Several new anomalies discovered at the Zamsort project
Drilling of new targets at Zamsort to commence shortly
Well-funded after £2.2mln share placing in February
What Arc Minerals does:
Arc Minerals Ltd (LON:ARCM) is an AIM listed explorer focused on copper, cobalt and gold projects in Africa.
What it owns:
Assets include the Zamsort copper-cobalt project in Zambia, the Casa and Misisi projects in the Democratic Republic of Congo and the Sturec gold project in Slovakia.
- Arc Minerals has discovered several large new anomalies on the Zamsort project. The two most prospective are Cheyeza and Lumbeta.
- Infill soil sampling has commenced over the new target areas at Zamsort, and 1,200 samples have been grabbed.
- Drilling of new targets at Zamsort will commence as soon as weather conditions permit.
- Arc Minerals said in February that it had sold its 18.48% stake in Eritrea-focused copper explorer Andiamo Exploration for US$250,000. The sale is part of the group’s strategy to sell non-core assets.
- The company raised £2.2mln though a share placing in February to fund the continuing exploration and development work on Zamsort and for general working capital purposes.
What the boss says:
Nick von Schirnding, executive chairman of Arc Minerals, said the Cheyeza and Lumbeta anomalies at Zamsort are around 10 order of magnitudes larger than anything previously looked at in the project area and are a “potential game changer for Arc Minerals”.