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New Targets Confirm Extensive Mineralised System

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RNS Number : 5215M
Arc Minerals Limited
17 September 2019
 

17 September 2019

 

Arc Minerals Ltd

('Arc' or the 'Company')

 

New Targets Confirm Extensive Mineralised System

 

Arc Minerals Limited is pleased to provide an update on the recently completed infill soil sampling programs over the Lumbeta and Muswema target areas located within the 872 km2 Zamsort and Zaco exploration license areas in the Domes Region of the North Western Province in Zambia.

 

 

Highlights:

 

·    Analysis of 8,100 soil samples at both target areas completed

·    Up to 1,793ppm Cu analysed in the soils at Muswema

·    Circa 4km long soil anomaly confirmed at both Muswema and Lumbeta

·    Additional anomalies result in both target areas split into a further three zones

·    Drill rigs en route to each target and maiden drill programme to commence imminently

·    Drilling continues at Cheyeza where visible sulphide mineralisation has just been observed

·    New targets confirm a larger mineralised system

 

Nick von Schirnding, Executive Chairman of Arc stated:

 

"These soil sample results appear to be similar to the previous high ppm soil sample analyses from the Cheyeza target area where successful follow up drilling has been extremely promising, delivering several excellent high-grade intercepts of shallow copper mineralisation.

 

Whilst drilling continues at our promising Cheyeza project we are pleased to be taking next steps in progressing our exciting pipeline of prospects and will be carrying out maiden drilling programmes at both our Lumbeta and Muswema targets. Drill rigs will shortly be arriving at both sites. In addition, we will also be moving a further rig to West Lunga in the next few weeks, all of this supported by our drill for equity programme.

 

Based upon our work to date, what is particularly encouraging is that we are beginning to see evidence of a larger mineralised system. We are very excited about the next few months ahead."

 

 

Investor Conference Call

 

An investor update conference call to discuss the results and the Company's drilling programmes will be held today Tuesday 17 September 12:00pm UK time (details below)

 

Summary

 

The 2019 infill soil sampling program commenced towards the end of March, initially over the Cheyeza Target Area ('CTA') and then moving across to the other target areas identified by the 2018 regional soil geochemistry and aerial geophysics programs.

 

The infill soil sampling program over the Lumbeta and Muswema target areas was carried out and supervised by Zamsorts geological team. Over 4,300 samples were collected over the Lumbeta Target Area ('LTA') and a further 3,800 samples at the Muswema Target Area ('MTA'), all on a 200 x 50m grid and processed at the Kalaba Exploration camp, where the samples were dried, sieved and using a hand operated mechanical press, compressed into a pellet. The pressed pellets were subsequently analysed using a portable hand held X-ray Fluorescence Spectrometer ('pXRF') for a range of elements, including copper and associated minerals.    

 

At both the LTA and MTA the background Copper values range between 25 - 75ppm with values of up to 1,793ppm Cu and 378ppm Cu being returned by the pXRF at the MTA and LTA respectively. The soil sample analyses provides further encouragement that both target areas may be copper- bearing.  

 

Using a 100ppm copper soil contour, the MTA may be divided into Northern, Central and Southern zone, whose anomalies extend for 4km, 3km and 1.5km respectively, whilst the LTA may be divided into western, central and eastern zones with the longest soil anomaly traced for circa 4km and appearing to represent the limbs of an interpreted anticline in this part of the license.   

 

 

Figure 1. Licence area with Lumbeta, Muswema and West Lunga Targets

 

http://s2.q4cdn.com/256050873/files/images/2019/Zamsort-50ppm-Cu-update-one-dot.jpg

 

Figure 2. Image showing the Lumbeta target area and the results of the XRF analysis of the infill soil sampling completed earlier this year.

 

http://s2.q4cdn.com/256050873/files/doc_news/images/2019/09/PastedGraphic-1.pdf

Figure 3. Image showing the Muswema target area and the results of the XRF analysis of the infill soil sampling completed earlier this year.

 

http://s2.q4cdn.com/256050873/files/doc_news/images/2019/09/PastedGraphic-2.pdf

 

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 [email protected])

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.

 

Qualified Person

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 div 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.

 

 

**ENDS**

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 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 compamy 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

 Glossary of Technical Terms

 

"anomaly or anomalous"

something in mineral exploration that geologists interpret as deviating from what is standard, normal, or expected.


"assay"

The laboratory test conducted to determine the proportion of a mineral within a rock or other material. For copper, usually reported as percentage which is equivalent to percentage of the mineral (i.e. copper) per tonne of rock.

"azimuth"

the "compass direction" refers to a geographic bearing or azimuth as measured by a magnetic compass, in true or magnetic north.

