TIDMARCM
RNS Number : 1483B
Arc Minerals Limited
05 June 2019
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining
& Exploration
5 June 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Zambia - Exploration & Drilling Update
Arc Minerals is pleased to announce that it has mobilised drill
rigs following exciting results from the first infill soil
geochemistry programme at one of its exploration targets in
Zambia.
Highlights:
-- Comprehensive geochemical and geophysical studies have
identified 12 signficant regional targets
-- Completion of infill geochemistry at Cheyeza has identified
the new Cheyeza Central target situated between the between large,
high-priority Cheyeza East and Cheyeza West targets
-- Up to 2,792 ppm copper identified at Cheyeza East
-- Drill pads and access completed at Cheyeza West and East with
two rigs to begin drilling shortly
-- Further infill geochemistry work is underway at four
additional regions with further results expected soon
The completion of the airborne geophysical survey and broad
spaced soil geochemical programme last year resulted in the
identification of 12 anomalous target areas within the Zamsort-Zaco
license areas.
Over the past two months, further infill soil sampling over the
10km x 8km Cheyeza region has been completed, with over 6,000
samples analysed, adding a further target anomaly (Cheyeza
Central).
Of particular interest is a 3km by 0.8km area at Cheyeza East
where up to 2,792 ppm copper in the soils has been identified. The
first rig will be targeting this signficant geochemical anomaly at
Cheyeza East.
Nick von Schirnding, Executive Chairman of Arc Minerals
commented:
"I am very encouraged by the results of our extensive work over
the property that we have completed over the past few months. It
confirms that we have a wide range of exciting and high priority
targets, any of which could be company makers on their own, indeed
ongoing exploration by majors in this region of Zambia supports the
potential for major new tier 1 discoveries. My confidence going
forward also is strengthened by the excellent work by two respected
external geological consultancies, African Mining Consultants and
Momentum Group.
I look forward to a period of active newsflow as we start our
drilling programme, initially at Cheyeza East and West."
An investor conference call will be held today at 12pm UK time
GMT (details below)
Please see the following links for updated maps following the
recent geochemical and geophysical studies:
Figure 1 Target location map and +50ppm copper in soils XRF
anomaly
http://www.arcminerals.com/zamsort50ppm
Figure 2 Contoured regional geochemistry copper in soils XRF
results
http://www.arcminerals.com/zamsortregionalxrf
Figure 3 Cheyeza region copper in soils XRF results
http://www.arcminerals.com/cheyezainfillxrf
Further Work
The infill soil geochemical programme is continuing and at
present the exploration team are collecting and analysing soil
samples over the Lumbeta target area and thereafter will continue
to cover the remaining target areas identified from last years
exploratory programmes.
Background Information
During 2018, the Company conducted a comprehensive
high-resolution airborne geophysical survey over its Zamsort and
Zaco projects. The icenses cover in excess of 850 km(2) and host a
large number of targets in addition to the Kalaba Copper-Cobalt
prospect ("Kalaba").
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.
The Company has also recently completed a comprehensive soil
sampling programme and collected 35,000 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.
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.
About AMC & Momentum Group
With over 24 years' experience in exploration, mining and the
environment, the AMC Group is one of the mining industry's most
experienced African-based consulting firms and were successfully
involved with the discovery of the Kamoa Copper Project
Momentum Group is a team of business development advisors with
expertise in the natural resource sector. The team have worked in
over 60 countries and been involved in the exploration or
development of all major commodities.
Investor Conference Call
The Company will host a shareholder conference call at 12:30pm
GMT today to discuss these results as well as the planned drilling
programme. The call will be hosted by Arc's Executive Chairman,
Nick von Schirnding with input from Arc's technical team.
The following numbers are available to participate in this
conference call:
UK (Local): +44 20 3655 9680
Sweden (Local): +46 85 05 32 900
Kenya (Local): +254 20 225 0309
Singapore (Local): +65 3158 2196
USA (Local): +1 (312) 380 0428
France (Local): +33 1 70 95 91 00
Please enter participant pin number 1053446# when prompted to do
so.
Note that until the Q&A session has begun that all lines
will initially be muted with the exception of Company
management.
**S**
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 turec 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.
---------------------------------------------------
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.
END
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