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Positive IP Survey Results

30 May 2024 08:29

RNS Number : 4413Q
Arc Minerals Limited
30 May 2024
 

30 May 2024

Arc Minerals Ltd

('Arc' or the 'Company')

Positive IP Survey Results

 

Arc Minerals (LSE: ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, is pleased to announce encouraging results from the Induced Polarisation ('IP') geophysical survey over its PL135/2017 licence at its Virgo Project within the highly prospective Central Structural Corridor of the Kalahari Copper Belt ('KCB') in the Republic of Botswana.

 

Highlights

 

· The IP Survey has confirmed drilling targets along two distinct trends of high chargeability close to the interpreted redox contact

· A large, previously unidentified anomaly of high chargeability and low resistivity has been detected at depth

· The Drilling Programme is being modified to test this previously unidentified IP anomaly

· As part of the renewal process of the Company's Botswana licences, the Botswanan Department of Mines has accepted the Company's applications to extend the term of its PL135/2017 and PL162/2017 licences. Further updates will be provided as these licence extension applications progress.

 

Nick von Schirnding, Executive Chairman of Arc Minerals, commented:

 

"The IP survey has delivered very encouraging results. We are incorporating these results into our modified drilling programme which is to commence w/c 17 June 2024, with the contractor mobilising next week. We're also expanding our drilling programme to test a large, previously unknown, deep anomaly of high chargeability and low resistivity that was identified by the survey."

 

Geophysical Survey and Results

3D Earth Exploration (Pty) Ltd ('3D') was contracted to conduct the IP Survey with a total of 42.7 line kilometres ('km') surveyed made up of 38.7km of Gradient IP and 4km of insight Section IP. The survey employed a pole-dipole array with 25m electrode spacing, a Walcer TX KW10 transmitter and a IPR-12 IP receiver. The survey lines were designed to cover the full extent of the D'Kar and Ngwako Pan contact across the licence and interpreted redox boundary.

 

The gradient array apparent chargeability defines two distinct high trends running NW-SE (Figure 1). The more prominent chargeability high to the NE exhibited readings peaking at 19.9 millivots per volt (mV/V) on a background of c.8mV/V. The moderate chargeability high to the SE exhibited readings peaking at 13.3mV/V.

 

Figure 1. Apparent chargeability faded contoured image

 

 

Drilling Programme

The recently completed IP geophysical survey identified two types of targets. The first target being the interpreted redox boundary close to the contact between the D'Kar - Ngwako Pan contact. The second target is a deeper, previously unknown anomaly of intense high chargeability and coincident low resistivity.

 

As a result of these developments, the Company has expanded its drill programme to include diamond drilling to test the deeper anomaly (Figure 2). The drilling contractor will mobilise next week with drilling to commence w/c 17 June 2024.

 

 

Figure 2. Insight section showing apparent chargeability with gradient chargeability and profile of soil copper geochemistry plotted above.

 

Botswana Licence Extension Applications

As part of the renewal process for the Company's Botswana licences, the Directors can confirm that the Botswanan Department of Mines has accepted the extension applications filed by the Company's Botswana subsidiary for both the PL135/2017 and PL162/2017 licences which are due to expire later this year. For the next stage, a meeting will be held at the Botswanan Department of Mines this week to present the progress the Company has made on these licences. Once granted the extension renewals will enable the Company to continue exploring the Virgo Project licences for a further two years (until Q3 2026). This is an administrative process and the Directors see no reason why the licences will not be renewed in accordance with their terms. Further updates will be provided as the applications progress, and more detail on the Virgo Project licences is set out at the end of this announcement.

 

Qualified Persons

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 technical matters based on his information in the form and context in which it appears.

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

For further information contact:

Arc Minerals Ltd

Nick von Schirnding (Executive Chairman)

 

 

c/o Benchmark Communications

WH Ireland (Nominated Adviser & Joint Broker)

Katy Mitchell/Harry Ansell

 

Tel: +44 (0) 20 7220 1666

Shard Capital Partners LLP (Joint Broker)

Damon Heath

 

Tel: +44 (0) 20 7186 9952

Benchmark Communications (Investor Relations)

Richard Kauffer

 

Tel: +44 (0) 7841 67 3210

For more information, visit www.arcminerals.com.

 

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.

 

 

Background on the Virgo Licences

 

PL 135/2017 Licence

 

The Company's PL135/2017 prospecting licence is surrounded on three sides by the prospecting licences of Khoemacau Copper Mining Limited ("Khoemacau"), who have recently been acquired by MMG for c.$1.9 billion.

