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Arc Minerals acquires further 20% stake in Zaco prospect in Zambia

Tue, 19th May 2020

Arc Minerals said it had acquired another 20% interest in the Zaco prospect in Zambia, increasing its holding to 72.5% in exchange for Arc shares. The remaining interest would be held by Kopara Investments, Arc's partner in the nearby Zamsort prospect. The Zaco exploration license covered 465 square kilometre of highly prospective area immediately adjacent to the Zamsort exploration license. The additional interest in Zaco had been acquired from Mumena Mushinge, a non-executive director of Arc Minerals and founder of Zamsort for 10m new Arc shares. 'In line with our stated strategy, we are pleased to further consolidate our interest in Zaco and we regard this significantly increased interest as an important strategic step for Arc Minerals,' executive chairman Nick von Schirnding said. 'We are now fully funded for our exploration programme for both the Zamsort and Zaco licenses and we are excited to start drilling the various targets. At Zaco, we will initially focus our drilling programme at the Fwiji target.' At 2:13pm: (LON:ARCM) Arc Minerals Limited Ords Npv Di share price was -0.05p at 1.75p Story provided by StockMarketWire.com

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