Key Highlights

  • Extensional hole NCDD052 returned 24 metres at 0.78 per cent copper from 276 metres and 20 metres at 0.91 per cent copper from 375 metres.
  • The eastern flank of the Nyungu Central deposit was lightly targeted, and the company says mineralisation remains open in multiple directions.
  • 45 Phase 3 diamond holes totalling 14,128 metres have been completed, with assays pending for 27 holes.
  • A Mumbezhi Scoping Study is on track for release in the first quarter of 2027.

Prospect Resources Limited (ASX:PSC) has reported a high-grade step-out result from its Phase 3 drilling at the Mumbezhi Copper Project in north-west Zambia, where the company holds a 90 per cent interest. The announcement, dated 10 November 2026, highlights an extensional hole drilled outside the existing Mineral Resource on the eastern flank of the Nyungu Central deposit, along with infill results from the same program.

Step-Out Hole Results

Hole NCDD052 returned 24 metres at 0.78 per cent copper from 276 metres and 20 metres at 0.91 per cent copper from 375 metres. The company says the results have significantly increased the potential of a lightly targeted zone and demonstrate continuity of mineralisation. The eastern flank was drilled outside the resource boundary, so the result extends the area of known copper mineralisation in that direction.

The company describes the mineralisation as remaining open in multiple directions, which means the hole has not defined the limits of the zone. Continuity between a single extensional hole and existing drilling is an interpretation that will be tested by further holes.

Infill Results and Drilling Program

Targeted infill drilling at Nyungu Central also returned copper intercepts. Hole NCDD042 returned 37 metres at 0.52 per cent copper from 228 metres, and hole NCDD046 returned 39 metres at 0.64 per cent copper from 127 metres. Hole NCDD044 returned 9.2 metres at 0.81 per cent copper from 467 metres, and hole NCDD043 returned 30 metres at 0.53 per cent copper from 90 metres.

A total of 45 Phase 3 diamond holes has been completed at Nyungu Central, for 14,128 metres. Assays are pending for 12 infill holes and 15 extensional holes. Four diamond rigs are operating on site, two at Nyungu Central and two on regional exploration at the Kamafamba and Chipimpa prospects. The company has re-allocated extensional diamond metres to the current campaign in response to the new hole.

Mumbezhi Scoping Study and Resource Updates

The Mumbezhi Scoping Study is on track for completion and release in the first quarter of 2027. The company says it will be preceded by supporting Mineral Resource updates for Nyungu Central and Kabikupa. Those resource updates will provide the tonnage and grade basis for the study, so their outcome will influence the study's economics.

A scoping study is an early-stage economic assessment, and its results depend on assumptions about metallurgy, mining, processing costs and copper prices. The announcement does not describe those assumptions.

Risks and Matters to Monitor

Several assays are still outstanding, and extensional holes can vary significantly in grade and continuity. Copper prices are volatile, and project Economics in Zambia will depend on infrastructure, power and permitting, which are not discussed in this update. The company's ability to fund the program and study will also be a Factor as drilling continues.

Final Word

Prospect's latest hole adds a higher-grade extension to the eastern Margin of Nyungu Central, widening the area it considers prospective. With 27 holes still awaiting assays, the next updates will show whether the extension continues and whether the planned resource updates reflect the new drilling. Those outcomes will feed into the scoping study expected in early 2027.