AI assistant
PROSPECT RESOURCES LIMITED Capital/Financing Update 2024
65617_rns_2024-11-03_a5ddfa3c-ecc4-4816-8d30-2db5aa708e6f.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX.PSC FRA.5E8
ASX ANNOUNCEMENT 4 November 2024
Substantial extensions of Nyungu Central Deposit at Mumbezhi Copper Project
HIGHLIGHTS:
- Phase 1 diamond drilling continues to produce wide, high-tenor intersections of significant copper mineralisation at the key Nyungu Central deposit.
- New intersections from the current drilling include:
- 36.1m @ 0.95% Cu from 381.0m and 17.0m @ 0.88% Cu from 59.0m (NCRD004R)
- 35.0m @ 0.84% Cu from 60.0m (NCRD006)
- 31.2m @ 0.60% Cu from 177.0m and 23.0m @ 0.78% Cu from 71.0m (NCRD007)
- 26.0m @ 0.53% Cu from 177.0m (NCRD005)
- The results demonstrate a large down dip extension to sulphide mineralisation at Nyungu Central, and importantly increase the deposit's strike length plunging north.
- Widths and copper grades from maiden Prospect drilling to date have strongly validated and extended the historical Mumbezhi data sets, further increasing confidence in overall prospectivity to significantly grow the Nyungu deposits.
- Four drill rigs currently operating on site, accelerating and expanding Phase 1 drilling for the remainder of 2024, in-line with plans outlined with recent equity raising.
- Ground-based geophysical Induced Polarisation (IP) surveys nearing completion over five prospective regional targets, with drilling already underway at Kabikupa prospect.
- Pipeline of Phase 1 drill programme assays expected well into Q1 2025.
- Initial Mineral Resource estimate declaration for Nyungu deposits on track for Q1 2025.
- Broader development activity workstreams in progress ahead of planned Mining Licence application submission later this year.
Prospect's Managing Director and CEO, Sam Hosack, commented:
"We have very high conviction on this asset as having potential to be of large scale and recent drilling has led to an exciting reinterpretation of the geological model as one showing a series of stacked tabular zones of mineralisation and more typical of projects in the Zambian Copper Belt. Importantly, recent results also confirm a significant broadening of the Nyungu Central deposit, including potential for significant further strike, plunge and dip extensions. The stacked lodes of Nyungu Central remain wide open in multiple directions and are currently only limited by the drilling conducted to date.
"Regionally, the IP work we have undertaken is also starting to demonstrate what is on offer across the broader Mumbezhi tenure. As previously highlighted, we are particularly excited about the Kabikupa prospect, and this is even more so following some of the recent interpretive work done on IP data we collected there. We are delighted to have recently commenced drilling at Kabikupa.
"I am pleased to say that we remain firmly on track in terms of the acceleration of our Phase 1 drilling activities and the targeted publication of our maiden Mineral Resource estimate for the
Nyungu deposits in Q1 2025. This declaration will represent a key marker in terms of demonstrating the initial copper endowment at Mumbezhi, and the development opportunity this affords Prospect.
"It is important to also note that our longer-term exploration journey at Mumbezhi remains backed by a review of all historical exploration activity and data, that shows the full potential of this flagship asset extends far beyond what we initially demonstrate at the Nyungu deposits. The Company remains well funded, holding A$12.8m in cash at 30 September 2024."
Mumbezhi Phase 1 drilling progress
Prospect Resources Limited (ASX:PSC) (Prospect or the Company) advises of further excellent assay results from its Phase 1 drilling programme (in progress) at the Mumbezhi Copper Project (85% Prospect) (Mumbezhi).
Mumbezhi is situated in the world-class Central African Copperbelt region of north-western Zambia (refer Figure 1) and located on a single Large Scale Exploration Licence (30426-HQ-LEL), covering an area of approximately 356 km2 . Several major mines lie proximate to Mumbezhi and are hosted in very similar geological settings, including the Lumwana Copper Mine, operated by Barrick Gold, centred approximately 40km to the northeast (refer Figure 2).
Figure 1. Location Map for Mumbezhi Copper Project in Zambia
The Phase 1 programme (approx. 8,500m drilling) is aimed at extending the mineralised footprint for the key Nyungu Central deposit, along strike, down dip and down plunge of the historically
defined, sedimentary-hosted copper mineralisation. The programme is progressing well, with four diamond drill rigs currently on site.
The new assays returned from Phase 1 are strongly positive, further validating the growth potential of the significant endowment of copper mineralisation at Nyungu Central. They also deliver further confidence in the potential for Mumbezhi to develop into a high-calibre discovery capable of underwriting a large-scale, open pit mining operation in an attractive, mining-friendly African jurisdiction.
As a function of the initial encouraging results reported in early September, Prospect accelerated and expanded the Phase 1 programme via the mobilisation of an additional two diamond drill rigs to ensure additional drill coverage is achieved ahead of the estimation of a maiden JORCreportable copper Mineral Resource estimate for Nyungu Central in Q1 2025.
Figure 2. Mumbezhi Copper Project and surrounds in north-western Zambia
Phase 1 drilling further extends copper mineralisation
Prospect's Phase 1 drilling programme commenced at Mumbezhi in July 2024, with 34 mixed RC and diamond drill holes for a total of 5,797.3 metres having been completed as at 29 October 2024. There are currently four diamond drill rigs on site completing an extended Phase 1 programme of 8,500 metres, primarily targeting the Nyungu Central deposit. These holes are shown in green in Figure 3.
Drill assay results are reported in this release for a number of new diamond holes and all RC precollars since the Company's previous ASX release for the Mumbezhi Project on 9 September 2024. Drill collar locations and hole data are tabulated in Appendix 1.
A full set of significant new copper drilling intersections returned from Prospect's Phase 1 programme holes and described in this release, are tabulated in Appendix 2.
Figure 3. Nyungu Central drill hole collar plan showing Phase 1 drill holes (green), historical holes (yellow) and drilling sections described in this release (dashed blue lines)
Drill holes NCRD004R and NCRD007 on drilling cross section 8630200mN returned exceptional intersections at depth and have extended the copper sulphide mineralisation down dip and more importantly, extended the strike beyond 250m on the lower zone opening up the northern corridor in this part of the deposit to potentially delineate substantial new volumes (see Figures 4-5).
Newly returned drilling intercepts include:
- 36.1m @ 0.95% Cu from 381.0m (NCRD004R)
- 31.2m @ 0.60% Cu from 177.0m and 23m @ 0.78% Cu from 71.0m (NCRD007)
Figure 4. Drilling cross section at 8630200mN
What is emerging from the programme at Nyungu Central as more technical data comes to hand from Prospect's ongoing targeted deeper drilling, is a geology model less influenced by a traditional structural folding, to more thickened tabular thrust sheets of repeatable copper-bearing horizons with significant extent down plunge and trending shallowly to the north(west) (see long section in Figure 5).
The new model has led to a re-evaluation of historical drilling, which had relied solely on interpreted fold closures up dip to the east and did not test continuity of the thrusted sheets now being predictively observed to the west.
Consequently, Prospect will re-enter a number of historical drill holes (e.g. NYDD054 in Figure 4), which was originally terminated at 171.0m and will be extended to capture the interpreted position of the defined copper mineralisation up dip.
Additionally, as the drilling has expanded at Mumbezhi, it has become apparent that copper mineralisation is more prevalent at Nyungu Central than originally modelled for the oxidised and transitional materials.
This is thought to be due to supergene processes of formation, with 17.0m @ 0.88% Cu from 59.0m being returned from the RC pre-collar for NCRD004R, extending the horizontal interpretation of that mineralisation an additional 130m laterally to the west.
Figure 5. Long Sectional Projection for Nyungu Central looking East in northern corridor
Drill hole NCRD005 was completed on drilling section 8630500mN, which is the northernmost position targeted by Prospect at Nyungu Central to date. Results were impressive with 26m @ 0.53% Cu being returned from 177m downhole and opening the deposit position up dip to the east, based on the new geological interpretation of flat-lying and extensive thrust sheeting as the main structural mechanism controlling emplacement of mineralisation (see Figure 6).
Note also that the existing RC pre-collar NCRD023, which was drilled to 75m will also be extended to at least 350m by a diamond drilling tail later this month, which will test strike and down plunge extensions 100-150m northwest of the historical hole NYDD062 and recent Prospect drill hole NCDD004, reported previously by the Company on 17 June 2024 and 9 September 2024, respectively.
