Thu, 27th Jun 2019 07:00
27 June 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Significant Copper Mineralisation Intersected in the second hole drilled at Cheyeza East
Arc Minerals Limited, the exploration and development company with copper and cobalt exploration assets in Zambia and multi-million-ounce gold development projects in DRC and Slovakia, is pleased to provide an update on its maiden drill program at Cheyeza East in Zambia.
· First two holes completed at Cheyeza East
· Visible mineralization intersected in both two holes drilled
· Zones of significant mineralisation intersected in CHDDE002 with the first zone 2m below surface
Nick von Schirnding, Executive Chairman of Arc stated "This has been a very satisfactory start to our drilling campaign in Zambia and I am pleased to see that the anomaly identified by the detailed geophysics and geochemistry completed last year has produced results. The drill cores have now been sent for assay and we expect results imminently. Additionally, we have identified another significant anomaly in the west of our licence areas and a further update will follow."
Cheyeza Target Area
The Cheyeza Target Area was one of several areas identified by both the geophysics and geochemistry work programs completed last year. As reported on the 5 June 2019, of particular interest is a 3km by 0.8km area at Cheyeza East where up to 2,792 ppm copper in the soils has been identified and where these two initial holes were drilled.
Drilling is continuing at Cheyeza East to test its full extent, both along strike and down dip.
Photo 1. CHDDE001, visible chalcopyrite mineralisation and associated pyrrhotite, 78.40m
Photo 2. CHDDE002, copper oxide and secondary sulphide mineralisation, 26.4 - 27.7m
The information in this press release is based on information provided by Zamsort Limited on behalf of Arc Minerals. Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Arc Minerals and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Mr Carellas consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Arc Minerals Ltd
Nick von Schirnding (Chairman)
+44 (0) 20 7917 2942
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev
+44 (0) 20 3470 0470
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Notes to the Editors
Arc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
ARC Minerals current holdings include:
? 100% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 3-million-ounce inferred Resource Akyanga gold deposit in the DRC.
? A 66% equity interest in Zamsort Limited ("Zamsort"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort.
? 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage ?turec Gold Project.