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The phrase "are prospecting" is correct and usable in written English.
It can be used when referring to the act of searching for potential customers or clients, often in a business context.
Example: "Our sales team are prospecting new clients this week to expand our customer base."
Alternatives: "are searching for leads" or "are seeking potential clients."
Dictionary
are prospecting
noun
The region which the eye overlooks at one time; view; scene; outlook.
Exact(11)
Democrats are prospecting for large and small contributions to match the Republicans' spending and to avoid going deep into debt after the election.
Moreover, while many Western investors are shying away from China, business executives from Taiwan and South Korea are prospecting with enthusiasm.
The government's incentives, which include generous guaranteed electricity prices, are attracting the interest of international nuclear power players like Toshiba, General Electric and Hitachi, which are prospecting for new markets for their equipment and services.
No one keeps track of the vacationing family archivists, toting cameras, satchels of notebooks and detailed family trees as big as gas station maps, who are prospecting for ancestors.
To date 19 American concerns — including General Motors, Timken, Wrigley, Eli Lilly and Parke Davis, and a Canadian company, Polymer — have been attracted to the area, and the Alsatians are prospecting for more.
"[They] betrayed our agreement by which the Ugandans could get their food without interference... they said: 'This is our country, you cannot control us.'" And the precise position of the border is set to become even more important: both countries are prospecting for oil on either side of the river close to where it flows into Lake Albert.
Similar(49)
Finally the research trends are prospected.
The necessity for investigating even larger systems is prospected.
However, there are prospects for progress.
Both are prospects, Cashman said.
And yet there are prospects.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com