Prospect Resources (ASX:PSC) said it plans to drill key geochemical and induced polarization anomaly targets across the Nyungu corridor as well as at the Nyungu South and Kabikupa targets at its Mumbezhi copper project in Zambia as part of its phase two drilling program, scheduled to begin in the second quarter, according to a Tuesday Australian bourse filing.
A maiden mineral resource estimate was declared for the project in the March quarter, consisting of 107.2 million tonnes at an average grade of 0.5% copper for 515,000 tonnes total contained copper.
The Mumbezhi environmental and social impact assessment was approved by the Zambia Environmental Management Agency, while two large-scale mining licenses, covering the entirety of the project, were granted on March 31.
The firm said First Quantum will be a cornerstone shareholder in the firm with a 15% stake, and it will assist with future exploration of the project as a key technical partner placement subscription agreement.
Its shares fell 3% in recent trading on Tuesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.