LONDON (Alliance News) - Arc Minerals Ltd on Monday said that it identified significant new targets at the Zamsort Copper-Cobalt project, in Zambia.
Initial results from the company's airborne geophysical and soil sampling programme indicated several new large anomalies, a number of which stretch for many kilometres, Arc said.
Two new large targets were discovered - Cheyeza West and Lumbeta - with the testing confirming a total of eight significant targets.
"The initial results from the airborne survey and soil sampling programme are extremely exciting and have exceeded all our expectations. It is clear that our licences lie in a very prospective mineral belt adjacent to Zambia's largest copper mines and we believe have the potential to host not one but multiple large new copper deposits," Chief Executive Officer Nick von Schirnding said.
Arc Minerals shares were trading up 7.7% at 3.12 pence each.
Arc Minerals (ARCM)