Last checked at 12 Apr 2019 07:00
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
12 April 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Zamsort - Exploration & Drilling Update
Arc Minerals is pleased to announce the commencement of its exploration programme following the completion of its airborne geophysical programme and follow up analysis at the Zamsort Project ("Zamsort") in north western Zambia.
Highlights:
· Infill soil sampling has commenced over the new target areas, 1200 samples already completed
· Drilling of new targets to commence as soon as weather conditions allow
· Target discovery areas continue to exceed expectations
The infill soil geochemical programme over the key target discovery areas will reduce the current spacing of 1km between profile lines to 200m. This further refinement of the soil geochemistry will enable more defined drilling of the targets.
Cheyeza West Target
The Cheyeza West target is approximately 7km west of Cheyeza East, where historical drilling at Cheyeza East has intersected zones of pervasive copper mineralisation.
The Cheyeza West target area is characterised by:
· A historic EM anomaly identified in the east, it is possible that this represents a conductive unit such as sulphide rich sediment
· Well defined radiometric anomalies, both thorium and potassium, are coincident with the historic EM anomaly
A large 3 x 3km copper in soil anomaly has been identified with at least three identified localised highs with up to 504ppm Cu. The airborne survey highlighted a 4 x 6km area of irregular magnetic response that is interpreted as a potential alteration zone
A recent preliminary field visit to the Cheyeza West target area noted the presence of sulphide pseudomophs within altered calcareous sediments, a similar rock type that hosts other local Cu deposits. In addition, both co-incident historic electromagnetic ("EM"), magnetic and radiometric anomalies have been identified over this central 9km2 area.
Lumbeta Target
The Lumbeta target area, another one of the new target areas is associated with the crest of a northerly plunging fold. Structural features such as these are important as they can act as a mineralisation trap. The Lumbeta target is also characterised by:
· An almost 11km long elevated copper in soils anomaly with values up to 580ppm Cu
· A large zone of irregular magnetic response possibly representation alteration
· Several isolated, but well defined, historic EM anomalies
The location of these new target areas appears to be higher up in the stratigraphy in the central part of the license, which has not been previously explored.
An updated map of the Zamsort licence area and target locations based upon soil geochemistry and aeromagnetic analytical signal image may be viewed using the following link:
http://s2.q4cdn.com/256050873/files/doc_news/images/2019/04/Zamsort-50ppm-Cu-update.pdf
The results have been reviewed by two leading independent geological consultancies.
Nick von Schirnding, Executive Chairman of Arc Minerals commented:
"I am very pleased to have completed the follow up work on the new anomalies and to have commenced the soil sampling programme early having been able to access Cheyeza West during intermittent dry periods. As soon as weather conditions allow we shall be deploying rigs to Cheyeza West in the first instance and start our drilling programme.
The Cheyeza West and Lumbeta anomalies, as highlighted on the attached map, are around 10 order of magnitudes larger than anything previously looked at in the Zamsort project area - and is a potential game changer for Arc Minerals."
Background Information
The Company conducted a comprehensive high-resolution airborne geophysical survey over its Zamsort project. The Zamsort licenses cover in excess of 850 km² and host a large number of targets in addition to the Kalaba Copper-Cobalt prospect ("Kalaba") where the Company is currently estimating a Resource for the Commercial Scale Demonstration plant as well as a Maiden JORC-Code Mineral Resource for the project based on drilling to date.
The airborne geophysical survey comprising magnetic and a radiometric analysis was completed by Xcalibur Airborne Geophysics (Pty) Ltd ("Xcalibur"). The survey covered the entire license areas and comprised 5,218 line-kilometres. The survey was conducted using a 200m line spacing and flying along NW-SE flight lines.
Over the past three years, the Company completed a comprehensive soil sampling programme and collected and analysed 28,000 samples over the license areas using an Olympus Vanta XRF analyser. Results are now being fully interpreted including, if appropriate, ratioing selective elements to assist in mineralisation vectoring.
The Company and its external geological consultants have provisionally ranked the regional targets based on geological, geophysical and geochemical attributes. A table outlining each regional target is listed below.
Table 1 - Regional targets
Note: These are the targets generated by the airborne geophysical and soil sampling programme and exclude the Kalaba Copper-Cobalt project. Geochemistry data is still pending and may affect the ranking of the targets.
Rank | Target | Geological Attributes | Geophysical Attributes | Geochemical Attributes |
1 | Cheyeza West | Roan Stratigraphy and Wamikunbi schists | Very strong conductor, coincident with Emagnetic anomaly | High and large Cu geochem over, 3 x 3km area |
2 & 3 | Lumbeta | Wamikunbi Fm, schists on transfer faults | Strong conductivity and magnetic variance | Large Cu anomaly northeastof Kalaba. |
4 | Jatuma | In LR stratigraphy, oreshale on decollement surface and transfer faults | Magnetics related to contact or structure, resistivity and conductivity indicate good contact | 8km long elevated Cu anomaly |
5 | Southern Fold Zone | In LR stratigraphy, oreshale on decollement surface with transfer faults | NW trending anti & synclines expose LR away from basin margin | Geochemistry results pending |
6 | Nyambwezu | LR qtzitites-schists close to decollement surface and transfer faults | Intense magnetics. EM anomaly | 1km² intense Cu-Co anomaly |
7 | Cheyeza East | LR stratigraphy, oreshale, | Good decay contact and conductor | Very strong 2x3km Cu anomaly |
8 | Musewema-Katondo | Oreshale on LR decollement surface | Magnetic association, Analytical signal defines the edges of near surface, good conductor | 3km NW trending Cu anomaly, possibly linking in to the Lumbeta anomaly |
9 | Fwiji | LR stratigraphy mag-hem-qtzites, sheared graphitic schists on LR decollement surface | Significant conductivity | Strong Cu anomaly |
10 | Kawumba 1&2 | Schists on transfer faults, RST aeochem anomalies | Significant conductivity with good conductor extending down dip | Close to Mwona anomalous zone, high Co |
11 | Chididi | In Lower Roan Stratigraphy. Oreshale in LR decollement surface with associated transfer fault | Mid-channel conductivity | Small moderate Cu anomaly |
Qualified Persons
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.
**ENDS**
Contacts
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.
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.
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 Ṧturec Gold Project.
For more information visit www.arcminerals.com
Glossary of Technical Terms
"anomaly or anomalous" | something in mineral exploration that geologists interpret as deviating from what is standard, normal, or expected. |
"bornite" | Bornite, also known as peacock ore, is a copper sulphide mineral with the formula Cu5FeS4. |
"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. |
"channel sample" | Samples collected across a mineralised rock exposure. The channel is typically orientated such that samples are collected perpendicular to the mineralised structure, if possible. |
"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. |
"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). |
"g/t" | grams per tonne; equivalent to parts per million ('ppm') |
"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. |
"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. |
"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. |
"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". |
"sediments" | Sedimentary rocks formed by the accumulation of sediments. There are three types, Clastic, Chemical and Organic sedimentary rocks. |
"surface rock chip samples" | Rock chip samples approximately 2kg in size that are typically collected from surface outcrops exposed along rivers and mountain ridgelines. |
"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. |