Prospect Resources: An elephant sized copper resource in the heart of elephant country!
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 Prospect’s massive new copper resource – and it still has plenty more to give.
TO LISTEN TO THE PROSPECT RESOURCES AUDIO INTERVIEW - CLICK BELOW
Prospect Resources is focused on battery metals opportunities in the sub-Saharan region of Africa and notably its management has some form in this space having previously sold the Arcadia lithium project in Zimbabwe for US$378 million. Prospect management is now developing the Mum-bezhi copper project in north-west Zambia where the company has just tabled its very first resource estimate – and its big.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears brought to you today by 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.
Matt Birney - Okay so Prospect Resources is focused on battery metals opportunities in the sub-Saharan region of Africa and notably its management has some form in this space having previously sold the Arcadia lithium project in Zimbabwe for a whopping US$378 million. Prospect management is now developing the Mumbezhi copper project in north-west Zambia where the company has just tabled its very first resource estimate – and its big.
Matt Birney - Okay Dave we'll get to that maiden resource shortly but firstly just tell me where exactly is your Mumbezhi copper project and what's the region around it like generally for mineral discoveries?
Dave Broomfield - Yeah so we're located in the north-western copper belt in Zambia and it's surrounded by some real elephants there Matt.
Matt Birney - And can you give me some examples?
Dave Broomfield - First Quantum Minerals are up there with their Sentinel mine and the Kansanshi mine and Barrick are up there with a very large Lumwana mine.
Matt Birney - What sort of numbers do they pump out a year?
Dave Broomfield - So 2023 Sentinel produced 214,000 tonnes of copper, Kansanshi 135,000 tonnes of copper and Barrick 118,000 tonnes of copper.
Matt Birney - What sort of grades?
Dave Broomfield - Grades are sort of .45 to .6 so very good for large deposits such as those.
Matt Birney - Okay well let's get to the main game here, how big is your brand new maiden mineral resource at Mumbezhi?
Dave Broomfield - Yeah so we've defined 107 million tonnes at a grade of .5 for Nyungu Central and the Kabikupa deposits here for 515,000 tonnes of contained copper.
Matt Birney - What does copper sell for a tonne at the moment?
Dave Broomfield - Oh I think it's about 9,600 US a tonne so pretty good.
Matt Birney - And is your resource tapped out now or do you still think you can grow it?
Dave Broomfield - Oh no this is early days for us, this is the big first big effort we've put into that area. No plenty, plenty of potential.
Matt Birney - Have you got a formal exploration target or just a few targets?
Dave Broomfield - Yeah look we wanted to do this and we generated a JORC reportable exploration target of between 420 million and just over a billion tonnes of resources grading between .4 and .6 copper in this area, so it's a lot to do.
Matt Birney - Okay what are the top two drill targets that might expand the resource and why?
Dave Broomfield - Look we like Nyungu North which is north of our main deposit there and an area called West Mwombezhi. Both of those have very strong geophysical IP anomalies like the main deposit so we're very confident with those.
Matt Birney - Are there any other minerals in this project or is it all about copper?
Dave Broomfield - No no we've recognised there's copper and cobalt in the deposit. It's under assayed at the moment so we weren't able to define it in the resource at this stage.
Matt Birney - Lot of these things in that part of the world have gold in them too, is there any gold up there?
Dave Broomfield - Yeah a little bit of gold Kansanshi has some quite large quartz veining associated with it and we're hoping to replicate that.
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.
Outro - For more public company interviews go to the money page on the 6PR, 2GB, 3AW and 4BC websites and click the public companies tab.