programmes continue to return promising results, while the Scoping Study remains on track for completion in late 2026 or early 2027. Together, these milestones strengthen the Company’s path towards developing Mumbezhi into a significant copper project in the Central African Copperbelt.
Phase 3 Programme Continues to Deliver Across Multiple Fronts
Prospect commenced its Phase 3 exploration campaign in May 2026 with an ambitious programme targeting resource growth, discoveries, and development studies.
To date, approximately 20% of the planned 16,000 metres of diamond drilling and around 35% of the budgeted 8,000 metres of aircore drilling have been completed.
Although laboratory assays from the current diamond drilling remain pending, geological observations have already identified visible copper mineralisation beyond the existing Indicated and Inferred Mineral Resource boundaries at Nyungu Central.
Managing Director and CEO Sam Hosack said the programme is progressing exactly as planned.
“The overall Phase 3 exploration programme is progressing to schedule and budget. Since drilling commenced in May, we have undertaken approximately 20% of the planned diamond component and roughly 35% of the budgeted aircore component. All diamond assays remain pending, with receipt of results expected to commence in the next few weeks. We are confident the drilling at Nyungu Central will add important incremental tonnes to the existing Mineral Resources.”
Figure 2: Sam Hosack, Managing Director and CEO, Prospect Resources. [Source: Prospect Resourced Limited]
Nyungu Central Continues to Expand Beyond Existing Resources
The Company’s flagship Nyungu Central deposit remains the primary focus of the current drilling campaign.
Ten resource extension diamond holes have now been completed at the southern end of the deposit, where Prospect has visually identified copper mineralisation extending beyond the current Mineral Resource boundaries.
One of the standout holes, NCDD026, intersected approximately 40 metres of visually mineralised chalcopyrite-chalcocite sulphide mineralisation from around 271 metres depth, approximately 140 metres east of the current Mineral Resource.
Portable XRF measurements estimated copper grades of around 0.5% Cu over part of the interval, although the Company cautioned that laboratory assays will ultimately determine the final grades and widths.
Two diamond rigs remain active at Nyungu Central, testing shallow extensions both east and west of the current resource model.
Over coming weeks, drilling will also expand into the broader “Nyungu Hub”, including the highly prospective Nyungu West and Nyungu South targets.
Figure 3: Core sample from diamond drill hole NCDD026 highlighting copper mineralisation at 271.0–275.5m (estimated 0.5% Cu). [Source: Prospect Resourced Limited]
West Mwombezhi Delivers New Walk-Up Copper Targets
Beyond its flagship deposit, Prospect continues to identify entirely new growth opportunities.
Recent aircore drilling west of the West Mwombezhi deposit has successfully outlined two previously untested north-south copper corridors extending for more than one kilometre each.
Figure 4: Two new coherent copper anomalies (dashed blue lines) have been delineated west of the defined Inferred MRE through Phase 3 aircore drilling at West Mwombezhi. [Source: Prospect Resourced Limited]
The programme completed 81 shallow aircore holes totalling 1,480 metres across a two-square-kilometre area.
These newly identified zones sit immediately west of the current maiden Inferred Mineral Resource and have never been drilled previously.
The best intersections include:
- 25m at 0.05% Cu from 2m (still open)
- 18m at 0.05% Cu from surface (still open)
- 9m at 0.10% Cu from 17m
- 14m at 0.06% Cu from 13m
- 19m at 0.04% Cu from 1m
The shallow copper mineralisation provides compelling follow-up targets for deeper drilling planned during the second half of 2026.
Additional induced polarisation (IP) surveys are also underway south of the existing resource where historical soil sampling has already highlighted anomalous copper values extending up to two kilometres beyond the current Mineral Resource.
Mr Hosack highlighted the significance of these discoveries.
“The aircore drilling results to date have been highly encouraging, with the identification of a new zone west of West Mwombezhi that demands follow-up deeper drilling this year.”
Figure 5: Location of the West Mwombezhi prospect in the north-western section of the Mumbezhi licence area, overlaid on airborne electromagnetic (AEM) geophysical data (Time Derivative – Mid Time). [Source: Prospect Resourced Limited]
Chipimpa Emerges as an Exciting Regional Discovery Opportunity
Prospect also continues to build an impressive pipeline of regional exploration targets.
At the Chipimpa prospect, the Company has completed an extensive 33-line kilometre IP geophysical survey designed to refine several strong airborne electromagnetic anomalies identified during previous exploration.