 

This PL135/2017 licence is located towards the south-eastern margin of the Kalahari Copper Belt occupying a similar geological setting to that recently drilled by Khoemacau at their recent Mawana Fold Discovery and the Zone 9 exploration target, where economic grades of copper mineralisation has already been intersected by drilling. These discoveries are located at the north-western and south-eastern margins of the Company's prospecting licence, respectively.

 

Khoemacau's Mawana fold discovery has defined a possible economic zone of copper mineralisation that appears to trend towards and into the Company's PL 135/2017 licence (Figure 3.). The Company's recent scout drill holes intersected anomalous grades of copper mineralisation close to this apparent trend and confirmed an east-west trending DKF-NPF contact position approximately 5km long running through the licence.

 

 

Fig 3. Image showing Khoemacau licence holding, targets and drilling results in relation to PL 135/2017.

 

 

 

In November 2021, Arc Minerals Limited acquired a 75% interest in Alvis-Crest (Proprietary) Limited, the holder of two prospecting licences (PL 135/2017 & PL 162/2017) in Botswana's Kalahari Copper Belt ("KCB"), colloquially called the Virgo Project/Licences. licence PL 135/2017 is approximately 10km south-east of the large underground Khoemacau Copper mine recently commissioned by Cupric Canyon Capital LP.

 

A map of the licences is available here:

http://www.rns-pdf.londonstockexchange.com/rns/3027T_1-2021-3-24.pdf

 

The Virgo Licences cover an area of over 210km2 and lie within (PL 165/2017) and adjacent (PL 135/2017) to the highly prospective Central Structural Corridor and within 10km and 50km of the Zone 5 and Banana Zone copper projects respectively, known as the two largest copper projects on the KCB.

 

Historically, two copper-nickel soil anomalies have already been recorded on PL 135/2017 and PL 162/2017 and are approximately 3km and 2.5km in strike length, respectively. The largest of the two anomalies, located on PL 135/2017, overlays an interpreted DKF-NPF contact, while a second, more intermittent, anomaly may be linked to extensional faulting around the dome edge. The large coherent anomaly on PL 162/2017 also appears to overlay the interpreted DKF-NPF contact on the northern limb of a syncline.

 

 

**ENDS**

 Appendix A - Glossary of Technical Terms

 

"anomaly or anomalous"

something in mineral exploration that geologists interpret as deviating from what is standard, normal, or expected.

"assay"

The laboratory test conducted to determine the proportion of a mineral within a rock or other material. For copper, usually reported as percentage which is equivalent to percentage of the mineral (i.e. copper) per tonne of rock.

"azimuth"

the "compass direction" refers to a geographic bearing or azimuth as measured by a magnetic compass, in true or magnetic north.

"bornite"

Bornite, also known as peacock ore, is a copper sulphide mineral with the formula Cu5FeS4.

"breccia"

Breccia is a rock classification, comprises millimetre to metre-scale rock fragments cemented together in a matrix, there are many sub-classifications of breccias.

"chalcocite"

Chalcocite is a copper sulphide mineral with the formula Cu2S and is an important copper ore mineral. It is opaque and dark-gray to black with a metallic luster.

"chalcopyrite"

Chalcopyrite is a copper sulphide mineral with formula CuFeS2. It has a brassy to golden yellow colour.

"chargeability"

Chargeability is a physical property related to conductivity. Chargeability is used to characterise the formation and strength of the induced polarisation within a rock, under the influence of an electric field, suggesting sulphide mineralisation at depth.

"covellite"

Covellite is a copper sulphide mineral with the formula CuS. This indigo blue mineral is ubiquitous in some copper ores.

"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 collection of tubes of intact rock (core) and when successful gives the best possible quality samples for description, sampling and analysis of an ore body or mineralised structure.

"dip"

A line directed down the steepest axis of a planar structure including a planar ore body or zone of mineralisation. The dip has a measurable direction and inclination from horizontal.

"geochemical"

Refers to geological information using measurements derived from chemical analysis

"geophysical"

Refers to geological information using unit measurements derived from the use of magnetic and electrical readings

"geophysical techniques"

include the exploration of an area by exploiting differences in physical properties of different rock types. Geophysical methods include seismic, magnetic, gravity, induced polarisation and other techniques; geophysical surveys can be undertaken from the ground or from the air

"gossan"

is an iron-bearing weathered product that usually overlies a sulphide deposit

"grab sample"

are samples of rock material collected from a small area, often just a few pieces or even a single piece of rock "grabbed" from a face, dump or outcrop or roughly 2-5kg. These are common types of rock samples collected when conducting mineral exploration. The sample usually consists of material that is taken to be representative of a specific type of rock or mineralisation.

"grade"

The proportion of a mineral within a rock or other material. For copper mineralisation this is usually reported as % of copper per tonne of rock.