These holes returned:
- NYDD054 32m @ 0.87% Cu from 353m; and
- NCDD004 64.3m @ 0.53% Cu from 241.7m
The identification of significant new positions of copper mineralisation within the NCRD023 tail has the potential to significantly increase the mineralised footprint and tonnage volumes at Nyungu Central at the northern end of the deposit, which has been sparsely drill tested in the past (see Figure 5 above).
Figure 6. Drilling cross section at 8630500mN
Another interesting and informative result was returned recently from the RC pre-collar drill hole NCRD006 (Figure 7 below), targeting up dip positions of the historical hole NYRD046 (see Prospect ASX Announcement 17 June 2024), and returned:
- 35.0m @ 0.84% Cu from 60.0m; and
- 11.0m @ 0.43% Cu from 31.0m
These intersections are contained within the oxide and transitional zones and have extended the copper mineralisation near surface and again support the geological model of a thrusted sheet emplacement, rather than a fold closure in that region of the deposit.
Figure 7. Drilling cross section at 8630100mN
Geophysical IP surveys
In addition to the comprehensive drilling programme underway at Nyungu Central, ground-based Induced Polarisation (IP) geophysical surveys are well underway on site and cover five regional prospect areas outside the main Nyungu series of deposits (see Figure 8).
A number of those prospects were drilled lightly in the mid-2010s as exploration targets. These include the high-quality Kabikupa Prospect, which returned significant widths of shallow copper mineralisation including 39m @ 0.61% Cu from 81m, including 17.4m @ 1.18% Cu from 102.6m (drill hole KBDD001; refer Argonaut Resources NL ASX release dated 19 December 2014).
The detailed IP surveys are being run on 200m-spaced gridlines and will be infilled where needed, for further detailed definition of electrically conductive sub-surface rock materials, particularly the delineation of sulphide minerals in the form of copper species.
Geophysical processing and interpretation of the Kabikupa survey is complete and the work has identified a strong chargeable subsurface IP anomaly covering approximately 1.5 km of northwestsoutheast strike (see Figure 9). The anomaly aligns well with historical soil sampling completed by the previous operator, Argonaut Resources NL, which was reported in ASX Announcements dated 21 May 2015 and 16 September 2015.
The use of ground IP surveying in the district has proven highly effective, with Equinox Resources completing a similar geophysical survey over the undrilled Kanga prospect area in 2006, south of the significant Malundwe copper resource.
The work identified that Kanga was a down plunge extension of the Malundwe deposit and produced an impressive 2km-long, chargeable IP anomaly starting about 300m south of that resource. Subsequent drilling confirmed Kanga to be a major extension to the initial defined deposit.1
Prospect's exploratory field programmes are also being supported by the use of termite mound sampling techniques (commonly used in the African Copper Belt), where IP anomalies otherwise show weak or diffuse correlation with the existing surface soil geochemical sampling. Encouraging results from termite mound sampling were returned at Kabikupa, producing values peaking at 1367ppm copper (see Figures 9-10). All results from this field sampling work are tabulated in Appendix 3.
Based on the positive outcome of the IP survey at Kabikupa, the Company has designed a short diamond drilling programme of five (5) holes for ~1,000 metres, which will be completed as part of the expanded Phase 1 drilling programme at Mumbezhi. Drilling has already commenced (proposed drill locations are shown in Figure 11), with holes to be drilled to the southwest, perpendicular to the interpreted strike.
Results of the Kabikupa drilling should be available in December 2024.
Figure 8: Mumbezhi exploration licence showing grid locations of IP surveys
1 Source: Technical Report on the Lumwana Mine, North-Western Province, Republic of Zambia, Barrick Gold Corporation, Report for NI 43-101, March 27, 2014.
Figure 9: Strong Chargeable IP anomaly at Kabikupa supported by surface geochemistry
Prospect also plans to undertake regional geochemical surveys in other areas of the Mumbezhi licence with no present areal coverage (about 15% of the tenement) – particularly the prospective southern dome contact in the southeastern corner of the licence.
Figure 10: Termite mound geochemical sampling underway at the Kabikupa Prospect
Figure 11: Proposed diamond holes at Kabikupa (A-E) supported historical drilling
Next steps and ongoing workstreams
Prospect will continue its Phase 1 drilling programmes at Nyungu Central and Kabikupa up to the stage where seasonal rains in northern Zambia make it impossible or unsafe to continue.
There is expected to be a back log of drill core for logging, sampling and dispatch heading into the wet season and hence, there is expected to be a considerable ongoing flow of new assay results and drilling intersections from Mumbezhi through the remainder of the December 2024 quarter and into the March 2025 quarter.
The Company is scheduled to publish a maiden JORC-reportable copper Mineral Resource estimate for the Nyungu deposits during Q1 2025. Development activity workstreams also continue on many fronts to enable the submission of an application for a Large Scale Mining License (LML) over the entirety of the Mumbezhi Project tenement later this year.
Prospect has recently received a detailed draft ESIA Report from MVC Consultants based in Lukasa and this work is expected to strongly support the Company's application for an LML.
The exploratory programmes of ground-based, geophysical IP surveys continue on site and are nearly completed for the five regional prospects being targeted, including Kabikupa, where drilling commenced in early October to follow-up the initial strong geophysical and geochemical anomalies defined there.
Interpretation for the remaining four IP grids is ongoing and suitable regional drilling targets will be prioritised for proposed Stage 2 programmes during the dry season in 2025.
Construction of the dedicated Mumbezhi Project core yard logging and processing facility is ongoing and advancing at site (see Figure 12 below).
Recent drilling results from Nyungu Central have strongly endorsed the potential to grow the Mumbezhi Project into an advanced copper asset, with the latent value becoming clearer based on the new geological interpretation generated by the site team.
This work indicates that the deposit that is open both up dip and down dip of the thrusted mineralised sheets containing wide intersections of medium- to higher-grade copper mineralisation and interpreted to strike and plunge shallowly to the northwest, where historical drilling is relatively sparse and too shallow to test continuity (see Figures 3 and 5).
Regionally, the geophysical interpretation of the IP survey work, and subsequent geochemical sampling at Kabikupa, proved up a coherent area some 1.5km long, which was a clear walk-up target for Prospect and is presently being drilled.
This relatively inexpensive mineral exploration technique allows large subsurface regions of Mumbezhi Project geology to be surveyed quite quickly and hence, allow the Company to prioritise its future drilling programmes, outside of the key baseload of copper mineralisation being presented at the Nyungu Central deposit.
Figure 12: Construction of the Mumbezhi Coreyard is well underway with foundations established and concrete flooring being poured
This release was authorised by Sam Hosack, CEO and Managing Director.
For further information, please contact:
Sam Hosack Managing Director [email protected] Ian Goldberg Executive Director - Financial [email protected]
About Prospect Resources Limited (ASX: PSC, FRA:5E8)
Prospect Resources Limited (ASX: PSC, FRA:5E8) is an ASX listed company focused on the exploration and development of mining projects, specifically battery and electrification metals, in Zimbabwe and Zambia and the broader sub-Saharan African region.
About Copper
Copper is a red-orange coloured metallic element in its pure form and is highly conductive to heat and electricity and is physically soft and malleable. Copper has been used for various purposes dating back at least 10,000 years. Today, it is mostly used by the electrical industry to make wires, cables, and other electronic components and is the key component. The metal is widely seen as a green-energy transition material, in part because of the wiring needed for electric cars. EVs can use as much as 80kg of copper, four times the amount typically used in combustion engine vehicles. It is also used as a building material or can be melted with other metals to make coins and jewellery.
Competent Persons Statement
The information in this announcement that relates to Exploration Targets and Exploration Results, is based on information compiled by Mr Roger Tyler, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy and The South African Institute of Mining and Metallurgy. Mr Tyler is the Company's Chief Geologist. Mr Tyler has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person (CP) as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Tyler consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Prospect confirms it is not aware of any new information or data which materially affects the information included in the original market announcements. Prospect confirms the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Caution Regarding Forward-Looking Information
This announcement may contain some references to forecasts, estimates, assumptions, and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are in Australian currency, unless otherwise stated. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.
