Prospect reports excellent flotation results at Zambian copper project

Prospect Resources is eyeing improved revenue potential at its Zambian copper project after flotation testwork markedly improved recoveries.

Floating: With flotation testwork results pointing in the right direction, Prospect is accelerating drilling plans at its exciting Mumbezhi copper project. Pic: Getty Images

• PSC reports excellent recoveries from flotation testwork at Mumbezhi copper project

• Project recently secured attention from First Quantum Minerals, which picked up a 15% stake

• Improved recoveries have big implications for project economics

 

Special Report: Prospect Resources says flotation testwork on sulphide materials at its Nyungu Central deposit at the Mumbezhi copper project in Zambia has returned high-grade saleable copper concentrates with excellent recoveries.

It’s the latest win for Prospect Resources (ASX:PSC), which is fast growing a deposit already being spoken about by analysts as one of the largest undeveloped copper resources on the ASX.

Last month ~$15bn copper monster First Quantum Minerals emerged with a 15% stake in the Aussie junior, tipping $15.2m into a placement that could eventually net Prospect $18.5m in funds to accelerate drilling and associated technical studies.

Plus, existing major shareholder Eagle Eye Holdings also committed $2.8m to maintain its 15.3% share.

The upside at Mumbezhi runs beyond the initial resource estimate of 107.2Mt at 0.5% copper for 514,600t, most of it contained in the Nyungu Central deposit (37.5Mt indicated and 49.2Mt inferred). Another 20.5Mt of resource has been found (inferred) at the Kabikupa deposit.

Prospect Resources (ASX:PSC) says testwork on a representative fresh composite sample achieved a copper concentrate grading 24.6% copper and 9000ppm cobalt at 96.2% copper recovery after a single cleaning stage.

After two cleaning stages, a copper concentrate grading 33.3% copper and 2,800ppm cobalt was produced with 90.1% copper recovery.

Testwork on transitional material from Nyungu Central, along with fresh sulphide material from the Kabikupa deposit, is currently in progress and due late Q2 2025.

Increased recoveries mean more revenue

The testwork shows the Nyungu Central sulphide materials are highly amenable to simple conventional flotation, further buttressing the amenability of Mumbezhi to a simple processing flowsheet with highly attractive metal recoveries – and potential revenue uplift.

“Prospect is very tuned towards reducing risk and upsizing commercial viability, with accuracy during metallurgical assessments an important mainstay of our capability whilst developing our projects towards commercialisation,” PSC managing director and CEO Sam Hosack said.

“This outstanding metallurgical response to simple, conventional flotation confirms the highly favourable copper mineralogy of the Nyungu Central deposit and is a significant geometallurgical advancement for Mumbezhi.

“The copper recovery and product quality improvements relative to initial results from Mumbezhi’s previous studies now indicate a coarser grind size, with significant positive implications for lower plant capital and Opex.

“Following the recent completion of its strategic placement and technical alliance with leading copper miner, First Quantum, Prospect is well funded for its planned 2025 exploration, development and allied technical studies.”

The location of Mumbezhi, just 25km east of First Quantum’s Sentinel copper mine, makes these results even more significant, with Mumbezhi looming as a potential ore source for FQM as its grades wane in the coming years.

FQM is also spending big via a US$1.25bn project to upscale its Kansanshi smelter to the east of Mumbezhi

Phase 2 drilling commenced earlier this month, with the completion of the testwork at Nyungu Central expected in the near-term.

This article was developed in collaboration with Prospect Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Prospect reports excellent flotation results at Zambian copper project