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LONDON (Alliance News) - Arc Minerals Ltd said Wednesday further diamond and reverse circulation drilling results from oxide and sulphide zones at its Kalaba cobalt-copper project were "very encouraging".
Separately, Arc Minerals said Non-Executive Director Michael Foster is set to step down from its board at the end of the year.
The miner said it intersected higher-grade copper mineralisation in the sulphide zone to the north of the Kalaba open pit "approaching" 1% copper and 0.1% cobalt.
"These results are once again very encouraging, in particular, the increasing grade of copper mineralisation that is being intersected in what is the sulphide zone to the north of the oxide pit," said Executive Chairman Nick von Schirnding.
"Based on these latest set of results from the sulphide zone, KDD019 and KDD020, to the north of the pit, there appears to be increasing width and grade to the copper mineralisation in a north-westerly trend."
Arc Minerals also said it has made "excellent progress" with the completion of its commercial scale demonstration plant over the past 10 months.
The company has successfully completed the front end of the plant, comprising two crushers, screens, ball mill and conveyors. The back of end of the plant is expected to be completed over the "next several weeks".
The plant has an initial capacity to process 10,000 tonnes per month.
Von Schirnding added: "The recent drilling has now confirmed sufficient oxide feed for the plant together with the existing stockpiled material. I am particularly pleased that the capex for completing the plant has come in under budget at USD300,000."
Separately, Arc Minerals said Foster will step down as a non-executive effective from December 31.
Shares in Arc Minerals were trading flat on Wednesday at 2.75 pence each.