African-continent-based Copper, Gold and Cobalt mining company Arc Minerals Ltd (LON: ARCM) has announced that it has come across ‘significant copper mineralisation‘ at the Cheyeza East venture, in what was the Company’s maiden drill programme.
Of the two holes drilled, it was the second that intersected and identified the zones of significant mineralisation at Cheyeza East, the company said.
Arc Minerals comments
On the Cheyeza East target area, the Company said in its statement:
“The Cheyeza Target Area was one of several areas identified by both the geophysics and geochemistry work programs 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 two initial holes were drilled.”
“Drilling is continuing at Cheyeza East to test its full extent, both along strike and down dip.”
In response to today’s updates, Arc Minerals Executive Chairman Nick von Schirnding attached the following statement to the press release:
“This has been a very satisfactory start to our drilling campaign in Zambia and I am pleased to see that the anomaly identified by the detailed geophysics and geochemistry completed last year has produced results. The drill cores have now been sent for assay and we expect results imminently. Additionally, we have identified another significant anomaly in the west of our licence areas and a further update will follow.”
Following the news, the Company’s shares saw a healthy rally of 6.38% or 0.15p during trading on Thursday, up to 2.5p per share.