Prospect Resources (ASX:PSC) identifies widespread by product gold at Nyungu Central

Prospect Resources has reported widespread gold mineralisation at its Nyungu Central deposit in north western Zambia, following a program of re assaying historical drill samples originally collected for copper.

The work confirms that gold occurs consistently within the same mineralised zones that underpin the existing copper resource, positioning the Mumbezhi Project as a potential multi commodity system as the company advances toward an updated Mineral Resource estimate scheduled for late Q1 2026.

Highlights

• Re assaying of 36 drill holes at Nyungu Central has confirmed significant by product gold mineralisation, with highly anomalous gold intersected in 26 of the 32 holes reported to date.

• Significant intersections include 30.0m @ 0.21g/t Au from 187m in NCMT002, 12.0m @ 0.23g/t Au from 52.0m in NCRD021, 6.0m @ 0.44g/t Au from 175m in NCRD005, and 4.38m @ 0.60g/t Au from 83.62m in NCDD011, all within previously reported copper mineralisation.

• Gold re assaying is largely focused on the transitional and fresh mineralised copper zones that form the basis of the current Indicated and Inferred Mineral Resource of 86.7 Mt @ 0.5% Cu at a 0.2% Cu cut off.

• Outstanding gold assays from four additional holes and pending Phase 2 copper assays are expected in late January 2026, with an updated Mineral Resource estimate for Nyungu Central and Kabikupa targeted for late Q1 2026.

The identification of gold at Nyungu Central stems from follow up work on earlier metallurgical test programs and limited historic assaying, which suggested that precious metals may be present within the copper system.

To test this, Prospect selected samples from both Phase 1 and Phase 2 diamond and RC drilling for systematic re assaying, focusing on intervals already demonstrated to host economic copper mineralisation within transitional and fresh rock.

The results indicate that gold is not confined to isolated zones but is distributed across a broad portion of the existing resource footprint.

Intersections such as 30.0m @ 0.21g/t Au from 187m in NCMT002, coincident with 30.0m @ 0.79% Cu, and 6.0m @ 0.44g/t Au from 175m in NCRD005, within 28.0m @ 0.52% Cu, highlight the spatial association between the two metals and reinforce the interpretation that gold forms a consistent by product within the copper mineralised system.

Nyungu Central currently hosts an Indicated and Inferred Mineral Resource of 86.7 Mt @ 0.5% Cu, reported in March 2025, and forms part of the broader Mumbezhi Copper Project, in which Prospect holds an 85% interest.

At the time of that estimate, gold data density was insufficient to support a JORC compliant resource.

The current re assaying program is therefore directed at closing that data gap and enabling gold to be incorporated formally into the upcoming resource update.

Commenting on the significance of the results, Managing Director and CEO Sam Hosack stated that

“All gold re assay results will feed directly into the upcoming MRE update for Nyungu Central, positioning the Project for the planned declaration of a maiden gold resource, alongside an upgrade to the existing copper resource.”

From a geological perspective, the gold occurs within the same structurally controlled, shear hosted system that defines the copper mineralisation, developed in deformed Lower Roan and basement schists and gneisses of the Central African Copperbelt.

The association of gold with transitional and fresh sulphide zones mirrors the distribution of copper reported in earlier drilling, supporting the interpretation that the two metals are part of a coherent mineralising event within the Nyungu Central system.

Beyond Nyungu Central, Phase 2 drilling and metallurgical programs continue across the Mumbezhi licence package, including at Kabikupa and West Mwombezhi.

Copper assays from a small number of Phase 2 holes remain outstanding, and composite samples from the dedicated metallurgical hole at Kabikupa have been submitted for test work, with initial results expected by late February 2026. Soil geochemistry and airborne electromagnetic survey interpretation are also due later in January 2026.

With the incorporation of gold data into the Mineral Resource estimation process now underway, Prospect is moving toward a more complete definition of the metal endowment at Nyungu Central.

The planned late Q1 2026 update to the Nyungu Central and Kabikupa resources will integrate copper, gold, and ongoing geological and metallurgical information, providing a more comprehensive technical foundation for the next phase of project evaluation within the Central African Copperbelt.