APPENDIX 1: Drill collar locations and drill hole details for the Mumbezhi Project (Datum is UTM_WGS84_35S**)**
| Hole_ID | Drill Type | Deposit | DH_East | DH_North | DH_RL | Datum | DH_Dip | DH_Azimuth DH_Depth | |
|---|---|---|---|---|---|---|---|---|---|
| NCDD005 | DD | Nyungu Central | 339141 | 8629594 | 1307 | UTM_WGS84_35S | -70 | 90 | 177.00 |
| NCDD006 | DD | Nyungu Central | 339245 | 8629597 | 1305 | UTM_WGS84_35S | -70 | 90 | 188.00 |
| NCDD007 | DD | Nyungu Central | 338976 | 8630274 | 1319 | UTM_WGS84_35S | -70 | 90 | 395.00 |
| NCMT001 | DD | Nyungu Central | 339098 | 8629969 | 1312 | UTM_WGS84_35S | -90 | 0 | 205.50 |
| NCRD001 | RCD | Nyungu Central | 339299 | 8630197 | 1309 | UTM_WGS84_35S | -70 | 90 | 250.40 |
| NCRD002 | RCD | Nyungu Central | 339340 | 8629898 | 1305 | UTM_WGS84_35S | -70 | 90 | 180.50 |
| NCRD003 | RCD | Nyungu Central | 339268 | 8630396 | 1312 | UTM_WGS84_35S | -70 | 90 | 234.10 |
| NCRD004A* | RC | Nyungu Central | 338966 | 8630197 | 1318 | UTM_WGS84_35S | -70 | 90 | 73.10 |
| NCRD004R | RCD | Nyungu Central | 338960 | 8630197 | 1318 | UTM_WGS84_35S | -70 | 90 | 431.00 |
| NCRD005 | RCD | Nyungu Central | 339123 | 8630502 | 1318 | UTM_WGS84_35S | -70 | 90 | 236.00 |
| NCRD006 | RC | Nyungu Central | 339221 | 8630098 | 1310 | UTM_WGS84_35S | -70 | 90 | 100.00 |
| NCRD007 | RCD | Nyungu Central | 339049 | 8630197 | 1316 | UTM_WGS84_35S | -70 | 90 | 385.60 |
| NCRD008 | RCD | Nyungu Central | 339219 | 8630049 | 1310 | UTM_WGS84_35S | -70 | 90 | 183.00 |
| NCRD009 | RC | Nyungu Central | 338950 | 8630096 | 1317 | UTM_WGS84_35S | -70 | 90 | 84.00 |
| NCRD010 | RCD | Nyungu Central | 339000 | 8630146 | 1317 | UTM_WGS84_35S | -70 | 90 | 450.10 |
| NCRD011 | RCD | Nyungu Central | 339296 | 8629748 | 1305 | UTM_WGS84_35S | -70 | 90 | 180.00 |
| NCRD012 | RCD | Nyungu Central | 339251 | 8630246 | 1311 | UTM_WGS84_35S | -70 | 90 | 151.00 |
| NCRD013 | RC | Nyungu Central | 339298 | 8630253 | 1309 | UTM_WGS84_35S | -70 | 90 | 38.00 |
| NCRD014 | RC | Nyungu Central | 338898 | 8629745 | 1313 | UTM_WGS84_35S | -70 | 90 | 69.00 |
| NCRD015 | RC | Nyungu Central | 338799 | 8629747 | 1315 | UTM_WGS84_35S | -70 | 90 | 55.00 |
| NCRD016 | RC | Nyungu Central | 339099 | 8629594 | 1308 | UTM_WGS84_35S | -70 | 90 | 80.00 |
| NCRD017A | RC | Nyungu Central | 339144 | 8629594 | 1307 | UTM_WGS84_35S | -70 | 90 | 55.00 |
| NCRD018 | RC | Nyungu Central | 339203 | 8629596 | 1306 | UTM_WGS84_35S | -70 | 90 | 81.00 |
| NCRD019A | RC | Nyungu Central | 339245 | 8629597 | 1305 | UTM_WGS84_35S | -70 | 90 | 48.00 |
| NCRD019R | RC | Nyungu Central | 339256 | 8629598 | 1305 | UTM_WGS84_35S | -70 | 90 | 20.00 |
| NCRD020 | RC | Nyungu Central | 339300 | 8629597 | 1304 | UTM_WGS84_35S | -70 | 90 | 73.00 |
| NCRD021 | RC | Nyungu Central | 339241 | 8629949 | 1309 | UTM_WGS84_35S | -70 | 90 | 81.00 |
| NCRD022 | RCD | Nyungu Central | 339218 | 8629975 | 1310 | UTM_WGS84_35S | -70 | 90 | 183.00 |
| NCRD023 | RC | Nyungu Central | 338920 | 8630496 | 1323 | UTM_WGS84_35S | -70 | 90 | 75.00 |
| NCRD024 | RC | Nyungu Central | 339304 | 8630297 | 1310 | UTM_WGS84_35S | -70 | 90 | 57.00 |
| NCRD025 | RC | Nyungu Central | 339200 | 8630277 | 1313 | UTM_WGS84_35S | -70 | 90 | 97.00 |
| NCRD026 | RCD | Nyungu Central | 338817 | 8630445 | 1325 | UTM_WGS84_35S | -70 | 90 | 476.00 |
| NCRD027 | RC | Nyungu Central | 338997 | 8630050 | 1315 | UTM_WGS84_35S | -70 | 90 | 106.00 |
| NYDD054** | DD | Nyungu Central | 339146 | 8630192 | 1314 | UTM_WGS84_35S | -65 | 90 | 299.00 |
* Abandoned
** Re-Entry
APPENDIX 2: Significant drill hole intersections for the Mumbezhi Copper Project
| Hole ID | Deposit | From (m) | To (m) | Width (m) | Cu% | |
|---|---|---|---|---|---|---|
| NCRD001 | Nyungu Central | 69.00 | 71.00 | 2.00 | 0.85 | |
| NCRD002 | Nyungu Central | 36.00 | 41.00 | 5.00 | 0.53 | |
| NCRD003 | Nyungu Central | 65.00 | 68.00 | 3.00 | 0.66 | |
| and | 83.00 | 85.00 | 2.00 | 0.51 | ||
| and | 92.00 | 94.00 | 2.00 | 0.64 | ||
| and | 98.61 | 106.00 | 7.39 | 0.97 | ||
| and | 131.60 | 134.00 | 2.40 | 0.74 | ||
| and | 142.43 | 144.30 | 1.87 | 0.91 | ||
| NCRD004A* | Nyungu Central | 61.00 | 72.00 | 11.00 | 0.47 | |
| NCRD004R | Nyungu Central | 59.00 | 76.00 | 17.00 | 0.88 | |
| and | 358.00 | 364.00 | 6.00 | 0.51 | ||
| and | 381.00 | 417.12 | 36.12 | 0.95 | ||
| NCRD005 | Nyungu Central | 66.00 | 69.00 | 3.00 | 0.53 | |
| and | 133.00 | 135.55 | 2.55 | 0.74 | ||
| and | 165.00 | 167.00 | 2.00 | 0.59 | ||
| and | 177.00 | 203.00 | 26.00 | 0.53 | ||
| NCRD006 | Nyungu Central | 31.00 | 42.00 | 11.00 | 0.43 | |
| and | 60.00 | 95.00 | 35.00 | 0.84 |
| Hole ID | Deposit | From (m) | To (m) | Width (m) | Cu% | |
|---|---|---|---|---|---|---|
| NCRD007 | Nyungu Central | 26.00 | 28.00 | 2.00 | 0.81 | |
| and | 46.00 | 59.00 | 13.00 | 0.59 | ||
| and | 71.00 | 94.00 | 23.00 | 0.78 | ||
| and | 111.45 | 121.60 | 10.15 | 0.48 | ||
| and | 177.00 | 208.17 | 31.17 | 0.60 | ||
| and | 220.50 | 229.96 | 9.46 | 0.61 | ||
| and | 293.65 | 296.00 | 2.35 | 0.62 | ||
| NCRD008 | Nyungu Central | 54.00 | 76.00 | 22.00 | 0.47 | |
| NCRD009 | Nyungu Central | 48.00 | 50.00 | 2.00 | 0.47 | |
| NCRD010 | Nyungu Central | 29.00 | 32.00 | 3.00 | 0.43 | |
