2 July 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Maiden Drilling confirms 25m of over 1% Copper
Arc Minerals Limited, the exploration and development company with copper and cobalt exploration assets in Zambia and multi-million ounce gold development projects in DRC and Slovakia, is pleased to announce the initial results from its maiden drill program at the Cheyeza target area in Zambia.
Highlights from initial drilling at Cheyeza
· Drilling confirms significant copper mineralisation discovered at Cheyeza East as announced on 27 June 2019
· Significant Copper Mineralisation at Hole 2
· Hole 2 assay: 25m @ 1.05% Cu from 2.00m depth, includes
o 1.7% Cu over 9.3m from 18.5m, includes
§ 13.34% Cu over 0.56m from 27.24m
· Third hole drilled 200 meters south shows significant mineralisation
· Both rigs have now been deployed at Cheyeza East
An investor conference call will be held on Thursday 4 July at 12pm UK time (details below)
Cheyeza Target Area
The Cheyeza Target Area was one of several areas identified by both the geophysics and geochemistry work programs completed last year. As reported on the 5th June 2019, of particular interest is a 3km by 0.8km area at Cheyeza East where up to 2,792 ppm copper in the soils has been identified and where these initial holes were drilled.
Drilling continues at this anomaly to test its full extent, both along strike and down dip.
Nick von Schirnding, Executive Chairman of Arc stated:
"These maiden drill results have exceeded all our expectations both in terms of grade and thickness. While we are still at an early stage in the drilling programme, these results are highly encouraging and we have now deployed two rigs to Cheyeza East. Importantly our third hole 200 meters south also shows significant mineralization."
Drilling Results
The table below sets out the results of the holes for which assays have been received by Zamsort from SGS Inspection Service Ltd in Kalulushi, Zambia.
Table 1. Drilling Intercepts
Hole ID |
From (m) |
To (m) |
Drill Width (m) |
Cu (%) |
CHDDE001 |
35.80 |
39.74 |
3.94 |
0.72 |
CHDDE002 |
2.00 |
27.80 |
25.80 |
1.05 |
Incl. |
18.50 |
27.80 |
9.30 |
1.70 |
27.24 |
27.80 |
0.56 |
13.34* |
and |
43.50 |
52.00 |
8.50 |
0.41 |
Notes:
1) Reported intervals are downhole widths.
2) Reported intervals are calculated for zones assaying > 0.2% Copper and containing less than 3 meters of internal waste.
3) Metallurgical factors are assumed to be 100% although the recovery factors for the respective metals may vary significantly.
4) * Supergene Enriched Sulphide Vein
Drilling Programme
These diamond drill holes have been collared so that they test the strike and down dip extensions to the potential mineralisation identified by the detailed geophysics and geochemistry completed last year and further refined by the infill geochemistry completed this year.
An initial 1,200m diamond drill programme has been planned for each of the key targets identified with a view to prioritise a target(s) for further detailed exploratory activities based on the success of the initial scout exploratory drill programs.
The spatial location of the samples is derived using GPS collar survey pickups. True widths have not been determined as the level of detail required to calculate accurate true widths is not yet available, as a result down hole widths have been reported.
Quality Assurance/Quality Control (QA/QC)
The core from the diamond core was sampled at up to 1.5m metre intervals with the split core (PQ - ¼ core; HQ - ¼ core) bagged and sent to SGS Inspection Service Ltd in Kalulushi, Zambia, an ISO accredited laboratory for assaying.
The samples were sorted, dried, crushed and pulped before final chemical analysis using ICP-OES methods. Standards, blanks and duplicates were inserted regularly in the sample stream and checks were done for copper and cobalt.
Qualified Persons
The information in this press release is based on information provided by Zamsort Limited on behalf of Arc Minerals. Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Arc Minerals and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Mr Carellas consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Investor Conference Call
The Company will host a shareholder conference call at 12:00 UK time on Thursday 4 July to discuss these results. The call will be hosted by Arc's Executive Chairman, Nick von Schirnding with input from Arc's technical team.
The following numbers are available to participate in this conference call:
UK (Local): +44 20 3655 9680
Sweden (Local): +46 85 05 32 900
Kenya (Local): +254 20 225 0309
Singapore (Local): +65 3158 2196
USA (Local): +1 (312) 380 0428
France (Local): +33 1 70 95 91 00
Please enter participant pin number 1053446# when prompted to do so.
Note that until the Q&A session has begun that all lines will initially be muted with the exception of Company management.
**ENDS**
Contacts
Arc Minerals Ltd Nick von Schirnding (Chairman) |
+44 (0) 20 7917 2942 |
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Soltan Tagiev |
+44 (0) 20 3470 0470 |
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Forward-looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Notes to the Editors
Arc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
ARC Minerals current holdings include:
● 100% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 3-million-ounce inferred Resource Akyanga gold deposit in the DRC.
● A 66% equity interest in Zamsort Limited ("Zamsort"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort.
● 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage Ṧturec Gold Project.
For more information visit www.arcminerals.com
