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(Sharecast News) - Zambia-focussed copper exploration and development company Arc Minerals announced the first set of assay results from the laboratory confirming the presence of near surface copper mineralisation at the Fwiji prospect on Friday.
The AIM-traded firm said high-grade sulphide mineralisation was intersected for the first time in drilling to date.
It described "good" thicknesses and grades, including its highest-ever 7% copper grade intersection.
Highlights included hole FWDD001, which was intersected at 24.15 metres at 0.45% copper from 12.4 metres, while hole FWDD002 intersected 34 metres at 0.52% copper from 58.9 metres, and hole FWDD002 intersected 3.5 metres at 2.26% copper from 163 metres.
It said a visual appraisal of the subsequent holes confirmed further mineralisation at Fwiji, and added that it was completing work on Anglo soil assay data.
The Initial results there confirmed Muswema as a high-priority target, with Fwiji, Cheyeza and Lumbeta being additional targets of "major" interest.
It said a rig had been deployed to Muswema as a priority target, for immediate drilling.
"The initial drilling results at the Fwiji prospect have once again surpassed our expectations with evidence of significant sulphide and oxide mineralisation and more importantly showing continuity across a distance of over 1,000 meters from the first hole drilled," said executive chairman Nick von Schirnding.
"This is the first major sulphide discovery in our three years of drilling which is very exciting.
"Separately, the work we have completed to date on the Anglo soil assay data (which is in addition to the work Anglo is completing) have confirmed Muswema - and multiple other targets - as high priority drill targets."
Von Schirnding said that as a result, the company had decided to deploy a rig to Muswema with immediate effect, to drill a number of newly identified zones ahead of the rainy season.
"In addition to the drill results from Fwiji still to be released, we will be drilling a significant number of additional holes through to the end of the year and look forward to a very active reporting period over next the few weeks."
At 1339 GMT, shares in Arc Minerals were up 3.79% at 3.68p.
2 May 2024 13:52
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