Client NewsArc Minerals Limited - Further excellent drill results up to 2.79% Cu at Cheyeza
Arc Minerals Limited, the Zambian focussed copper exploration and development company, is pleased to announce the receipt of further near surface, high-grade copper assays from its maiden diamond drill exploration programme at the Cheyeza East target in Zambia.
- Further high-grade shallow copper intersections
- CHDDE025 intersected 1.27% Cu over 32.50m from 23.50m
Includes 2.05% Cu over 17.50m from 38.50m, or
2.79% Cu over 10.50m from 44.50m
- CHDDE023 intersected 0.95% Cu over 17m from 22m
Includes 1.60% Cu over 5m from 30m
- High-grade core to the mineralised zone now established
Nick von Schirnding, Executive Chairman of Arc stated:
“I am very pleased to announce another set of excellent, shallow high-grade copper assays from the Cheyeza East target area; these are of a similar tenor to some of the previous high-grade mineralisation intersected. These results confirm the very exciting mineralisation we are encountering at Cheyeza East and a high-grade core to the mineralisation and are some of our best results so far. These results have also been accompanied by pleasing shallow intersections and in line with average grades of some of the major operating mines nearby.
I look forward to further updates soon.”
An investor update conference call to discuss these results and the drilling campaign thus far will be held on Tuesday 17 September 12:00pm UK time (details below)
The table below sets out the results of the holes for which assays have been received by Zamsort from SGS Inspection Service Ltd in Kalulushi, Zambia.
Table 1. Drilling Intercepts
1) Reported intervals are downhole widths.
2) Reported intervals are calculated for zones assaying > 0.2% Copper and containing less than 3 metres of internal waste.
3) Metallurgical factors are assumed to be 100% although the recovery factors may vary significantly.
Drill holes CHDDE023 (‘Hole 23’) and CHDDE025 (‘Hole 25’) were drilled on section 100m apart from each other and approximately 100m to the northwest of drill holes CHDDE004 (‘Hole 4’) and CHDDE005 (‘Hole 5’) respectively. Holes 4 & 5 in turn were also drilled on section 100m apart from each other and intersected 2.35% Cu over 18m and 1.32% Cu over 28.50m respectively.
Holes 23 & 25 were designed to test the northern extents of the core to the high grade mineralisation intersected in holes 4 & 5 at Cheyeza East and to see if the mineralisation observed in these holes can be linked to the high grade mineralisation observed in CHDDE002, located circa 300m to the north west of holes 4 & 5, which assayed at 1.05% Cu over 25m.
The results of this exercise have proven to be successful with the assays received and the next section has been proposed to be drilled to close the gap between these holes and hole 2.
Drill hole CHDDE015, CHDDE018, CHDDE020 and CHDDE024 were all drilled in the southern end of the Cheyeza East anomaly, circa 1km to the south west of the above-mentioned holes.
Although these holes have intersected mineralisation, the grade and thickness of this mineralisation intersected to date suggests the northern part of the Cheyeza East target should continue to be the focus of the ongoing exploratory activity.
Cheyeza Target Area
The Cheyeza Target Area (‘CTA’) was one of several areas identified by both the geophysics and geochemistry work programmes completed last year. As reported on the 5th June 2019, 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 and where these initial holes were drilled. Drilling continues at this anomaly to test its full extent, both along strike and down dip.
Quality Assurance/Quality Control (QA/QC)
The core from the diamond core was sampled at up to 1.5m metre intervals with the split core (PQ – ¼ core; HQ – ¼ core) bagged and sent to SGS Inspection Service Ltd in Kalulushi, Zambia, an ISO accredited laboratory for assaying.
The samples were sorted, dried, crushed and pulped before final chemical analysis using ICP-OES methods. Standards, blanks and duplicates were inserted regularly in the sample stream and checks were done for copper and cobalt.
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.
Investor Conference Call
The Company will host a shareholder conference call at 12pm UK time on Tuesday 17th September to discuss these results. 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
UAE: 8000 3570 3200
France (Local): +33 1 70 95 91 00
Other local dial-ins can be provided upon request (email firstname.lastname@example.org)
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.
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.
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 t licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort.
● A 47.5% equity interest in Zaco Limited (“Zaco”), a private company focussed on a prospective copper and cobalt license adjacent to 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
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