Prospect Resources (ASX:PSC) is gearing up for a pivotal drilling program at its Mumbezhi copper project in Zambia, having significantly boosted its stake to almost 100%. This strategic move underscores the company’s deep commitment to unlocking the potential of this substantial copper asset.
The ASX-listed company has finalised a share sale and purchase agreement, acquiring an additional 5% interest in the Mumbezhi project from Global Development Cooperation Consulting Zambia (GDC). This latest acquisition brings Prospect Resources’ total ownership to a commanding 90%, solidifying its control over the exploration and development activities.
Mumbezhi: A Copper Powerhouse in the Making
The Mumbezhi project is strategically located in the renowned Central African Copperbelt, a region globally recognised for its rich copper deposits. Situated in Zambia’s north-western province, the project spans an impressive 356 square kilometres and benefits from its proximity to several major mines operating within similar geological formations. This prime location positions Mumbezhi as a potentially world-class copper asset.
Future Drilling: A Deep Dive into Resource Growth
Prospect Resources is currently in the advanced stages of planning its Phase Three drilling and exploration program, slated for calendar year 2026 (CY26). Field exploration activities are already underway, paving the way for an extensive drilling campaign.
Managing Director and CEO, Sam Hosack, expressed enthusiasm for the upcoming drilling, which is scheduled to commence in early Q2 CY26. “This transaction further reinforces our long-term commitment to advancing the development of this potentially world-class copper asset in Zambia,” Mr. Hosack stated. He highlighted that the company is well-equipped to undertake this ambitious project, supported by the proceeds from a recent equity raising.
The planned drilling campaign is substantial, aiming for approximately 50,000 metres of drilling over the 2026–2027 period. This extensive program is multifaceted, designed to:
- Further Resource Growth: Expand the existing known mineralisation and identify new zones of copper.
- Test Regional Targets: Explore new copper prospects across the broader Mumbezhi project area, seeking to identify additional significant deposits.
- Enhance Cobalt and Gold Potential: While copper is the primary focus, the program will also significantly investigate and enhance the understanding of the project’s cobalt and gold potential, adding further value.
A Proven Track Record of Discovery
Prospect Resources has already demonstrated the growth potential of Mumbezhi through its previous drilling phases.
- Phase One (CY24): This initial drilling program confirmed the significant copper mineralisation at the Nyungu Central deposit. Crucially, it provided strong confidence in the viability of large-scale, open-pit mining operations at Mumbezhi.
- Phase Two (CY25): Following extensive drilling in CY25, the company recently unveiled an updated mineral resource estimate. This latest assessment indicates a substantial resource of 173.8 million tonnes (Mt) grading at 0.44% copper, translating to an impressive 772,000 tonnes of contained copper. This updated estimate further solidifies Mumbezhi’s status as a significant copper asset.
Strong Financial Backing for Exploration
The ambitious exploration and drilling campaign at Mumbezhi is well-funded. In mid-February, Prospect Resources successfully secured binding commitments to raise $45 million. This capital injection was specifically earmarked to support the resource and regional exploration drilling activities. The placement attracted considerable interest from a diverse range of investors, including domestic and offshore institutions, existing shareholders, and new high-quality investors, underscoring the market’s confidence in the project’s prospects.
The company’s share price has reflected this positive momentum, with Prospect Resources (PSC) seeing an increase in early trading.
