4th Jul 2019 12:40
(Alliance News) - Arc Minerals Ltd on Thursday said technical consultants have endorsed its exploration strategy and found a new target at its Zambian licences.
Shares in Arc were up 10% at 3.75 pence in mid day trading.
The exploration and mine development firm said African Mining Consultants and Douglas Haynes Discovery Ltd found a 6 kilometre long target named West Lunga, which is located in the western region of Arc's Zamsort and Zaco licences.
Anomalous copper has been found over a six kilometre strike, including peak values of 463 parts per million of copper, targeting the Lower Nguba formation, where discoveries such as Kamoa and Dexiwa in the Democratic Republic of Congo have been made.
Arc Executive Chair Nick von Schirnding said: "This is very encouraging news - especially having been identified by the discovery team of Kamoa, one of the largest high-grade copper discoveries of recent times. This development means we are going to review the ranking of our 14 priority drill targets and it is likely that we will prioritise West Lunga as one of our highest priority targets."
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