Last checked at 27 Feb 2018 07:00
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
27 February 2018
Arc Minerals Ltd
("Arc Minerals " or the "Company")
Initiation of Soil Sampling Programme East of the Akyanga Deposit
Arc Minerals (AIM:ARCM), the AIM listed exploration and development company focused on a diversified portfolio of gold, copper and cobalt projects is pleased to announce the commencement of a comprehensive soil sampling programme designed to test the potential mineralised zones between the 1.57Moz Au Akyanga Deposit ("Akyanga") and the Akyanga East Prospect ("Akyanga East Prospect" or "Akyanga East").
Highlights
· Programme objective to verify the potential repetition of the Akyanga Deposit type stratigraphy along an interpreted thrust in the valley at Akyanga East which if proven could host significant additional gold mineralisation
· Latest interpretation is a result of an ongoing re-examination of geophysical data following the re-logging of all 125 diamond core holes drilled at the Akyanga Deposit
· Results of the soil sampling programme will enable the Company to generate new drill targets to test for additional mineralised zones at the Akyanga East Prospect and to target prospective geology in the hypothesised valley thrust structure.
· Results of the soil sampling programme are expected at the beginning of April
Soil Sampling Programme
The soil sampling programme ("the Programme") is designed to extend to the east of a previous soil sampling programme, which covered ground to the north and south of the Akyanga Deposit, (see Figure 1). The Programme will sample the ground between the Akyanga Deposit and the Akyanga East Prospect, (see Figure 2) covering an area of approximately 4km².
The soil profile lines are spaced 200 metres apart, with a soil sample collected every 50m along the profile line. In total it is anticipated that approximately 600 samples will be collected with the Programme expected to be completed during the next couple of weeks and results expected in early April 2018. The Programme is expected to generate a number of high-quality drill targets at Akyanga East as well as the valley in-between the Akyanga Deposit and the Akyanga East Prospect."
Nick von Schirnding, Arc Minerals' Executive Chairman, commented:
"Our current drilling programme continues to intersect broad and high-grade mineralisation to the south of the Akyanga Deposit and the geology remains open in multiple directions. The area in-between the Akyanga Deposit and the Akyanga East Prospect has not been systematically explored and the aim of the current soil sampling programme is to generate some high-quality drill targets with the aim to expand the current resource envelope to the east as well as the south.
We look forward to reporting on the results of this programme as well as the results from our ongoing drilling programme focussed on expanding the current 1.57Moz Au Resource at the Akyanga Deposit which has delivered highly encouraging results so far."
Figure 1: Location map showing background geophysical anomaly, Akyanga drill holes, existing soil samples and location of proposed soil samples (http://arcminerals.com/gal.php?gID=159#group-2).
Figure 2: Photo looking north up the Akyanga valley showing structural interpretations (http://arcminerals.com/gal.php?gID=159#group-1).
Qualified Persons
The information in this announcement that relates to Exploration Targets, Exploration Results and Mineral Resources or Ore Reserves is based on information compiled by Mr Thomas Rogers (BSc. Hons, MSAIMM, MEIZ) of African Mining Consultants (AMC). Mr Rogers has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). AMC consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
Data disclosed in this press release has been reviewed and verified by Arc Minerals' qualified person Mr Vassilios Carellas. Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Arc Minerals Limited 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.
**ENDS**
Contacts
Arc Minerals Ltd Nick von Schirnding (Chairman)
| +44 (0) 20 3874 8664 |
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Lindsay Mair / Soltan Tagiev | +44 (0) 20 3470 0470
|
About ARC Minerals
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:
· 91.6% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 1.5-million-ounce inferred Resource Akyanga gold deposit in the DRC.
· A 14% interest in Zamsort Limited, a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, with approximately a six percent balance and interest (convertible note) being rolled forward to the end of 2018;
· 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage Ṧturec Gold Project;
· A 18.48% interest in Andiamo Exploration Limited, a private company exploring for gold and base metals VMS targets in Eritrea.
For more information visit www.arcminerals.com
About CASA Mining
CASA is a private Mauritian registered company that is the 71.25 percent owner and operator of the Misisi Gold Project located in South Kivu, eastern DRC, approximately 350km south of Bukavu and 180km north of Kalemie.
The Misisi Gold license area consists of three contiguous mining licenses covering 133km2, issued in March 2015 and is valid for 30 years. These licenses encompass a 60km strike length of the Tanganyika graben within the Rusizian belt ("Misisi Corridor"), which includes he 1.5 million-ounce Akyanga Deposit along with the Lubitchako, Tulongwe, Kilombwe and Mutshobwe prospects.
The licences have benefited from considerable capital expenditure to date, including regional geophysical surveys completed in 2011, 19,522m of diamond drilling, 2,720m of reverse circulation drilling and excavated 6,274-line metres of trenches.
In June 2017, African Mining Consultants ("AMC") reported a mineral Resource, within a US$1,250/oz gold selling price optimised pit shell, which defined a 1.05Moz JORC inferred resource @ 2.27 g/t Au (using a 1.5 g/t Au cut-off) within a lower grade envelope of 1.57Moz @ 1.65 g/t Au.
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.
Forward-looking Statements
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.
Technical Glossary
Assay
| the laboratory test conducted to determine the proportion of a mineral within a rock or other material. |
Atomic Absorption Finish (AAS Finish)
| the final stage in determining the grade of a sample by a method that measures the concentration of atoms of an element by passing light, emitted by a hollow cathode lamp of that element, through a cloud of atoms from that sample. Only those atoms that are the same as those in the lamp will absorb the light from the lamp. A reduction in the amount of light reaching the detector is seen as a measure of the concentration of that element in the original sample
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Au | the chemical symbol for gold
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Diamond Drilling
| a drilling method in which penetration is achieved through abrasive cutting by rotation of a diamond encrusted drill bit. This drilling method enables the collection of tubes of intact rock (core) |
Dip
| a line directed down the steepest axis of a planar structure including a planar ore body or zone of mineralization. The dip has a measurable direction and inclination from the horizontal |
Fire Assay
| fire assaying is the quantitative determination in which a metal or metals are separated from impurities by fusion processes and weighed in order to determine the amount present in the original sample |
Grade
| the proportion of a mineral within a rock or other material which for gold is usually measured in g/t |
g/t
| grammes per tonne, the quantity of the element expressed as the number of grammes contained in one tonne of the host rock |
JORC Resource
| Resource estimated according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia
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Indicated Mineral Resource
| That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill-holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed |
Inferred Mineral Resource
| That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill-holes which may be limited or of uncertain quality and reliability |
m
| metre, a unit of length as per the International System of Units |
Moz Mineralisation
| one million troy ounces the process or processes by which a mineral is introduced into a rock, resulting in a valuable or potentially valuable deposit. It is a general term, incorporating various types; e.g., fissure filling, impregnation, and replacement
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Mineralisation
| the process or processes by which a mineral is introduced into a rock, resulting in a valuable or potentially valuable deposit. It is a general term, incorporating various types; e.g., fissure filling, impregnation, and replacement |
oz(s) ounce (Troy ounce)
| 1 ounce is equal to 31.1034807 grammes |
Pre-feasibility Study
| a preliminary study undertaken to determine if it would be worthwhile to proceed to the feasibility study stage |
Reverse Circulation Drilling | Or RC drilling - uses rods with inner and outer tubes, the drill cuttings are returned to surface inside the rods. The drilling mechanism is a pneumatic reciprocating piston known as a hammer driving a tungsten-steel drill bit. |