12 September 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Further excellent drill results up to 2.79% Cu at Cheyeza
Arc Minerals Limited, the Zambian focussed copper exploration and development company, is pleased to announce the receipt of further near surface, high-grade copper assays from its maiden diamond drill exploration programme at the Cheyeza East target in Zambia.
Highlights:
· Further high-grade shallow copper intersections
· CHDDE025 intersected 1.27% Cu over 32.50m from 23.50m
o Includes 2.05% Cu over 17.50m from 38.50m, or
o 2.79% Cu over 10.50m from 44.50m
· CHDDE023 intersected 0.95% Cu over 17m from 22m
o Includes 1.60% Cu over 5m from 30m
· High-grade core to the mineralised zone now established
Nick von Schirnding, Executive Chairman of Arc stated:
"I am very pleased to announce another set of excellent, shallow high-grade copper assays from the Cheyeza East target area; these are of a similar tenor to some of the previous high-grade mineralisation intersected. These results confirm the very exciting mineralisation we are encountering at Cheyeza East and a high-grade core to the mineralisation and are some of our best results so far. These results have also been accompanied by pleasing shallow intersections and in line with average grades of some of the major operating mines nearby.
I look forward to further updates soon."
An investor update conference call to discuss these results and the drilling campaign thus far will be held on Tuesday 17 September 12:00pm UK time (details below)
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) |
Length (m) |
Cu (%) |
CHDDE014 |
10.90 |
41.40 |
30.50 |
0.50 |
CHDDE015 |
24.00 |
28.50 |
4.50 |
0.44 |
32.50 |
37.50 |
5.00 |
0.23 |
66.50 |
79.50 |
13.00 |
0.27 |
CHDDE016 |
13.00 |
23.00 |
10.00 |
0.54 |
CHDDE018 |
42.00 |
45.50 |
3.50 |
0.25 |
54.50 |
55.50 |
2.00 |
0.34 |
CHDDE020 |
30.34 |
33.00 |
2.66 |
0.32 |
CHDDE023 |
22.00 |
39.00 |
17.00 |
0.95 |
incl. from 30 |
5.00 |
1.60 |
45.00 |
49.75 |
4.75 |
0.26 |
54.00 |
60.00 |
6.00 |
0.76 |
incl. from 56 |
3.10 |
1.10 |
CHDDE024 |
6.50 |
9.50 |
3.00 |
0.24 |
CHDDE025 |
23.50 |
56.00 |
32.50 |
1.27 |
incl. from 38.5m |
17.50 |
2.05 |
incl. from 44.5m |
10.50 |
2.79 |
62.50 |
71.50 |
9.00 |
0.36 |
75.50 |
85.00 |
9.50 |
0.69 |
Notes:
1) Reported intervals are downhole widths.
2) Reported intervals are calculated for zones assaying > 0.2% Copper and containing less than 3 metres of internal waste.
3) Metallurgical factors are assumed to be 100% although the recovery factors may vary significantly.
Drilling Summary
Drill holes CHDDE023 ('Hole 23') and CHDDE025 ('Hole 25') were drilled on section 100m apart from each other and approximately 100m to the northwest of drill holes CHDDE004 ('Hole 4') and CHDDE005 ('Hole 5') respectively. Holes 4 & 5 in turn were also drilled on section 100m apart from each other and intersected 2.35% Cu over 18m and 1.32% Cu over 28.50m respectively.
Holes 23 & 25 were designed to test the northern extents of the core to the high grade mineralisation intersected in holes 4 & 5 at Cheyeza East and to see if the mineralisation observed in these holes can be linked to the high grade mineralisation observed in CHDDE002, located circa 300m to the north west of holes 4 & 5, which assayed at 1.05% Cu over 25m.
The results of this exercise have proven to be successful with the assays received and the next section has been proposed to be drilled to close the gap between these holes and hole 2.
