By: Creamer media

The resources are spread across the Nyungu Central and Kabikupa deposits.

The MRE includes higher-grade components of 69-million tonnes of copper grading 0.53%, with 43% of these resources being in the indicated category, at Nyungu, and 18-million tonnes of copper grading 0.57% at Kabikupa, of which 100% is classified as inferred resources.

Notably, the gold and cobalt resources on site have not been classified as Joint Ore Reserve Committee-reportable at present, owing to inconsistent assaying of cobalt historically and limited assaying for gold more broadly within the deposits.

Prospect has also not done comprehensive metallurgical testwork to ascertain processing or potential recoveries of cobalt or gold as byproducts to date.

The company confirms that regional exploration upside exists across the Mumbezhi project, particularly on the Nyungu deposit area to the north and south.

Prospect expects the grading of two large-scale mining licences covering the entirety of Mumbezhi within the next few weeks, while a scoping study on the development of the project is on track for completion during the fourth quarter.

Prospect MD and CEO Sam Hosack says the MRE reflects a lot of hard work having been done by the exploration team and helps to de-risk the project for ultimate development.

Hosack confirms the company will start a Phase 2 drill programme in the second quarter to focus on further growth in both the Nyungu and Kabikupa deposits, as well as the broader Mumbezhi tenure.