Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
23 October 2018
Arc Minerals Ltd
('Arc' or the 'Company')
Arc initiates Airborne Geophysical Programme
Arc Minerals is pleased to report that it is this week to commence a comprehensive high resolution airborne geophysical survey over its Zamsort Copper-Cobalt Project ("Zamsort"). The airborne survey will cover c. 1,000 km² which hosts a number of targets in addition to the Kalaba copper cobalt prospect where the Company is currently conducting an 11,000-metre drilling programme.
The Ultra-Low-Level Magnetic and Radiometric airborne geophysical survey will be completed by Xcalibur Airborne Geophysics (Pty) Ltd ("Xcalibur"). The survey will be conducted over the entire Zamsort license area and comprises 5,218 line-kilometres. Flying will commence this week and is expected to take around 2 weeks to complete following which the data will be processed, and further targets identified.
Nick von Schirnding, Executive Chairman of Arc Minerals commented:
"Zamsort has a large license area and this comprehensive high resolution airborne programme will be used to rapidly highlight further geological structures associated with known zones and potentially new zones of mineralisation and to prioritise areas for further drilling and possible joint ventures with other mining companies. The results of the airborne reconnaissance programme, which will be completed for less than $100,000, will be correlated against Arc's existing soil geochemical data sets, the finaln parts of which are currently being analysed."
Arc Minerals Ltd
Nick von Schirnding (Chairman)
+44 (0) 20 7917 2942
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Lindsay Mair / 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, 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.
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