Drill hole CHDDE015, CHDDE018, CHDDE020 and CHDDE024 were all drilled in the southern end of the Cheyeza East anomaly, circa 1km to the south west of the above-mentioned holes.
Although these holes have intersected mineralisation, the grade and thickness of this mineralisation intersected to date suggests the northern part of the Cheyeza East target should continue to be the focus of the ongoing exploratory activity.
Cheyeza Target Area
The Cheyeza Target Area ('CTA') was one of several areas identified by both the geophysics and geochemistry work programmes 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.
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 12pm UK time on Tuesday 17th September 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
UAE: 8000 3570 3200
France (Local): +33 1 70 95 91 00
Other local dial-ins can be provided upon request (email [email protected])
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 t licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort.
● A 47.5% equity interest in Zaco Limited ("Zaco"), a private company focussed on a prospective copper and cobalt license adjacent to 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
Glossary of Technical Terms
"anomaly or anomalous" |
something in mineral exploration that geologists interpret as deviating from what is standard, normal, or expected. |
"assay"
|
The laboratory test conducted to determine the proportion of a mineral within a rock or other material. For copper, usually reported as percentage which is equivalent to percentage of the mineral (i.e. copper) per tonne of rock. |
"azimuth" |
the "compass direction" refers to a geographic bearing or azimuth as measured by a magnetic compass, in true or magnetic north. |
"bornite" |
Bornite, also known as peacock ore, is a copper sulphide mineral with the formula Cu5FeS4. |
"breccia" |
Breccia is a rock classification, comprises millimetre to metre-scale rock fragments cemented together in a matrix, there are many sub-classifications of breccias. |
"chalcocite" |
Chalcocite is a copper sulphide mineral with the formula Cu2S and is an important copper ore mineral. It is opaque and dark-gray to black with a metallic luster. |
"chalcopyrite" |
Chalcopyrite is a copper sulphide mineral with formula CuFeS2. It has a brassy to golden yellow colour. |
"chargeability" |
Chargeability is a physical property related to conductivity. Chargeability is used to characterise the formation and strength of the induced polarisation within a rock, under the influence of an electric field, suggesting sulphide mineralisation at depth. |
"covellite" |
Covellite is a copper sulphide mineral with the formula CuS. This indigo blue mineral is ubiquitous in some copper ores. |
"diamond drilling" |
A drilling method in which penetration is achieved through abrasive cutting by rotation of a diamond encrusted drill bit. This drilling method enables collection of tubes of intact rock (core) and when successful gives the best possible quality samples for description, sampling and analysis of an ore body or mineralised structure. |
"dip" |
A line directed down the steepest axis of a planar structure including a planar ore body or zone of mineralisation. The dip has a measurable direction and inclination from horizontal. |
"grab sample" |
are samples of rock material collected from a small area, often just a few pieces or even a single piece of rock "grabbed" from a face, dump or outcrop or roughly 2-5kg. These are common types of rock samples collected when conducting mineral exploration. The sample usually consists of material that is taken to be representative of a specific type of rock or mineralisation. |
"grade" |
The proportion of a mineral within a rock or other material. For copper mineralisation this is usually reported as % of copper per tonne of rock. |
"g/t" |
grams per tonne; equivalent to parts per million ('ppm') |
"hematite" |
Hematite is the mineral form of iron(III) oxide (Fe2O3), one of several iron oxides. Magnetite alteration is also typically associate with porphyry copper systems, at or close to the central core. |
"Indicated Resource" |
An "Indicated Mineral Resource" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. |
"Inferred Resource" |
An "Inferred Mineral Resource" is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. |
"Induced Polarisation Geophysics" |
Induced polarisation (IP) is a geophysical survey used to identify the electrical chargeability of subsurface materials, such as sulphides. The survey involves an electric current that is transmitted into the subsurface through two electrodes, and voltage is monitored through two other electrodes. |
"intercept" |
