(Alliance News) - Arc Minerals Ltd announced on Tuesday it has found additional high-grade copper intersections near-surface at its Cheyeza East target in Zambia.
Results include hole CHDDE047, which intersected 1.44% copper over 20 metres from 34.5 metres and 1.41% copper over 11 metres from 52 metres. This includes 3.67% copper over 5 metres from 34 metres and 2.46% copper over 5 metres from 52 metres respectively.
Moreover, hole CHDDE049 intersected 1.20% copper over 14 metres from 38 metres and hole CHDDE051 intersected 0.93% copper over 14.50 metres from 17.50 metres.
Executive Chair Nick von Schirnding said: "I am pleased to report further positive drilling results from Cheyeza East. It is becoming clear that we are sitting on a potentially significant economic prospect - and one that seems to be expanding. A number of holes such as 27, 28 and 45 are to the northwest and southwest of the high grade zone already identified and bodes well for delineating a significant resource. We have commenced a study to supply the Kalaba plant with material from Cheyeza East which is very exciting. To date over 75% of holes drilled at Cheyeza have shown mineralisation.
"In the meantime, we have commenced drilling at the Muswema and West Lunga target areas which we will report back on once we receive assays."
Shares in Arc were down 1.7% at 2.90 pence in London on Tuesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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Arc Minerals (ARCM)