| NCRD011 | Nyungu Central | 17.00 | 21.00 | 4.00 | 0.44 | |
| NCRD012 | Nyungu Central | 61.00 | 66.00 | 5.00 | 0.49 | |
| and | 85.00 | 90.08 | 5.08 | 0.55 | ||
| and | 94.84 | 103.10 | 8.26 | 0.55 | ||
| NCRD016 | 65.00 | 67.00 | 2.00 | 0.49 | ||
| NCRD018 | Nyungu Central | 22.00 | 35.00 | 13.00 | 0.49 | |
| NCRD019 | Nyungu Central | 18.00 | 23.00 | 5.00 | 0.38 | |
| NCRD020 | Nyungu Central | 70.00 | 72.00 | 2.00 | 0.68 | |
| NCRD021 | Nyungu Central | 31.00 | 34.00 | 3.00 | 0.38 | |
| and | 38.00 | 41.00 | 3.00 | 0.36 | ||
| and | 46.00 | 65.00 | 19.00 | 0.46 | ||
| and | 72.00 | 76.00 | 4.00 | 0.40 | ||
| NCRD022 | Nyungu Central | 53.00 | 58.00 | 5.00 | 0.40 | |
| and | 64.00 | 70.00 | 6.00 | 0.60 | ||
| NCRD024 | Nyungu Central | 34.00 | 52.00 | 18.00 | 0.50 | |
| incl. | 34.00 | 42.00 | 8.00 | 0.89 | ||
| NCRD027 | Nyungu Central | 25.00 | 34.00 | 9.00 | 0.57 |
* Abandoned
APPENDIX 3: Geochemical Data from Termite Hill Sampling undertaken at the Kabikupa Prospect – Mumbezhi Copper Project (Datum is UTM_WGS84_35S**)**
| Sample_ID | Prospect | Easting | Northing | Datum | Cu_ppm XRF |
|---|---|---|---|---|---|
| CK001 | Kabikupa | 347322 | 8635844 | UTM_WGS84_35S | 188 |
| CK002 | Kabikupa | 347358 | 8635866 | UTM_WGS84_35S | 100 |
| CK003 | Kabikupa | 347336 | 8635909 | UTM_WGS84_35S | 59 |
| CK004 | Kabikupa | 347381 | 8635967 | UTM_WGS84_35S | 24 |
| CK005 | Kabikupa | 347435 | 8635993 | UTM_WGS84_35S | 58 |
| CK006 | Kabikupa | 347462 | 8635944 | UTM_WGS84_35S | 108 |
| CK007 | Kabikupa | 347497 | 8635980 | UTM_WGS84_35S | 74 |
| CK008 | Kabikupa | 347495 | 8636045 | UTM_WGS84_35S | 21 |
| CK009 | Kabikupa | 347551 | 8636052 | UTM_WGS84_35S | 0 |
| CK010 | Kabikupa | 347569 | 8636057 | UTM_WGS84_35S | 0 |
| CK011 | Kabikupa | 347483 | 8636101 | UTM_WGS84_35S | 22 |
| CK012 | Kabikupa | 347534 | 8636142 | UTM_WGS84_35S | 0 |
| CK013 | Kabikupa | 347474 | 8636147 | UTM_WGS84_35S | 15 |
| CK014 | Kabikupa | 347495 | 8636176 | UTM_WGS84_35S | 20 |
| CK015 | Kabikupa | 347469 | 8636189 | UTM_WGS84_35S | 0 |
| CK016 | Kabikupa | 347418 | 8636223 | UTM_WGS84_35S | 0 |
| CK017 | Kabikupa | 347457 | 8636253 | UTM_WGS84_35S | 21 |
| CK018 | Kabikupa | 347522 | 8636236 | UTM_WGS84_35S | 19 |
| CK019 | Kabikupa | 347616 | 8636245 | UTM_WGS84_35S | 24 |
| CK020 | Kabikupa | 347641 | 8636216 | UTM_WGS84_35S | 20 |
| CK021 | Kabikupa | 347609 | 8636188 | UTM_WGS84_35S | 23 |
| CK022 | Kabikupa | 347542 | 8635928 | UTM_WGS84_35S | 0 |
| CK023 | Kabikupa | 347591 | 8635890 | UTM_WGS84_35S | 0 |
| CK024 | Kabikupa | 347565 | 8635961 | UTM_WGS84_35S | 18 |
| CK025 | Kabikupa | 347613 | 8636018 | UTM_WGS84_35S | 16 |
| CK026 | Kabikupa | 347622 | 8635947 | UTM_WGS84_35S | 0 |
| CK027 | Kabikupa | 347723 | 8635914 | UTM_WGS84_35S | 0 |
| CK028 | Kabikupa | 347766 | 8635865 | UTM_WGS84_35S | 27 |
| CK029 | Kabikupa | 347849 | 8635856 | UTM_WGS84_35S | 21 |
| CK030 | Kabikupa | 347901 | 8635877 | UTM_WGS84_35S | 22 |
| CK031 | Kabikupa | 347923 | 8635933 | UTM_WGS84_35S | 20 |
| CK032 | Kabikupa | 347938 | 8635854 | UTM_WGS84_35S | 18 |
| CK033 | Kabikupa | 347945 | 8635810 | UTM_WGS84_35S | 18 |
| CK034 | Kabikupa | 347998 | 8635759 | UTM_WGS84_35S | 22 |
| CK035 | Kabikupa | 348020 | 8635789 | UTM_WGS84_35S | 18 |
| CK036 | Kabikupa | 348078 | 8635759 | UTM_WGS84_35S | 0 |
| CK037 | Kabikupa | 348092 | 8635776 | UTM_WGS84_35S | 14 |
| CK038 | Kabikupa | 348141 | 8635712 | UTM_WGS84_35S | 26 |
| CK039 | Kabikupa | 347983 | 8635738 | UTM_WGS84_35S | 24 |
| CK040 | Kabikupa | 347954 | 8635705 | UTM_WGS84_35S | 33 |
| CK041 | Kabikupa | 347886 | 8635703 | UTM_WGS84_35S | 44 |
| CK042 | Kabikupa | 347910 | 8635771 | UTM_WGS84_35S | 24 |
| CK043 | Kabikupa | 347859 | 8635778 | UTM_WGS84_35S | 20 |
| CK044 | Kabikupa | 347807 | 8635764 | UTM_WGS84_35S | 24 |
| CK045 | Kabikupa | 347788 | 8635801 | UTM_WGS84_35S | 15 |
| CK046 | Kabikupa | 347715 | 8635782 | UTM_WGS84_35S | 20 |
| CK047 | Kabikupa | 347738 | 8635835 | UTM_WGS84_35S | 17 |
| CK048 | Kabikupa | 347643 | 8635826 | UTM_WGS84_35S | 20 |
| CK049 | Kabikupa | 347596 | 8635811 | UTM_WGS84_35S | 19 |
| CK050 | Kabikupa | 347605 | 8635875 | UTM_WGS84_35S | 0 |
| CK051 | Kabikupa | 347572 | 8635828 | UTM_WGS84_35S | 23 |
| CK052 | Kabikupa | 347537 | 8635922 | UTM_WGS84_35S | 20 |
| CK053 | Kabikupa | 347501 | 8635878 | UTM_WGS84_35S | 27 |
| CK054 | Kabikupa | 347448 | 8635905 | UTM_WGS84_35S | 60 |
| CK055 | Kabikupa | 348674 | 8635480 | UTM_WGS84_35S | 57 |
| CK056 | Kabikupa | 348706 | 8635436 | UTM_WGS84_35S | 210 |
| Sample_ID | Prospect | Easting | Northing | Datum | Cu_ppm XRF |
|---|---|---|---|---|---|
| CK057 | Kabikupa | 348768 | 8635462 | UTM_WGS84_35S | 191 |
| CK058 | Kabikupa | 348758 | 8635397 | UTM_WGS84_35S | 178 |
| CK059 | Kabikupa | 348869 | 8635373 | UTM_WGS84_35S | 288 |
| CK060 | Kabikupa | 348859 | 8635344 | UTM_WGS84_35S | 133 |
| CK061 | Kabikupa | 348962 | 8635320 | UTM_WGS84_35S | 215 |
| CK062 | Kabikupa | 348921 | 8635280 | UTM_WGS84_35S | 134 |
| CK063 | Kabikupa | 348980 | 8635259 | UTM_WGS84_35S | 222 |
| CK064 | Kabikupa | 348993 | 8635223 | UTM_WGS84_35S | 210 |
| CK065 | Kabikupa | 349017 | 8635262 | UTM_WGS84_35S | 314 |
| CK066 | Kabikupa | 349020 | 8635206 | UTM_WGS84_35S | 272 |
