Prospect Resources: A new copper play in the land of the giants!
Prospect Resources Dave Broomfield on 6PR Bulls N' Bears Report
Listen to ASX-listed Prospect Resources’ Dave Broomfield talk to Matt Birney on the Bulls N’ Bears Report about a big copper acquisition Prospect has made with part of the US$378m in cash it received for the sale of a lithium project.
TO LISTEN TO THE PROSPECT RESOURCES AUDIO INTERVIEW - CLICK BELOW
Back in 2022 Prospect Resources sold its 87 per cent share of the Arcadia Lithium mine in Zimbabwe to the Chinese for a whopping US$378m and has since been focussed on earning into the Omaruru lithium project in Namibia and the Kesya rare earths project in Zambia. It also holds 90 per cent of the Step Aside lithium project in Zimbabwe. More recently Prospect bought 85 per cent of the Mumbezhi project in the prolific Zambian copper belt where it has access to a treasure trove of historical drill results.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears brought to you today by lithium and copper explorer, Prospect Resources
Matt Birney - ASX code: PSC
Matt Birney - I'm Matt Birney and I'm joined now by Dave Broomfield from Prospect Resources
Matt Birney - Hi Dave
Dave Broomfield - Hi Matt, how you doing?
Matt Birney - I'm good okay so back in 2022, Prospect Resources sold its 87 per cent share of the Arcadia Lithium mine in Zimbabwe to the Chinese for, wait for it, US$378m that largely went back to shareholders and the company's since been focussed on earning into the Omaruru lithium project and it also holds 90 per cent of the Step Aside lithium project in Zimbabwe. More recently Prospect bought 85 per cent of the Mumbezhi project in the prolific Zambian copper belt where it has access to a treasure trove of historical drill results.
Matt Birney - Okay Dave very quickly what's the history of this project? Who drilled it and when?
Dave Broomfield - Oh yeah look the majority of the drilling done on this project Matt, in more recent times was done by Argonaut Resources who's now Orpheus Uranium, that was between 2011 and 2021.
Matt Birney - Okay so what are some of the longer historical drill in the sections at this project?
Dave Broomfield - Yeah we got some real beauties here is, 44 and a half meters at 0.96 per cent copper from 177 meters depth, we've got a 76 meter intersection there at 0.66 from 217 meters and 148 at 0.35 from 16 meters near surface
Matt Birney - And what about grade? Were there higher grades in it than that?
Dave Broomfield - Yeah yeah look we had like a 30 meter at 1.62 from 174 meters, 20 meters at 1.08 per cent copper from 27 meters and a 17 at 1.03 from 29 meters, all near surface
Matt Birney - Okay what sort of scale are we potentially talking here? Have you mapped the surface strike extent or have you wrapped an exploration target around it?
Dave Broomfield - Yeah so the the exploration target that was generated by Argonaut back in the day was 130 to 180 million tonnes of copper resources at between 0.45 and 0.65 per cent copper and that's contained copper about 580,000 tonnes of copper to 1.15 million tonnes of contained copper.
Matt Birney - How much cash did Prospect Resources having in the bank at last report?
Dave Broomfield - Yeah at the end of of March we had Aussie $19 million in the bank Matt
Matt Birney - And how much of that $378 million went back to shareholders?
Dave Broomfield - Oh they were pretty lucky they got about $350 million of that back in 2022
Matt Birney - Dave Broomfield from Prospect Resources
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears
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