Refers to a sample or sequence of samples taken across the entire width or an ore body or mineralised zone. The intercept is described by the entire thickness and the average grade of mineralisation. |
"JORC Code" |
The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code') is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves. |
"K" |
The element potassium, abundance on surface can be inferred from radiometric surveys |
"Magnetics" |
Rocks are made up of different minerals and the magnetic properties of a rock depends on the amount and type of iron rich minerals it contains. Earth's magnetic field interacts with these iron rich minerals to generate variations in the magnetic field. Measuring and mapping these variations allows remotely mapping of the distribution and patterns of magnetic rocks and, as a result, map the subsurface geology |
"magnetite" |
Magnetite is main iron ore mineral, with chemical formula Fe3O4. Magnetite is ferromagnetic, and it is attracted to a magnet and can be magnetized to become a permanent magnet itself. |
"massive" |
In a geological sense, refers to a zone of mineralisation that is dominated by sulphide minerals. The sulphide-mineral-rich material can occur in centimetre-scale, metre-scale or in tens of metres wide veins, lenses or sheet-like bodies containing sphalerite, galena, and / or chalcopyrite etc. |
"Measured Resource" |
A "Measured Mineral Resource" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. |
"Mineral Resource" |
A "Mineral Resource" is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilised organic material including base and precious metals, coal, and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. |
"mineralisation" |
In geology, mineralisation is the deposition of economically important metals (copper, gold, lead, zin etc) that in some cases can be in sufficient quantity to form mineral ore bodies. |
"open pit mining" |
A method of extracting minerals from the earth by excavating downwards from the surface such that the ore is extracted in the open air (as opposed to underground mining). |
"outcrop" |
A section of a rock formation or mineral vein that appears at the surface of the earth. Geologists take direct observations and samples from outcrops, used in geologic analysis and creating geologic maps. In situ (in place) measurements are critical for proper analysis of the geology and mineralisation of the area under investigation. |
"polymict" |
A geology term, often applied to breccias or conglomerates, which identifies the composition as consisting of fragments of several different rock types. |
"Preliminary Economic Assessment" |
NI 43-101 defines a PEA as "a study, other than a pre-feasibility study or feasibility study, which includes an economic analysis of the potential viability of mineral resources". |
"Pyrrhotite" |
Pyrrhotite is an iron sulfide mineral with the formula Fe(1-x)S (x = 0 to 0.2). It is a nonstoichiometric variant of FeS, the mineral known as troilite. Pyrrhotite is also called magnetic pyrite |
"Radiometrics" |
The radiometric, or gamma-ray spectrometric method is a geophysical process used to estimate concentrations of the radioelements potassium, uranium and thorium by measuring the gamma-rays which the radioactive isotopes of these elements emit during radioactive decay |
"sediments" |
Sedimentary rocks formed by the accumulation of sediments. There are three types, Clastic, Chemical and Organic sedimentary rocks. |
"sphalerite" |
Sphalerite is a zinc sulphide in crystalline form but almost always contains variable iron, with formula (Zn,Fe)S. It can have a yellowish to honey brown or black colour. |
"supergene" |
Supergene ore processes occur near surface, and form deposits of secondary minerals, such as malachite, azurite, chalcocite, covellite, digenite, etc. |
"surface rock chip samples" |
Rock chip samples approximately 2kg in size that are typically collected from surface outcrops exposed along rivers and mountain ridgelines. |
"Th" |
The element thorium, abundance on surface can be inferred from radiometric surveys |
"U" |
The element uranium, abundance on surface can be inferred from radiometric surveys |
"veins" |
A vein is a sheet-like or anastomosing fracture that has been infilled with mineral ore (chalcopyrite, covellite etc) or mineral gangue (quartz, calcite etc) material, within a rock. Veins form when minerals carried by an aqueous solution within the rock mass are deposited through precipitation and infill or coat the fracture faces. |
"volcanics" |
Volcanic rock such as andesite or basalt that is formed from magma erupted from a volcano, or hot clastic material that erupts from a volcano and is deposited as volcaniclastic or pyroclastics. |