| CK067 | Kabikupa | 349198 | 8635160 | UTM_WGS84_35S | 448 |
| CK068 | Kabikupa | 349195 | 8635114 | UTM_WGS84_35S | 327 |
| CK069 | Kabikupa | 349285 | 8635145 | UTM_WGS84_35S | 246 |
| CK070 | Kabikupa | 349282 | 8635085 | UTM_WGS84_35S | 183 |
| CK071 | Kabikupa | 349322 | 8635133 | UTM_WGS84_35S | 146 |
| CK072 | Kabikupa | 349362 | 8635092 | UTM_WGS84_35S | 73 |
| CK073 | Kabikupa | 349412 | 8635126 | UTM_WGS84_35S | 98 |
| CK074 | Kabikupa | 349447 | 8635068 | UTM_WGS84_35S | 67 |
| CK075 | Kabikupa | 349495 | 8635090 | UTM_WGS84_35S | 70 |
| CK076 | Kabikupa | 349513 | 8635031 | UTM_WGS84_35S | 52 |
| CK077 | Kabikupa | 349591 | 8635070 | UTM_WGS84_35S | 77 |
| CK078 | Kabikupa | 349563 | 8635021 | UTM_WGS84_35S | 77 |
| CK079 | Kabikupa | 349572 | 8635042 | UTM_WGS84_35S | 74 |
| CK080 | Kabikupa | 349627 | 8635028 | UTM_WGS84_35S | 74 |
| CK081 | Kabikupa | 349688 | 8635023 | UTM_WGS84_35S | 107 |
| CK082 | Kabikupa | 349687 | 8634966 | UTM_WGS84_35S | 80 |
| CK083 | Kabikupa | 349527 | 8634884 | UTM_WGS84_35S | 112 |
| CK084 | Kabikupa | 349514 | 8634837 | UTM_WGS84_35S | 113 |
| CK085 | Kabikupa | 349440 | 8634904 | UTM_WGS84_35S | 69 |
| CK086 | Kabikupa | 349411 | 8634837 | UTM_WGS84_35S | 81 |
| CK087 | Kabikupa | 349387 | 8634901 | UTM_WGS84_35S | 69 |
| CK088 | Kabikupa | 349351 | 8634868 | UTM_WGS84_35S | 62 |
| CK089 | Kabikupa | 349307 | 8634964 | UTM_WGS84_35S | 73 |
| CK090 | Kabikupa | 349127 | 8634972 | UTM_WGS84_35S | 64 |
| CK091 | Kabikupa | 349140 | 8635034 | UTM_WGS84_35S | 97 |
| CK092 | Kabikupa | 349062 | 8635073 | UTM_WGS84_35S | 239 |
| CK093 | Kabikupa | 349069 | 8635122 | UTM_WGS84_35S | 392 |
| CK094 | Kabikupa | 349013 | 8635143 | UTM_WGS84_35S | 293 |
| CK095 | Kabikupa | 348925 | 8635212 | UTM_WGS84_35S | 254 |
| CK096 | Kabikupa | 348955 | 8635145 | UTM_WGS84_35S | 207 |
| CK097 | Kabikupa | 348812 | 8635302 | UTM_WGS84_35S | 236 |
| CK098 | Kabikupa | 348872 | 8635262 | UTM_WGS84_35S | 210 |
| CK099 | Kabikupa | 348742 | 8635312 | UTM_WGS84_35S | 210 |
| CK100 | Kabikupa | 348784 | 8635346 | UTM_WGS84_35S | 211 |
| CK101 | Kabikupa | 348711 | 8635344 | UTM_WGS84_35S | 261 |
| CK102 | Kabikupa | 349496 | 8634982 | UTM_WGS84_35S | 54 |
| CK103 | Kabikupa | 349370 | 8635023 | UTM_WGS84_35S | 74 |
| CK104 | Kabikupa | 349257 | 8634880 | UTM_WGS84_35S | 58 |
| CK105 | Kabikupa | 349233 | 8634942 | UTM_WGS84_35S | 71 |
| CK106 | Kabikupa | 349190 | 8634659 | UTM_WGS84_35S | 35 |
| CK107 | Kabikupa | 349213 | 8634744 | UTM_WGS84_35S | 57 |
| CK108 | Kabikupa | 349211 | 8634802 | UTM_WGS84_35S | 55 |
| CK109 | Kabikupa | 349315 | 8634753 | UTM_WGS84_35S | 54 |
| CK110 | Kabikupa | 348646 | 8634998 | UTM_WGS84_35S | 153 |
| CK111 | Kabikupa | 348648 | 8635036 | UTM_WGS84_35S | 201 |
| CK112 | Kabikupa | 348681 | 8635049 | UTM_WGS84_35S | 193 |
| Sample_ID | Prospect | Easting | Northing | Datum | Cu_ppm XRF |
|---|---|---|---|---|---|
| CK113 | Kabikupa | 348751 | 8635045 | UTM_WGS84_35S | 227 |
| CK114 | Kabikupa | 348784 | 8635097 | UTM_WGS84_35S | 254 |
| CK115 | Kabikupa | 348826 | 8635160 | UTM_WGS84_35S | 295 |
| CK116 | Kabikupa | 348797 | 8635243 | UTM_WGS84_35S | 243 |
| CK117 | Kabikupa | 349034 | 8635839 | UTM_WGS84_35S | 37 |
| CK118 | Kabikupa | 348976 | 8635803 | UTM_WGS84_35S | 56 |
| CK119 | Kabikupa | 349001 | 8635791 | UTM_WGS84_35S | 25 |
| CK120 | Kabikupa | 348991 | 8635742 | UTM_WGS84_35S | 50 |
| CK121 | Kabikupa | 348927 | 8635699 | UTM_WGS84_35S | 39 |
| CK122 | Kabikupa | 349194 | 8635319 | UTM_WGS84_35S | 101 |
| CK123 | Kabikupa | 349171 | 8635268 | UTM_WGS84_35S | 537 |
| CK124 | Kabikupa | 349139 | 8635226 | UTM_WGS84_35S | 652 |
| CK125 | Kabikupa | 348559 | 8635333 | UTM_WGS84_35S | 305 |
| CK126 | Kabikupa | 348518 | 8635371 | UTM_WGS84_35S | 309 |
| CK127 | Kabikupa | 348562 | 8635406 | UTM_WGS84_35S | 617 |
| CK128 | Kabikupa | 348598 | 8635495 | UTM_WGS84_35S | 419 |
| CK129 | Kabikupa | 348658 | 8635479 | UTM_WGS84_35S | 271 |
| CK130 | Kabikupa | 348642 | 8635595 | UTM_WGS84_35S | 290 |
| CK131 | Kabikupa | 348576 | 8635553 | UTM_WGS84_35S | 723 |
| CK132 | Kabikupa | 348475 | 8635562 | UTM_WGS84_35S | 674 |
| CK133 | Kabikupa | 348516 | 8635572 | UTM_WGS84_35S | 1367 |
| CK134 | Kabikupa | 348559 | 8635611 | UTM_WGS84_35S | 403 |
| CK135 | Kabikupa | 348458 | 8635720 | UTM_WGS84_35S | 22 |
| CK136 | Kabikupa | 349224 | 8635206 | UTM_WGS84_35S | 355 |
| CK137 | Kabikupa | 349235 | 8635156 | UTM_WGS84_35S | 259 |
| CK138 | Kabikupa | 348223 | 8635813 | UTM_WGS84_35S | 42 |
| CK139 | Kabikupa | 348223 | 8635745 | UTM_WGS84_35S | 0 |
| CK140 | Kabikupa | 348221 | 8635681 | UTM_WGS84_35S | 34 |
| CK141 | Kabikupa | 348144 | 8635666 | UTM_WGS84_35S | 27 |
| CK142 | Kabikupa | 348129 | 8635624 | UTM_WGS84_35S | 15 |
| CK143 | Kabikupa | 348119 | 8635583 | UTM_WGS84_35S | 41 |
| CK144 | Kabikupa | 348014 | 8635513 | UTM_WGS84_35S | 35 |
| CK145 | Kabikupa | 348019 | 8635466 | UTM_WGS84_35S | 38 |
| CK146 | Kabikupa | 348170 | 8635465 | UTM_WGS84_35S | 51 |
| CK147 | Kabikupa | 348232 | 8635470 | UTM_WGS84_35S | 72 |
| CK148 | Kabikupa | 348268 | 8635556 | UTM_WGS84_35S | 40 |
| CK149 | Kabikupa | 348265 | 8635622 | UTM_WGS84_35S | 36 |
| CK150 | Kabikupa | 348354 | 8635668 | UTM_WGS84_35S | 48 |
