Prospect Resources Limited is pleased to provide an update of new gold re-assaying results from the Nyungu Central deposit, sourced from its Phase 1 and Phase 2 drill programmes and historical drilling at the Mumbezhi Copper Project (90% Prospect) in north-west Zambia.
Prospect’s Managing Director and CEO, Sam Hosack, commented:
“These latest gold results represent the output from our 2026 drill‑core re‑logging and ongoing re‑assaying programmes at the Nyungu Central deposit. This work was designed to further strengthen both the grade profile and confidence level of the gold component within the recently updated Mumbezhi MRE.
“The results confirm that gold mineralisation at Nyungu Central is more widespread and consistently present than previously understood, extending across the system and including the historically
less‑defined northern zones. This materially enhances a key value lever for the Project, with the potential for meaningful gold by‑product credits to drive Mumbezhi’s forecast operating costs lower on the global cost curve.
“We look forward to receiving the remaining gold re‑assay batches in the coming weeks, followed by an updated Mumbezhi MRE that will fully incorporate these important insights into gold distribution at Nyungu Central. In parallel, preparations for the fully-funded Phase 3 2026 drilling programme are well advanced, with mobilisation expected in early May and a strong focus on aggressive regional growth.
Widespread gold mineralisation confirmed at Nyungu Central
Following the initial identification of highly anomalous gold values in metallurgical test work during 2025, Prospect completed its first-pass investigation of gold distribution and grade as a potential
material by-product to the associated copper resources currently defined at the deposit (which included the limited gold re-assaying of previous drill holes at Nyungu Central).
This resulted in an initial (and constrained) inclusion of the gold content within the recent February 2026 update of the Nyungu Central Indicated and Inferred MRE, totalling 150.8 Mt @ 0.50% CuEq (at 0.2% Cu cut-off grade)2 for 661,100 tonnes of copper, 38.6kt of cobalt and 127,100 ounces of gold.
To further evaluate the gold distribution – and targeting the bolstering of its scale, grade and confidence within the Nyungu Central MRE footprint – Prospect selected an additional ~2,500 pre-existing samples from 58 previously completed drill holes at Nyungu Central (mainly constrained within the existing copper MRE wireframes) to undergo gold assaying. Samples were selected from defined copper mineralisation within the oxide, transitional and fresh zones, as defined by geological logging.
New gold results have now been received for 32 of these additional re-assayed holes, of which 29 holes contain significant gold content. Notable intersections returned (from within previously reported copper intercepts) included:
- 23.1m @ 0.55g/t Au from 82.9m (NYDD062)
- 17.0m @ 0.17g/t Au from 47.0m (NCRD008)
- 15.0m @ 0.15g/t Au from 125m (NYDD056)
- 2.5m @ 0.61g/t At from 149m (NYDD053)
- 9.0m @ 0.15g/t Au from 16.0m (NYDD054)
- 10.6m @ 0.10g/t Au from 181m (NYDD057)
- 8.0m @ 0.14g/t Au from 138m (NYDD052)
- 8.0m @ 0.13g/t Au from 168m (NYDD057)
Gold results for the remaining 26 newly re-assayed holes are expected to be received later in April 2026.
All new gold assay data received will then be incorporated into an update to the current MRE for Nyungu Central. The significant by-product gold endowment (along with cobalt) at the flagship Nyungu Central deposit has the potential to significantly enhance the forecast economics of Mumbezhi, strongly complementing the large-scale copper resources already defined there.
Ongoing metallurgical test work and Phase 3 drill programme
All copper/cobalt assays from the Phase 2 2025 drilling programme have now been received.
A dedicated metallurgical drill hole (KKMT001) completed at the Kabikupa deposit has undergone composite sampling of its transitional and fresh mineralisation. Samples have been sent to Core Metallurgy in Brisbane (Australia) for comprehensive testing. Preliminary results from this test work are expected in May 2026.
Separate gold and cobalt metallurgical composite samples from each of the oxide, transitional and fresh zones at Nyungu Central have also been generated for definitive test work on metal recoveries.
All residual assays from the licence-wide soil geochemical sampling programme completed in September 2025, have also now been received. This data, along with historical and recently acquired geophysical data3, is feeding into ongoing Phase 3 exploration programme planning.
The Phase 3 2026 drill programme for Mumbezhi is set to commence in early May, with an aggressive regional growth targets focus.