"g/t"

grams per tonne; equivalent to parts per million ('ppm')

"hematite"

Hematite is the mineral form of iron(III) oxide (Fe2O3), one of several iron oxides. Magnetite alteration is also typically associate with porphyry copper systems, at or close to the central core.

"Indicated Resource"

An "Indicated Mineral Resource" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

"Inferred Resource"

An "Inferred Mineral Resource" is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

"Induced Polarisation Geophysics"

Induced polarisation (IP) is a geophysical survey used to identify the electrical chargeability of subsurface materials, such as sulphides. The survey involves an electric current that is transmitted into the subsurface through two electrodes, and voltage is monitored through two other electrodes.

"intercept"

Refers to a sample or sequence of samples taken across the entire width or an ore body or mineralised zone. The intercept is described by the entire thickness and the average grade of mineralisation.

"JORC Code"

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code') is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.

"K"

The element potassium, abundance on surface can be inferred from radiometric surveys

"Magnetics"

Rocks are made up of different minerals and the magnetic properties of a rock depends on the amount and type of iron rich minerals it contains. Earth's magnetic field interacts with these iron rich minerals to generate variations in the magnetic field. Measuring and mapping these variations allows remotely mapping of the distribution and patterns of magnetic rocks and, as a result, map the subsurface geology

"magnetite"

Magnetite is main iron ore mineral, with chemical formula Fe3O4. Magnetite is ferromagnetic, and it is attracted to a magnet and can be magnetized to become a permanent magnet itself.

"massive"

In a geological sense, refers to a zone of mineralisation that is dominated by sulphide minerals. The sulphide-mineral-rich material can occur in centimetre-scale, metre-scale or in tens of metres wide veins, lenses or sheet-like bodies containing sphalerite, galena, and / or chalcopyrite etc.

"Measured Resource"

A "Measured Mineral Resource" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

"Mineral Resource"

A "Mineral Resource" is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilised organic material including base and precious metals, coal, and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

"mineralisation"

In geology, mineralisation is the deposition of economically important metals (copper, gold, lead, zin etc) that in some cases can be in sufficient quantity to form mineral ore bodies. 

"open pit mining"

A method of extracting minerals from the earth by excavating downwards from the surface such that the ore is extracted in the open air (as opposed to underground mining).

"outcrop"

A section of a rock formation or mineral vein that appears at the surface of the earth. Geologists take direct observations and samples from outcrops, used in geologic analysis and creating geologic maps. In situ (in place) measurements are critical for proper analysis of the geology and mineralisation of the area under investigation.

"polymict"

A geology term, often applied to breccias or conglomerates, which identifies the composition as consisting of fragments of several different rock types.

"Preliminary Economic Assessment"

NI 43-101 defines a PEA as "a study, other than a pre-feasibility study or feasibility study, which includes an economic analysis of the potential viability of mineral resources".

"Pyrrhotite"

Pyrrhotite is an iron sulfide mineral with the formula Fe(1-x)S (x = 0 to 0.2). It is a nonstoichiometric variant of FeS, the mineral known as troilite. Pyrrhotite is also called magnetic pyrite

"Radiometrics"

The radiometric, or gamma-ray spectrometric method is a geophysical process used to estimate concentrations of the radioelements potassium, uranium and thorium by measuring the gamma-rays which the radioactive isotopes of these elements emit during radioactive decay

"sediments"

Sedimentary rocks formed by the accumulation of sediments. There are three types, Clastic, Chemical and Organic sedimentary rocks.

"sphalerite"

Sphalerite is a zinc sulphide in crystalline form but almost always contains variable iron, with formula (Zn,Fe)S. It can have a yellowish to honey brown or black colour.

"supergene"

Supergene ore processes occur near surface, and form deposits of secondary minerals, such as malachite, azurite, chalcocite, covellite, digenite, etc. 

"surface rock chip samples"

Rock chip samples approximately 2kg in size that are typically collected from surface outcrops exposed along rivers and mountain ridgelines.

"syncline"

a trough of stratified rock in which the beds dip toward each other from either side.

"Th"

The element thorium, abundance on surface can be inferred from radiometric surveys

"U"

The element uranium, abundance on surface can be inferred from radiometric surveys

"veins"

A vein is a sheet-like or anastomosing fracture that has been infilled with mineral ore (chalcopyrite, covellite etc) or mineral gangue (quartz, calcite etc) material, within a rock. Veins form when minerals carried by an aqueous solution within the rock mass are deposited through precipitation and infill or coat the fracture faces.

"volcanics"

Volcanic rock such as andesite or basalt that is formed from magma erupted from a volcano, or hot clastic material that erupts from a volcano and is deposited as volcaniclastic or pyroclastics.

"XRF"

Instrument to determine the chemistry of a sample by measuring the fluorescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray source

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
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