| CK151 | Kabikupa | 348347 | 8635706 | UTM_WGS84_35S | 27 |
| CK152 | Kabikupa | 348401 | 8635757 | UTM_WGS84_35S | 21 |
| CK153 | Kabikupa | 348447 | 8635834 | UTM_WGS84_35S | 23 |
| CK154 | Kabikupa | 348488 | 8635942 | UTM_WGS84_35S | 33 |
| CK155 | Kabikupa | 347425 | 8635671 | UTM_WGS84_35S | 20 |
| CK156 | Kabikupa | 347504 | 8635673 | UTM_WGS84_35S | 21 |
| CK157 | Kabikupa | 347481 | 8635741 | UTM_WGS84_35S | 22 |
| CK158 | Kabikupa | 347507 | 8635590 | UTM_WGS84_35S | 48 |
| CK159 | Kabikupa | 347551 | 8635714 | UTM_WGS84_35S | 0 |
| CK160 | Kabikupa | 347528 | 8635783 | UTM_WGS84_35S | 26 |
| CK161 | Kabikupa | 347601 | 8635739 | UTM_WGS84_35S | 23 |
| CK162 | Kabikupa | 347639 | 8635744 | UTM_WGS84_35S | 28 |
| CK163 | Kabikupa | 347640 | 8635815 | UTM_WGS84_35S | 16 |
| CK164 | Kabikupa | 347553 | 8635525 | UTM_WGS84_35S | 37 |
| CK165 | Kabikupa | 347642 | 8635540 | UTM_WGS84_35S | 39 |
| CK166 | Kabikupa | 347735 | 8635600 | UTM_WGS84_35S | 49 |
| CK167 | Kabikupa | 347768 | 8635563 | UTM_WGS84_35S | 40 |
| CK168 | Kabikupa | 347816 | 8635622 | UTM_WGS84_35S | 43 |
| CK169 | Kabikupa | 347871 | 8635559 | UTM_WGS84_35S | 36 |
| CK170 | Kabikupa | 347923 | 8635603 | UTM_WGS84_35S | 25 |
| CK171 | Kabikupa | 347907 | 8635662 | UTM_WGS84_35S | 39 |
| CK172 | Kabikupa | 347852 | 8635681 | UTM_WGS84_35S | 36 |
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Samplingtechniques | •Nature and quality of sampling (egcut channels, random chips, orspecific specialised industrystandard measurement toolsappropriate to the minerals underinvestigation, such as down holegamma sondes, or handheld XRFinstruments, etc). These examplesshould not be taken as limiting thebroad meaning of sampling.•Include reference to measures takento ensure sample representivity andthe appropriate calibration of anymeasurement tools or systems used.•Aspects of the determination ofmineralisation that are Material tothe Public Report.•In cases where 'industry standard'work has been done this would berelatively simple (eg 'reversecirculation drilling was used to obtain1 m samples from which 3 kg waspulverised to produce a 30 g chargefor fire assay'). In other cases moreexplanationmay be required, suchas where there is coarse gold thathas inherent sampling problems.Unusual commodities ormineralisation types (eg submarinenodules) may warrant disclosure ofdetailed information. | •TheinitialpartofProspectResources'on-goingPhase1drilling programme was aimed atverifying parts of the existing model,and testing the potential for easternoxide-transition and western downdip sulphide extensions.A total6,806m of DD and 2,024m RC havebeen completed. 36holesdiamondandtailedholes.Resultsareavailable for holes NCDD001 –004,NCRD004R,NCRD005andNCRD007.•DD was completedusing a Morookamounted Boart Longyear LM75, andan LF90 operated by Leo's Drilling.In addition, two extra LF90s wereoperated by Ox DrillingDrill coresize was PQ. Initially, drilling throughthe transitional zone normally 60 -80m depth, thereafter NQ size wasused.Most holes in this programmewere actually drilled by 50 –70 mlong pre-collars, and then tailed withdiamond drilling to a maximum depthof 476m. For the RC pre-collaringthrough the oxide zone, a Leo'sDrilling Truck mounted Reger Finleyrig, with a 4.5" bit diameter wasused.•In addition to this recent ProspectResources drilling, samples weretaken from previously un-sampledportions of three holes drilled bylocal partners GDC in 2023 (drillholes DD23-1, 3 and 4).•RCchipsampleswerecollectedinplasticbagsonaonemetre basis,weighed, checked for moisture andsplit using a multi-layeredrifflewithareferencesamplestoredandasamplesetasidefor dispatch to thecertified laboratory, ALS Ndola.•Handheld XRF measurements weretakenonRCsamples, using an |
Innovx Vanta C with composite sampling conducted on nonmineralised material (cut-off grade <0.1% Cu) and single metre sampling of mineralised material (cut-off grade >0.1% Cu). These composited and single metre samples were then dispatched to the certified laboratory, as required.
- Half drill core was sampled based on observed mineralisation and intervals of one metre or less determined by geological contacts within mineralised units.
- Drill core cut at a consistent distance relative to solid orientation line or dashed mark up line.
- RC and diamond core samples dispatched in batches to ALS Ndola, for preparation and blind standard insertion. Samples were dried, crushed to 85% (-5mm), spilt up to 1.2kg, pulverised to 85% (-75µm).
- The pulps were then collected by courier and delivered to SGS Kalulushi for analysis.
- AAS42S analysis conducted was standard 4-acid digestion (HNO3/HClO4/HCl/HF) using a 0.4g pulp. Digestion temperature is set at 200ºC for 45 minutes AAS finish on bulked up solution to produce Total Cu and Co analyses.
- AAS72C "single acid" (5% H2SO4 + Na2SO3) cold leach using a 0.5g pulp, followed by AAS gives Acid Soluble Cu, Co.
- A total of 1,589 DD and 1,067 RC samples have been analysed to date for Cu & Co as batches THNCD001- 008, OLNCD001-003, OLNCR001- 005 and THNCR001.
- Samples from zones defined as lying within the Cu-Co mineralised body have also been dispatched for multielement assay at ALS-Johannesburg by ICP-ME61 method.
