(Alliance News) - Zambia-focused Arc Minerals Ltd on Monday said recent drilling at the Muswema prospect has confirmed the presence of copper mineralisation, bringing the number of mineralised targets at Zamsort project to up to four.
The exploration company also said additional assays from its Cheyeza East prospect showed further near-surface intersections of copper mineralisation.
Nick von Schirnding, executive chairman of Arc said: "The identification of Muswema as another mineralised target is excellent news and confirms that our license areas are developing into a potentially significant source of copper. Additionally, the fifth hole at Muswema has intersected significant amounts of sulphide mineralisation at depth, assays for which are still pending, and importantly it's the first time we have seen sulphides on this scale in our drilling to date on our licenses.
"It is also pleasing to report another set of strong results from Cheyeza East. The weathering profile now extends down to over 80 metres in places which means these near surface copper intersections would in effect not require any drilling or blasting to be excavated nor much crushing and grinding, which will have a significant positive impact on the overall economics for this prospect."
Arc Minerals shares on Tuesday were up 2.0% at 2.55 pence each in London.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Arc Minerals (ARCM)