Prospect Resources (ASX:PSC) received residual assay results from its first phase drilling program at the Mumbezhi project in Zambia, revealing copper sulfide mineralization intercepts over an 820-meter strike in the Kabikupa prospect, according to a Thursday filing with the Australian bourse.
The high-grade copper mineralization footprint, identified a decade ago, has been extended by new results, the filing said. Results from recent and historical drilling include 31.4 meters at 0.60% copper from 118 meters and 29 meters at 0.50% copper from 106 meters, including 8 meters at 0.77% copper from 126 meters.
Kabikupa's initial mineral resource estimate is expected to be completed in the first quarter, with further scout drilling planned for the second phase of the program in the first half of the year, per the filing.
Shares rose 3% in afternoon trade Thursday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.