| Drilling••Drill type (eg core, reverseAt Nyungu Central, a total of 2,024techniquescirculation, open-hole hammer,metres of RCdrilling was conductedrotary air blast, auger, Bangka,byLeo'sDrillingusingafacesonic, etc) and details (eg coresampling bit, to drill 29 pre-collars. Adiameter, triple or standard tube,total of4,797mdiamond drilling wasdepth of diamond tails, faceconducted by the same company,sampling bit or other type, whetherand2,008mbyOxDrilling.core is oriented and if so, bywhatOrientationdeterminedbyAxismethod, etc).Miningorientationinstrument. DownholesurveyingisbyTruShotTMV7R7.Drill sample•Method of recording and assessing•Initial geotechnical logging recordingrecoverycore and chip sample recoveries andcorerecoveriesandRQD. | •Concurrentlywiththedrillingexercise at Nyungu Central, InducedPolarisation(IP)surveys were takenonfivetargetareas;Kabikupa,NyunguNorth,NyunguWest,Sharamba and West Mwombezhi.TheZambiansubsidiaryofSAbased geophysical contractors GeoFocusundertookthework.Thesurvey is being done as a 50m poledipole IP/RES survey, with 200mspacedlinesand50mspacedstations.•Instruments being used are ZongeGDP-32 multi-function receivers andZonge GGT-10 transmitter, as wellasa5kVaGDDIPtransmitterbackup.•Lines had been pre cut at 200mintervals by a PSC team at varyingstrikedirections, aimed at beingperpendiculartotheperceivedlithology strike.•Areas of high chargeability havebeen targeted for follow-up termitehill geochemical sampling. 3kg ofmaterial was pre-sieved to -5mm inthe field, and then to -1mmin thecamp.Resultantsamplesweretested by the handheld Vanta XRF.•See Appendix 3 for termite hillgeochemical sampling conducted atthe Kabikupa Prospect. | |
|---|---|---|
| results assessed.•Measures taken to maximise samplerecovery and ensure representativenature of the samples.•Whether a relationship existsbetween sample recovery and gradeand whether sample bias may haveoccurred due to preferentialloss/gain of fine/coarse material. | Recoveries exceeded 95%.•For RC chips, samples are weighedand weights recorded to estimaterecovery.•No observed relationship betweencore loss and grades. | |
|---|---|---|
| Logging | •Whether core and chip sampleshave been geologically andgeotechnically logged to a level ofdetail to support appropriate MineralResource estimation, mining studiesand metallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc) photography.•The total length and percentage ofthe relevant intersections logged. | •For Mumbezhi, logging of drill coreincorporated the following details:from-todepths,colourandhue,stratigraphy,weathering,texture,structure, structure orientation; type,mode and intensity ofalteration andoreminerals,zonetypeformineralised rock (oxide,transitional,sulphide),geologicalnotesand%estimate oforeminerals present.•Logging of RC chips was conductedon a metre-by-metrebasis whilst forthe diamond drill core, criteria for unitboundarieswerebasedoncontrastinglithologies,absenceorpresenceofmineralisation; suddenchanges of weathering –usuallyassociatedwithstructures,pluschangesinmajorrockformingoralterationmineralssuchasthepresence oflarge garnets. Aguide tocoreloggingwaswrittentoprovideuniformityofinterpretationsandconsistentdataentry.•100% of all drilling was geologicallylogged,usingstandardProspectResources codes.•All core was photographed wet anddry, photographs digitally named andorganised. |
| Sub-samplingtechniquesand samplepreparation | •If core, whether cut or sawn andwhether quarter, half or all coretaken.•If non-core, whether riffled, tubesampled, rotary split, etc andwhether sampled wet or dry.•For all sample types, the nature,quality, and appropriateness of thesample preparation technique.•Quality control procedures adoptedfor all sub-sampling stages tomaximise representivity of samples.•Measures taken to ensure that the | •For Mumbezhi, allcorecutwithcoresaw.Halfcoresampledinmineralisedunits;quartercoresampled innon-mineralisedunits.•RCsampleswerecheckedformoisture.Ifwetordamp,allowedtodryforseveral daysandthen splitusinga multi-layeredriffle.•High quality sampling proceduresand appropriate sample preparationtechniqueswere followed.•Severalstandards(commercialcertifiedreferencematerial(CRM)) |
| sampling is representative of the inweresitu material collected, including forrotation.instance results for fieldstandard, | inserted at intervals of 1 in 20 in |
|---|---|
| duplicate/second-half sampling.•RCreference•Whether sample sizes arehalftothreeappropriate to the grain size of thefurthermaterial being sampled.samples•grainsize | Immediatelyfollowingaablankwasinserted.sampleinstorageandquartercoreretained ifanalysisrequired.Fieldduplicates taken at rate of 1in33forRCsamples.Sample size (approximately 2kg inmass) considered appropriate totheofmaterial beingsampled. |
| Quality of•The nature, quality and•Fortheassay dataappropriateness of the assaying andcertifiedandlaboratory procedures used andwere used.laboratorywhether the technique is consideredconsideredtestspartial or total.•For geophysical tools,•Severalspectrometers, handheld XRFcertifiedinstruments, etc, the parametersused in determining the analysisrotation.including instrument make andstandard,model, reading times, calibrationsfactors applied and their derivation,re-analysisetc.exceeded•Nature of quality control proceduresadopted (eg standards, blanks,duplicates, external laboratorychecks) and whether acceptablelevels of accuracy (ie lack of bias)and precision have beenestablished.Cu).•results. 74liewithintheoreticaloverreadsCRM0795factor on the•In | NyunguCentraldrilling,laboratories(SGSandALS)The AAS techniquesareappropriateforthetypeofmineralisation being assayed.standards(commercialreferencematerial)wereinserted at intervals of 1 in 20 inImmediatelyfollowingaablankwasinserted.QA/QC monitored on each batch andconductedwhere errorssetlimits. The 15 CRMsinserted were AMIS 0795 (0.40%Cu),AMIS 0622 (3.33% Cu), AMIS 0623(3.1% Cu), AMIS 0873 (0.96% Cu),AMIS 0858 (2.94%Cu), AMIS 0842(1.05% Cu), AMIS 0847 (1.05% Cu),AMIS 0873 (0.67% Cu), AMIS 0795(0.34% Cu), AMIS 0830 (0.24% Cu),AMIS 0844 (0.14% Cu), AMIS 0856(1.56% Cu), AMIS 0857 (0.96%),AMIS 0247 (4.13% Cu), AMIS 0829(0.46% Cu), AMIS 0249 (0.37% Cu),AMIS 0795 (0.35% Cu), AMIS 0858(2.92% Cu) & AMIS 0249 (0.37%For the recent drilling samples, 67blank types were inserted and allreturned satisfactory to inconclusiveof the different CRM types2stddeviationsofthevalues.OnesampleT04180 CRM 0795 isjust beyond 3std deviations, and two with slight(AMIS249).Thiswillbe monitoredinsubsequent batches. The correlation84 fine and coarseduplicates inserted was almost 99%.conclusion,thesample |
| preparation procedures at ALS andthe accuracy and precision of SGSKalulushi are adequate for purpose. | ||
|---|---|---|
| Verification ofsampling andassaying | •The verification of significantintersections by either independentor alternative company personnel.•The use of twinned holes.•Documentation of primary data, dataentry procedures, data verification,data storage (physical andelectronic) protocols.•Discuss any adjustment to assaydata. | •For Mumbezhi, all the significantintersections and the majority of drillcore were inspected bynumerousgeologistsincludingProspect's ChiefGeologistand Competent Person.•All the core from Argonaut's 2011and 2014 drilling is stored at Kitwebased geological consultants; AMC.•All data has now been transferred toAccess Database, in preparation fora migration to GeoSpark. |
| Location ofdata points | •Accuracy and quality of surveysused to locate drill holes (collar anddown-hole surveys), trenches, mineworkings and other locations used inMineral Resource estimation.•Specification of the grid systemused.•Quality and adequacy of topographiccontrol. | •63 of the historical drill collars werelocated and surveyed using DGPS bysurvey consultants, SurvBuild Ltd.Only eight of the historic holes werenot located. Holes from the currentPhase 1 work were initially located byhandheldGarmin62.Oncetheprogramme is completed, the newcollars will be surveyed by DGPS.The co-ordinate system used is WGSUTM Zone 35S. |
| Data spacinganddistribution | •Data spacing for reporting ofExploration Results.•Whether the data spacing anddistribution is sufficient to establishthe degree of geological and gradecontinuity appropriate for the MineralResource and Ore Reserveestimation procedure(s) andclassifications applied.•Whether sample compositing hasbeen applied. | •For NyunguCentral the originaldataspacingwasgenerally200metretraverseswith160metredrillholespacing,some traverseshave 80metredrillholespacing.•Additional drilling to a nominal 100metre traverse by 80 metre drillspacinghasbeenestimatedgeostatisticallyas being sufficienttoestablishgeologicalandgradecontinuity.•Samplesfromwithinthemineralisedwireframeswereusedtoconduct asample length analysis. The vastmajority of samples were1m inlength. Surpac software was thenused to extract fixed length1m downhole composites within the intervalscoded as mineralisationintersections.•Current drill spacing and density forNyungu Central and Nyungu South isconsidered sufficient to report toJORC(2012)standard,butnoMineral Resource or Ore Reservesare being reportedin this release.•Prospect Resources' Phase 1 drillingprogramme is focused on expanding |
