14th Aug 2018 17:44
LONDON (Alliance News) - Arc Minerals Ltd said Tuesday its drilling programme results at its Kalaba prospect in Zambia are likely to exceed previous minerals resource forecasts.
Ten diamond holes have been completed to date at the prospect, which is part of the Zamsort copper-cobalt project, totalling 1,435 metres.
The company expects the first results from the drilling "over the next few weeks".
Arc Minerals believes the drilling has intersected rocks that display a "much higher degree" of metamorphism than what is traditional for the copperbelt region.
Due to this, the mining company believes the JORC compliant minerals resource estimate of 16 million tonnes "will most likely be exceeded".
Executive Chairman Nick von Schirnding said: "I am very pleased with the progress of the drilling programme to date."
Nick von Schirnding continued: "A number of holes have intersected pervasive mineralisation with visible copper and cobalt over thicknesses of 80 metres which is particularly exciting."
Shares in Arc Minerals closed up 11% Tuesday at 4.70 pence each.
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