ORP (ASX) Ann: Zambian project withdrawal completion

Originally posted by littleblackduck: ↑

If only the clown LO had kept the tenements in Zambia and not got into a bun fight.

Prospect pins maiden copper resource on MumbezhiGrade described as matching world-class operating mines in Zambia, Orpheus payment triggeredHaydn BlackThe field team in Zambia | Credits: Prospect11 March 2025Prospect Resources has delivered a maiden resource for its Mumbezhi copper project in northwest Zambia.The resource of 107 million tonnes grading 0.5% for 515,000t of contained copper is limited to the Nyungu Central and Kabikupa deposits, and have been defined after less than 12 months of work by the junior. Managing director Sam Hosack said the grades were equivalent and the deposits geologically similar to operating mines in the surrounding region, including Barrick Gold's Lumwana and First Quantum Minerals' nearby Sentinel and Kansanshi operations.Prospect has also set a new exploration target for Mumbezhi of between 420Mt and 1.05Bt grading 0.4-0.6% of sedimentary-style copper. The target includes the maiden resource.YOU MIGHT ALSO LIKEBougainville Copper talks first Panguna numbers in a decadeProspect raising solid funding for Zambia copper playProspect solves Zambian copper belt brawlThe junior is preparing to kick off a new round of drilling that will target extensions to the known deposits and test new IP anomalies such as Nyungu North, West Mwombezhi, and Nyungu South.The targets sit along the 16km-long Nyungu corridor. Additional drilling is also planned for the Kabikupa deposit to the east.With mining licences expected to be granted in the near future, the company has an eye on the area's development potential with a scoping study due by December.Cobalt and gold are known to exist within the copper deposits, but resources cannot be generated due to inconsistent or limited assays by past owners, and a lack of metallurgical data. Prospect previously announced a cobalt exploration target of 15-20Mt at 0.08-0.15% cobalt.The company's history includes the sale of an 87% interest in the Arcadia lithium project in Zimbabwe to a Chinese buyer in 2022 for net cash proceeds of A$466 million. Most of the proceeds were distributed to shareholders.The company then pivoted to copper, acquiring what had been known as the Lumwana West project.ASX-listed Orpheus Uranium had long owned the project, but became embroiled in an ownership tussle with its local partners in 2021.Prospect acted as a peacemaker, buying an 85% interest for US$5.5 million cash and $1 million in shares from local firm GDC, while Orpheus agreed to take an initial A$1 million in Prospect shares for relinquishing its claim and handing over its legacy data. There remains the potential for other copper-cobalt discoveries that were defined by Orpheus but were not explained with the limited work completed.Canaccord has modelled a possible 23,000tpa copper production scenario for Mumbezhi with a US$300 million capital cost and all-in sustaining costs of $2.69 per pound. Prospect shares were up 5% this morning at A8.9c, capitalising the explorer at $48 million.The stock has traded between 7-21c over the past year.Orpheus shares were steady at 3.3c today, valuing it at $8 million.*Correction: An earlier version of this article said Orpheus would be paid $2.5 million in cash now that a resource exceeding 500,000t had been declared. This is incorrect. The cash payment will only occur when 500,000t are defined above a 0.5% copper cut-off grade — the current resource has been defined at a 0.2% cut-off grade.

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quote; "If only the clown LO had kept the tenements in Zambia and not got into a bun fight."

Who was and still is the clown? LO who enjoyed close to $500k p.a. benefits for years in ARE and now has moved on to IDA, or us shareholders who did not (and still do not) act to stop this!?

Did people put a complaint to ASIC or write to media or letters to politicians? I did and I will be doing it again, closer to election, approaching both state and fed members of Parliament to look into how companies like ORP can carry on like this in the light of day.

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quote; "If only the clown LO had kept the tenements in Zambia...

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