Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
14 August 2018
Intersects 80m of pervasive sulphide mineralisation
Arc Minerals ("Arc" or the "Company") is pleased to announce that the drilling programme at the Kalaba prospect, part of its Zamsort Copper-Cobalt Project ("Zamsort") is progressing well.
Ten diamond holes have been completed to date, totalling 1,435 meters. The team is currently working on the logging, core cutting as well as sample preparation and sending the samples to the laboratory for multi-element testing. The first results are expected over the next few weeks.
To date the drilling has intersected rocks that display a much higher degree of metamorphism than what is traditional for the Copperbelt region. The results of this is that far greater thicknesses of sulphide mineralisation have been intersected, with up to 80m in certain areas. Providing these levels of pervasive sulphide mineralisation continue, the initial target JORC compliant Minerals Resource Estimate of 16 million tonnes will most likely be exceeded.
Three holes have intersected visible mineralisation for more than 80 meters and in the case of the latest hole mineralisation started only six meters from surface.
Nick von Schirnding, Executive Chairman of Arc Minerals commented: "I am very pleased with the progress of the drilling programme to date. A number of holes have intersected pervasive mineralisation with visible copper and cobalt over thicknesses of 80m which is particularly exciting. I look forward to updating on the progress of the initial assay results as well as the RC drilling programme which will commence imminently."
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.
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.
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
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, with interest on the 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;
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.
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