Copper mining company ARC Minerals Ltd (LON: ARCM) announced on Tuesday that it had discovered additional near surface, high grade copper assays from its maiden diamond drill exploration programme at its Cheyeza East project in Zambia.
Today’s update followed a year of good progress for the Company, with ARC Minerals also acquiring a 5% interest in Zaco Ltd and identifying West Lunga as a drilling target.
The Company reported back with the following intersection yields:
· CHDDE047 intersected 1.44% Cu over 20m from 34.50m and 1.41% Cu over 11m from 52m
· CHDDE049 intersected 1.20% Cu over 14m from 38m
· CHDDE051 intersected 0.93% Cu over 14.50m from 17.50m
· CHDDE027 intersected 0.62% Cu over 15.50m from 44.50m
· CHDDE045 intersected 0.61% Cu over 10.74m from 74.50m
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.
Elsewhere in mining, Lucara Diamond Corp (TSE: LUC) was pessimistic in its revenue guidance, MC Mining (LON: MCM) was granted a coal mining right in South Africa, KEFI Minerals PLC (LON: KEFI) said it was still waiting for a go-ahead at the Tulu Kapi Gold project and Panther Metals Plc (NEX: PALM) secured a lucrative exploration licence.
ARC Minerals comments
Nick von Schirnding, Executive Chairman, stated,
“I am pleased to report further positive drilling results from Cheyeza East. It is becoming clear that we are sitting on a potentially significant economic prospect – and one that seems to be expanding. A number of holes such as 27, 28 and 45 are to the northwest and southwest of the high grade zone already identified and bodes well for delineating a significant resource. We have commenced a study to supply the Kalaba plant with material from Cheyeza East which is very exciting. To date over 75% of holes drilled at Cheyeza have shown mineralisation.”
“In the meantime, we have commenced drilling at the Muswema and West Lunga target areas which we will report back on once we receive assays.”
The Company’s share price is down 1.66% or 0.049p to 2.90p per share 05/11/19 13:42 GMT. Neither a dividend yield nor p/e ratio are available, their market cap is £21.45 million.