Prospect Resources (ASX:PSC) has deployed a diamond drill rig to actively test its large-scale Mumbezhi target area, building on a “substantial” aircore drill run at West Mwombezhi which returned highly anomalous subsurface copper mineralisation at shallow depths over one kilometre of strike.
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During early FY25, the explorer completed comprehensive termite hill geochemical sampling over the West Mwombezhi prospect region.
This exploration generated two “outstanding” north-northeast-trending anomalies.
The Australian microcap then started diamond drilling after confirming that new targets aligned with the well-defined, 1.5-kilometre-long north-northeast copper trend the company had already found earlier.
“These various exploration efforts in firming up this target and ongoing diamond drill testing reflect the significant effort and resources we’ve dedicated to systemically build our geochemical datasets across the broader Mumbezhi area,” Prospect’s “very pleased” chief Sam Hosack declared today.
“It’s [let] us to build confidence in the potential,” he explained. “It’s an exciting milestone to have a diamond drill rig actively testing this large-scale target.”
Prospect investors would be just as pleased – the milestone unveiled by the explorer today means the $143M company now has rigs active across its corridor; assays are pending for West Mwombezhi and Nyungu North and South.
There’s already been a great deal of early hope for how Prospect’s hunt continues, with the company now up over +125% YTD, and with plenty more to come release-wise, it’s no surprise there’s an eager air building.
Prospect’s doing enough to keep it going, too: “We expect a busy quarter of results,” Mr Hosack pledged today.
PSC last traded at 20.5cps today.
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