Arc Minerals Ltd (LON:ARCM) have told the market about a new discovery at their Zambia copper operations.
The firm said that recent drilling at the Musweme prospect has confirmed the presence of copper mineralization. Interestingly, this brings the number of mineralized targets at Zamsort up to four, which was a pleasing take for shareholders.
As a result of the update, shares have jumped on Tuesday afternoon. Shares in Arc Minerals trade at 2p (+3.80%). 4/2/20 15:02BST.
The exploration company also said additional assays from its Cheyeza East prospect showed further near-surface intersections of copper mineralisation.
Nick von Schirnding, Executive Chairman of Arc stated:
“The identification of Muswema as another mineralised target is excellent news and confirms that our license areas are developing into a potentially significant source of copper. Additionally, the fifth hole at Muswema has intersected significant amounts of sulphide mineralisation at depth, assays for which are still pending, and importantly it’s the first time we have seen sulphides on this scale in our drilling to date on our licenses. This important development means Muswema becomes another key focus of our drilling strategy when we recommence shortly following the end of the rainy season.
It is also pleasing to report another set of strong results from Cheyeza East. The weathering profile now extends down to over 80m in places which means these near surface copper intersections would in effect not require any drilling or blasting to be excavated nor much crushing and grinding, which will have a significant positive impact on the overall economics for this prospect.”
Arc Minerals’ deal with Zaco Ltd
In July, the firm saw its shares rally after it acquired a 5% interest in Zaco Ltd.
“Following the discovery of the large West Lunga target (as per the announcement dated 4 July 2019), Arc Minerals has purchased a further 5% interest in Zaco from Rémy Welschinger, a Non-Executive Director of Arc, for a total consideration of 1,414,000 New Ordinary Shares of no par value in the share capital of the Company (“New Ordinary Shares”).”
The deal with Zaco reinforces the hungry nature of Arc to develop and grow, which will please shareholders. In the update, Arc highlighted the benefits of this interest and shareholders will note that the firm is constantly looking for opportunities to expand its’ horizons.
November success
A few months on, Arc added to their recent run of good news as they tapped into further high-grade copper assays.
ARC Minerals Ltd announced othat it had discovered additional near surface, high grade copper assays from its maiden diamond drill exploration programme at its Cheyeza East project in Zambia.
The Group also posted a series of highlight high grade copper assay segments, the most impressive of which was 3.67% Cu over 5m from 34m.
Certainly, Arc Minerals have had a good few months and shareholders should be excited for the development and growth that is to be seen across 2020.