Supporting geochemical sampling of 291 termite hills confirmed elevated copper values across all three conductive anomalies.
Interestingly, the strongest and most coherent copper anomaly was identified northwest of the largest airborne EM target, suggesting additional mineralisation beyond the original exploration focus.
Prospect is currently interpreting the combined geophysical and geochemical datasets before commencing maiden diamond drilling, targeted for the third quarter of 2026.
This integrated exploration approach significantly improves the likelihood of accurately targeting copper mineralisation from the outset.
Sharamba Drilling Produces Encouraging Early Results
Prospect has also commenced maiden diamond drilling at the Sharamba prospect, another highly prospective regional target identified through the integration of geophysical surveys and surface geochemistry.
The Company designed a seven-hole, 2,000-metre programme targeting a combination of airborne electromagnetic conductivity anomalies and IP chargeability features.
The first hole has already intersected a 20-metre visually mineralised copper zone at approximately 140 metres vertical depth, with assays pending.
A second hole is currently underway.
Mr Hosack lauded the early success.
“We are also pleased to have recently commenced exploratory diamond drilling of the large-scale Sharamba target, with one hole completed to date and the second in progress.”
Should assays confirm significant copper grades, Sharamba could rapidly become another priority exploration area within the broader Mumbezhi project.
Figure 6: Sharamba prospect illustrating the planned diamond drill holes (white stars) alongside the AEM conductivity outline (black), IP chargeability shells (red and green mesh), and supporting copper geochemical anomalies. [Source: Prospect Resourced Limited]
Scoping Study Progress Supports Development Pathway
Alongside exploration, Prospect continues advancing technical studies aimed at transforming Mumbezhi into a future mining operation.
The Company is evaluating several potential development scenarios.
To improve resource confidence, the Board has approved an infill drilling programme focused on converting existing Inferred Resources into the higher-confidence Indicated category at Nyungu Central.
Engineering consultancy Lycopodium has been appointed to support completion of the Scoping Study.
The study will also incorporate updated pit optimisation work that includes valuable gold and cobalt by-products contained within the latest Mineral Resource.
Prospect expects to complete the Scoping Study during Q4 2026 or Q1 2027, providing the first comprehensive assessment of Mumbezhi’s development potential.
Strong Resource Base Underpins Exploration Success
The Phase 3 programme builds upon substantial resource growth already achieved at Mumbezhi.
In May 2026, Prospect reported an updated JORC Mineral Resource of 208.1 million tonnes grading 0.42% copper (0.49% copper equivalent), containing approximately 877,000 tonnes of copper.
Separately, the West Mwombezhi deposit hosts a maiden Inferred Resource of 30.7 million tonnes at 0.37% copper (0.40% copper equivalent), containing approximately 115,000 tonnes of copper, alongside cobalt, and gold credits.
The combination of expanding resources, discoveries and advancing development studies positions Mumbezhi as one of the more active emerging copper projects within Zambia’s globally recognised Central African Copperbelt.
Share Price Activity (ASX)
Prospect Resources has delivered a strong share price performance, reflecting increasing investor confidence in the Company’s exploration progress.
| Metric | Performance (as at 10:30 am AEST, 7th July, 2026) |
|---|---|
| Last Price | A$0.30 |
| 1 Week | +5.26% |
| 1 Month | +5.26% |
| 2026 YTD | +17.65% |
| 1 Year | +57.89% |
| vs Sector (1 Year) | +12.87% |
| vs ASX 200 (1 Year) | +55.06% |
| Market Capitalisation | A$249.57 million |
Investors’ Outlook
Prospect Resources continues to execute a disciplined exploration strategy that balances near-term resource expansion with longer-term project development.
The Company’s Phase 3 programme is generating encouraging geological results across multiple targets, while drilling at Nyungu Central aims to further strengthen the existing resource base. The identification of entirely new copper corridors at West Mwombezhi and the commencement of maiden drilling at Chipimpa and Sharamba demonstrate that the broader Mumbezhi project remains significantly underexplored.
With assay results expected over the coming weeks, additional drilling planned throughout the second half of 2026, and the Scoping Study progressing towards completion, Prospect enters an important period of value creation. Investors will be watching closely for laboratory assay results, resource upgrades and development milestones that could further enhance the scale and economics of the Mumbezhi Copper Project.
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.
