Prospect Resources (ASX:PSC) has reported steady progress on its Phase 3 exploration programme at the Mumbezhi copper project in Zambia. Field teams are currently active across several fronts, targeting both resource expansion at the flagship Nyungu Central deposit and the evaluation of new regional prospects. The company has completed approximately 20% of its planned diamond drilling and 35% of its aircore programme since operations commenced in May.

"The overall Phase 3 exploration programme is progressing to schedule and budget. Since drilling commenced in May, we have undertaken approximately 20% of the planned diamond component and roughly 35% of the budgeted aircore component." — Sam Hosack, Managing Director and CEO

At Nyungu Central, ten diamond drill holes have been completed, with visual copper mineralisation observed outside the boundaries of the current resource estimate. These rigs are now focusing on shallow extensions at the southern end of the deposit. Meanwhile, aircore drilling west of the West Mwombezhi deposit has yielded positive initial results, identifying two distinct, coherent corridors of copper mineralisation over a 1km strike length. These targets remain untested by previous historical drilling, and the company expects to conduct deeper follow-up diamond drilling to test for continuity during the second half of 2026.

Regional exploration is also moving forward. At the Chipimpa prospect, the company has completed a 33-line kilometre ground-based geophysical survey following encouraging geochemical results from termite hill sampling. This data will guide initial diamond drilling, which is scheduled to start in the third quarter of 2026. Separately, exploratory diamond drilling has begun at the large-scale Sharamba target, with initial holes already intersecting mineralised zones.

Beyond exploration, Prospect is managing its development pipeline by advancing technical work in parallel with field activity. The company is currently working on a Scoping Study for the project, which remains on track for completion between late 2026 and the first quarter of 2027. To support this study, the board has approved a focused drilling programme aimed at upgrading existing Inferred resources to the Indicated category at Nyungu Central.

Read the full announcement: Mumbezhi Phase 3 Programme Update