"bornite"

Bornite, also known as peacock ore, is a copper sulphide mineral with the formula Cu5FeS4.

"breccia"

Breccia is a rock classification, comprises millimetre to metre-scale rock fragments cemented together in a matrix, there are many sub-classifications of breccias.

"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.

"chargeability"

Chargeability is a physical property related to conductivity. Chargeability is used to characterise the formation and strength of the induced polarisation within a rock, under the influence of an electric field, suggesting sulphide mineralisation at depth.

"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.

"grab sample"

are samples of rock material collected from a small area, often just a few pieces or even a single piece of rock "grabbed" from a face, dump or outcrop or roughly 2-5kg. These are common types of rock samples collected when conducting mineral exploration. The sample usually consists of material that is taken to be representative of a specific type of rock or mineralisation.

"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"

grams per tonne; equivalent to parts per million ('ppm')

"hematite"

Hematite is the mineral form of iron(III) oxide (Fe2O3), one of several iron oxides.  Magnetite alteration is also typically associate with porphyry copper systems, at or close to the central core.

"Indicated Resource"

An "Indicated Mineral Resource" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

"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.

"Induced Polarisation Geophysics"

Induced polarisation (IP) is a geophysical survey used to identify the electrical chargeability of subsurface materials, such as sulphides. The survey involves an electric current that is transmitted into the subsurface through two electrodes, and voltage is monitored through two other electrodes.

"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.

"JORC Code"

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code') is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.

"K"

The element potassium, abundance on surface can be inferred from radiometric surveys

"Magnetics"

Rocks are made up of different minerals and the magnetic properties of a rock depends on the amount and type of iron rich minerals it contains. Earth's magnetic field interacts with these iron rich minerals to generate variations in the magnetic field.  Measuring and mapping these variations allows remotely mapping of the distribution and patterns of magnetic rocks and, as a result, map the subsurface geology

"magnetite"

Magnetite is main iron ore mineral, with chemical formula Fe3O4. Magnetite is ferromagnetic, and it is attracted to a magnet and can be magnetized to become a permanent magnet itself.

"massive"

In a geological sense, refers to a zone of mineralisation that is dominated by sulphide minerals.  The sulphide-mineral-rich material can occur in centimetre-scale, metre-scale or in tens of metres wide veins, lenses or sheet-like bodies containing sphalerite, galena, and / or chalcopyrite etc.

"Measured Resource"

A "Measured Mineral Resource" is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

"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.

"polymict"

A geology term, often applied to breccias or conglomerates, which identifies the composition as consisting of fragments of several different rock types.

"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".

"Pyrrhotite"

Pyrrhotite is an iron sulfide mineral with the formula Fe(1-x)S (x = 0 to 0.2). It is a nonstoichiometric variant of FeS, the mineral known as troilite. Pyrrhotite is also called magnetic pyrite

"Radiometrics"

The radiometric, or gamma-ray spectrometric method is a geophysical process used to estimate concentrations of the radioelements potassium, uranium and thorium by measuring the gamma-rays which the radioactive isotopes of these elements emit during radioactive decay

"sediments"

Sedimentary rocks formed by the accumulation of sediments. There are three types, Clastic, Chemical and Organic sedimentary rocks.

"sphalerite"

Sphalerite is a zinc sulphide in crystalline form but almost always contains variable iron, with formula (Zn,Fe)S. It can have a yellowish to honey brown or black colour.

"supergene"

Supergene ore processes occur near surface, and form deposits of secondary minerals, such as malachite, azurite, chalcocite, covellite, digenite, etc. 

"surface rock chip samples"

Rock chip samples approximately 2kg in size that are typically collected from surface outcrops exposed along rivers and mountain ridgelines.

"Th"

The element thorium, abundance on surface can be inferred from radiometric surveys

"U"

The element uranium, abundance on surface can be inferred from radiometric surveys

"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.

"volcanics"

Volcanic rock such as andesite or basalt that is formed from magma erupted from a volcano, or hot clastic material that erupts from a volcano and is deposited as volcaniclastic or pyroclastics.

"XRF Spectrometer"

Instrument used to determine the chemistry of a sample by measuring the fluoresescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray source.

 

 

 

 

 


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 [email protected] or visit www.rns.com.
 
END
 
 
DRLEAPNKFFSNEFF

Quick facts: Arc Minerals Limited

Price: 2.544

Market: AIM
Market Cap: £18.77 m
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Glencore mine shutdown could prompt a near-term price hike in Cobalt

Mining Capital's Alastair Ford says the closure of Glencore’s Mutanda mine in the DRC comes in response to the collapse in the cobalt price over the last year or so. ''The price went very high in 2017 and then came back down and now it's at the $15/lb level which is where it started its rise...

on 16/8/19