8th Oct 2018 12:28
LONDON (Alliance News) - Arc Minerals Ltd said Monday that the 11,000 metre drilling programme at the Kalaba prospect in Zambia has exceeded internal expectations.
The prospect, in the Zamsort copper-cobalt project, has intersected minerlisation in all 46 holes drilled to date, doubling the maximum thickness to 144 metres with average thickness between 60 metres to 80 metres.
The surface soil anomalism indicates, according to Arc Minerals, a potential mineralised system of scale extending to the north for 5 kilometres over a strike of 2 kilometres.
The AIM-listed mineral exploration company said it has seen elevated mineralisation grades of up to 1.3% copper and 0.2% cobalt within that band of minerlisation.
The "highlights" of the drilling programme includes 1.2% copper equivalent from surface to 29.3 metres with 0.05% copper and 0.1% cobalt including 18.5 metres at 0.6% copper and 0.1% cobalt.
The miner said it expects to report more results from Zamsort, with the view to reporting a maiden JORC resource "in the near future".
Executive Chairman Nick von Schirnding said: "The results of our drilling programme to date show a continuous band of mineralization, from surface in the south gently dipping to the north, the dimensions of which have to date exceeded all our initial internal expectations. Our Kalaba prospect is beginning to show all the hallmarks of a typical large deposit in the Domes region in north west Zambia.
"In the meantime, the pilot plant is on schedule and under budget and commissioning is expected to commence in the fourth quarter of this year. We are at a very exciting crossroads for the company and following on from our recently announced premium fundraise we have a healthy balance sheet to progress exploration and development work at Zamsort. I look forward to updating shareholders on further developments in the near term."
Shares in Arc Minerals were down 1.5% Monday at 3.94 pence each.
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