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Prospect Resource’s Mumbezhi in Zambia is WhyAfrica’s Pick Of The Week

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Prospect Resource’s Mumbezhi in Zambia is WhyAfrica’s Pick Of The Week
The project area is surrounded by several world-class copper mines including Sentinel and Kansanshi, operated by First Quantum Minerals, and Lumwana, owned by Barrick Gold. Image credit: Leon Louw for WhyAfrica.

Prospect Resource’s Mumbezhi in Zambia is WhyAfrica’s Pick Of The Week

ASX listed Prospect Resources has acquired an 85% interest in the Mumbezhi copper project in Zambia.

Mumbezhi is situated in the world-class Central African Copperbelt region of north-western Zambia and located on a single large scale exploration licence covering an area of about 356km2.

The area is prospective for large tonnage, low-to-medium grade copper-cobalt deposits.

The project area is surrounded by several world-class copper mines including Sentinel and Kansanshi, operated by First Quantum Minerals, and Lumwana, owned by Barrick Gold.

The area was previously explored by Orpheus Uranium Limited (ORP), another Australian company, for more than 10 years, primarily on the Nyungu deposits.

However, the exploration works also identified substantial further prospectivity across several other defined deposits on the area.

The Mumbezhi tenure had significant drilling completed by ORP, with a combined 50 Reverse Circulation (RC) and diamond drill holes undertaken for approximately 9,330m.

Economic and near-surface drilling intercepts have been returned from the Nyungu deposits from previous work, demonstrating the potential for a low-cost open pit mine development to be delivered from this under-explored copper and cobalt asset.

Ingredients of a world class open pit (Prospect Resource’s Mumbezhi in Zambia is WhyAfrica’s Pick Of The Week)

According to Prospect’s Managing Director and CEO, Sam Hosack, the purchase agreement for Mumbezhi (including the Nyungu deposit), represents a significant milestone, which extends the company’s reach into the battery and electrification mineral sector in Africa.

“The Nyungu deposits have all the potential ingredients of a world-class open pit copper and cobalt mine and processing operation, with regionally favourable metallurgy and significant exploration upside.

“Zambia is also a leading jurisdiction to explore and develop mining operations in sub-Saharan Africa, having a long-standing history in the resources sector, particularly for copper.

“The Project also offers excellent potential to deliver significant new, high-value copper-cobalt discoveries,” says Hosack.

Barrick Gold’s nearby Lumwana Mine contains predominantly fresh copper sulphide mineralisation and is successfully treated through a conventional sulphide flotation plant to produce a saleable copper concentrate.

The mining operation at Lumwana is via a conventional open pit (truck and shovel) operation with reported Mineral Resources of 1.92 billion tonnes grading 0.52% Copper (Cu) for 10 million tonnes of contained Cu.

Defined Ore Reserves at Lumwana are 480 million tonnes at 0.58% Cu containing 2.8 million tonnes of contained Cu for a current 36-year life of mine.

Prospect Resource’s Mumbezhi in Zambia is WhyAfrica’s Pick Of The Week

Prospect Resource’s Mumbezhi in Zambia is WhyAfrica’s Pick Of The Week
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