Wed, 12th Jun 2019 07:00
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
12 June 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Zambia - Commencement of Drilling
Arc Minerals is pleased to announce that it has commenced an initial 7,500-metre drilling programme at its Zamsort/Zaco Copper Projects located in the Zambian Copperbelt, adjacent to world-class operating copper mines.
Arc Minerals has appointed a local drilling contractor with significant experience in the Copperbelt and two diamond drill rigs have commenced drilling. The drilling programme is designed to test the large Cheyeza anomaly as well as the Lumbeta and Muswema targets in addition to other targets generated through the comprehensive geophysical and soil sampling programme.
Nick von Schirnding, Executive Chairman of Arc Minerals commented:
"We are very excited about this drilling programme. Over the past year our technical team with the help of highly experienced external exploration consultants have completed a detailed geophysical survey and extensive soil sampling programme which has yielded some excellent results indicating that we may have a number of high-potential prospects within our Zamsort licence.
We have generated a large number of drilling targets from the data and geological models and beginning with Cheyeza, one of our highest-priority targets.
I look forward to reporting regularly on the progress of the Zamsort drilling programme."
Please see the following links for updated maps following the recent geochemical and geophysical studies:
Figure 1 Target location map and +50ppm copper in soils XRF anomaly
Figure 2 Contoured regional geochemistry copper in soils XRF results
Figure 3 Cheyeza region copper in soils XRF results
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.