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Prospect Resources to acquire 90% stake in copper-cobalt project in Zambia

Prospect Resources Ltd. secured an option to acquire a 90% stake in the Fimpimpa West copper-cobalt project in northern Zambia.

The company has 90 days to acquire the 90% equity interest in the project for US$15,000, according to the Oct. 12 release.

Following the purchase, the company will fund all exploration costs and complete exploration activities in two years so a decision to mine can be made.

The project has an initial exploration target of 15 million tonnes to 25 million tonnes at 1.0% copper to 1.5% copper.

Meanwhile, Prospect Resources is looking for additional lithium and cobalt projects to add to its portfolio, the company said.