| the existing resource footprint ofNyungu Central to the east and west.HolesNCDD001-002lieonthecentral southeastern edge of thedefinedorebody.NCRD003,NCRD004RandNCRD007arecollared on the central western edgeof the structurally complexdeposit.NCDD004 was collared at the farnorthwestern edge of the deposit.NCRD005wasdrilledatthenortheastern end of the deposit. | ||
|---|---|---|
| Orientation ofdata inrelation togeologicalstructure | •Whether the orientation of samplingachieves unbiased sampling ofpossible structures and the extent towhich this is known, considering thedeposit type.•If the relationship between thedrilling orientation and the orientationof key mineralised structures isconsidered to have introduced asampling bias, this should beassessed and reported if material. | •ForNyunguCentral,thecurrentdrillholes were orientated to interceptnormal to the strike ofmineralisationandwereinclinedtotheeast, at -70°.Mineralisationisinterpretedtostrike015°true,dipmoderatelytosteeplytothewest andplungemoderatelytothenorth.•Duetothedipattitudeofthemineralisation, 70°inclined drillholesdonot intersect the mineralisationcompletely perpendicular. This is notconsideredtohaveintroduced anysignificantbias.•Geological mapping was undertakenat prospect scale to refine localstructural fabric and thus to drillperpendiculartotheinterpreteddeposit's strike. |
| Samplesecurity | •The measures taken to ensuresample security. | •ForNyungu,allreferenceRCsamplesandretaineddrillcorearestoredinsecure sheds inKitweatthegeologicalcontractor'sAMC'sfacility. |
| Audits orreviews | •The results of any audits or reviewsof sampling techniques and data. | •No recent audits. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineraltenement andland tenurestatus | •Type, reference name/number,location and ownership includingagreements or material issueswith third parties such as jointventures, partnerships,overriding royalties, native titleinterests, historical sites,wilderness or national park andenvironmental settings. | •TheinitialLargeScaleProspectingLicence, 16121-HQ-LPL, for Mumbezhi,(formerlyLumwanaWest)islocatedapproximately100kmwestofSolwezi,Zambia.The licence was due to expire on20/07/2018andwassubsequentlyrenewedasLarge-ScaleExplorationLicence, 22399-HQ-LEL on 29/12/2017,which was due to expire on 28/12/2021. |
| Mufuke,Sharambaandprospects by Orpheus Uranium Limitedboth internally and under a JV withAntofagasta plc. As part of this UTS flewahighresolutionaeromagneticradiometric survey in 2012, which wasauditedbyEarthMaps.Thisaccompaniedbyadetailedstructural interpretation and in additioninduced polarization programmes wereinitiated with mixed results at NyunguCentral and North. | LuamvundaandwasLandsat | ||
|---|---|---|---|
| Geology• | Deposit type, geological setting,and style of mineralisation. | •Thestyleofcopperandmineralisationbeing targetedisMine style,structurallycontrolled,hosted, Cu+/-Co(+/-Uandaredevelopedwithindeformed Lower Roan and basementsschists and gneisses. The predominantstructural tend is north-south. Southeast –northwestandtoalessersouthwest-northeaststructures have also affected the orebody. | cobaltLumwanashearAu), whichinterleavedextentcross-cutting |
| Drill hole•Information• | A summary of all informationmaterial to the understanding ofthe exploration results includinga tabulation of the followinginformation for all Material drillholes:oeasting and northing of thedrill hole collaroelevation or RL (ReducedLevel –elevation above sealevel in meters) of the drillhole collarodip and azimuth of the holeodown hole length andinterception depthohole length.If the exclusion of thisinformation is justified on thebasis that the information is notMaterial and this exclusion doesnot detract from theunderstanding of the report, theCompetent Person shouldclearly explain why this is thecase. | •See Appendix 1. | |
| Data•aggregationmethods | In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum | •For Nyungu(Central and South), theinterpretedmineralisationwere based on a nominal | envelopes0.2% Cu cut-off |
| grade truncations (eg cutting ofhigh grades) and cut-off gradesare usually Material and shouldbe stated.•Where aggregate interceptsincorporate short lengths of highgrade results and longer lengthsof low grade results, theprocedure used for suchaggregation should be statedand some typical examples ofsuch aggregations should beshown in detail.•The assumptions used for anyreporting of metal equivalentvalues should be clearly stated. | grade for low grade material and 0.7% Cucut-offgrade for highgrade material,witha minimumdownholelength of2m.•Statistical analysis of the assay valuesindicated a natural cut-offfor low grade at0.1% Cu andbetween 0.6 and 0.8% Cufor highgrade.•No upper limit to Cu grades has beenapplied and all metal grades are reportedas single element (Cu and Co).•Samples from within the mineralisationwireframeswereusedtoconductasample length analysis. Themajority ofsampleswere 1m in length.•Surpac software was used to extract fixedlength1mdownholecompositeswithintheintervalscodedasmineralisationintersections.•Followingareviewofthepopulationhistograms and log probability plots byOrpheus Uranium Limited (and noting thelow coefficient ofvariation statistics forCu), it was determined that the applicationof ahigh-gradecutwasnotwarranted.•SeeAppendix 2 ofthisannouncementregarding significant copperdrill holeintersections reported for the Nyungudeposits only. | |
|---|---|---|
| Relationshipbetweenmineralisation widths andinterceptlengths | •These relationships areparticularly important in thereporting of Exploration Results.•If the geometry of themineralisation with respect tothe drill hole angle is known, itsnature should be reported.•If it is not known and only thedown hole lengths are reported,there should be a clearstatement to this effect (eg'down hole length, true width notknown'). | •For Nyungu, duetothedipattitudeofthe70omineralisation,inclineddrillholesdonotallintersectthemineralisationcompletelyperpendicular.•Drillingisnormaltostrikeofthemineralisationbutnotcompletelyperpendiculartothedip.Down hole lengthis being reported,not•the true width.▪ |
| Diagrams | •Appropriate maps and sections(with scales) and tabulations ofintercepts should be included forany significant discovery beingreported These should include,but not be limited to a plan viewof drill hole collar locations andappropriate sectional views. | •Location maps are attached in the body ofthe release. |
| Balancedreporting | •Where comprehensive reportingof all Exploration Results is notpracticable, representative | Aggregatereportingisappropriatesince•themineralisationisdisseminatedthroughthehostunit and is considered |
| reporting of both low and high | balanced by the Competent Person. | |
|---|---|---|
| grades and/or widths should bepracticed to avoid misleadingreporting of Exploration Results. | ||
| Othersubstantiveexplorationdata | •Other exploration data, ifmeaningful and material, shouldbe reported including (but notlimited to): geologicalobservations; geophysicalsurvey results; geochemicalsurvey results; bulk samples –size and method of treatment;metallurgical test results; bulkdensity, groundwater,geotechnical and rockcharacteristics; potentialdeleterious or contaminatingsubstances. | •For NyunguCentral, a coincidentIPchargeabilityanomalyis apparent withthecopper mineralisation and henceconsidered a useful exploration targetingmethod.•CoincidentCusurfacegeochemicalanomaly to greater than 200ppmCu.•No bulk density information is available.•Limitedmetallurgical testworkprogrammes have been conducted onfresh sulphidic mineralisation fromNyungu, with encouraging preliminaryresults producing a copper concentrateat 25.6% Cu and showing 87% recovery. |
| Further work | •The nature and scale of plannedfurther work (eg tests for lateralextensions or depth extensionsor large-scale step-out drilling).•Diagrams clearly highlighting theareas of possible extensions,including the main geologicalinterpretations and future drillingareas, provided this informationis not commercially sensitive. | •The Company proposes to undertakeScoping Studies and Feasibility Studiesand seek to bring the Mumbezhi Projectinto commercial copper production assoon as is practicable, if economic to doso.•Prospect will alsoreview all other copperanomalies defined on the existing licenceas potential satellite open pit feed optionsto a central mining and processing facilityhub,situated proximal to the prospectiveNyungu series of deposits, which arepresently considered the flagship assetsat the Project.•Induced polarisation (IP) surveys are wellunderwayoverfiveprospectareasoutside Nyungu Central, which have beensubject to previously limited explorationby Argonaut. The deposits are Kabikupa,Nyungu North, Sharamba, MwombezhiWest,and Kamafamba.The Kavipopoand LMW prospectsformerly drilled byArgonaut, now lie outside the currentlicence boundary.•ThreephasesofexploratoryanddevelopmentdrillingareplannedforNyungu Central, with at least three of thesatellite bodies (including Kabikupa) to betargetedwithscoutexploratorydrilltesting in H2 2024 and H1 2025, forapproximately 17,500m |