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Arc Minerals Limited (ARCM)

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Monday 04 February, 2019

Arc Minerals Limited

Significant New Targets Discovered at Zamsort

RNS Number : 9057O
Arc Minerals Limited
04 February 2019
 

Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration

 

 

4 February 2019

Arc Minerals Ltd 

('Arc' or the 'Company')

 

Significant New Targets Discovered at Zamsort  

 

Arc Minerals is pleased to announce that initial results from its airborne geophysical and soil sampling programme at the Zamsort Copper-Cobalt project ("Zamsort") in north western Zambia have identified significant new target areas.

 

Highlights:

 

·     Two large new targets discovered - Cheyeza West and Lumbeta

·     Wider Cheyeza anomaly of 10km x 8km

·     Lumbeta anomaly stretches 11km

·     Eight significant targets confirmed

 

The initial results indicate several new large anomalies, a number of which stretch for many kilometres. Cheyeza West is the most exciting of the new targets with a core 3km x 3km anomaly outlined by very high Cu values in the soils enclosed by the wider 10km x 8km Cheyeza anomaly. In addition, the co-incident electromagnetic anomaly over this 3km core, indicates conductivity within the host rock, has moved Cheyeza West to the top of the company's internal ranking of its exploration targets.

 

The Lumbeta target, the Company's second ranked and stretching for 11km, is associated with the crest of a fold. These hinge points in a folded environment can act as mineralisation traps and form high grade deposits.

 

Historical drilling at Cheyeza East has intersected zones of copper mineralisation averaging 0.6%.  Similarly, at Fwiji and Nyambwezu, grades averaging 0.5% copper have been reported. The location of these new target areas appears to be higher up in the stratigraphy in the central part of the license, which has not been previously explored.

 

The Company continues to assess the results with its external exploration consultants and a more detailed update is expected shortly.   

 

Nick von Schirnding, Executive Chairman of Arc Minerals commented:

"The initial results from the airborne survey and soil sampling programme are extremely exciting and have exceeded all our expectations. It is clear that our licences lie in a very prospective mineral belt adjacent to Zambia's largest copper mines and we believe have the potential to host not one but multiple large new copper deposits.

 

The two new target discoveries, which are close to 10 times the size of Kalaba, with strong soil geochem and geophysical properties/grades, is a potential game changer for Arc Minerals.   We have been approached by some very large industry players and are in discussions.   We continue to assess the data as it becomes available and look forward to reporting further on this shortly."

 

Magnetic and Radiometric Airborne Survey

The Company conducted a comprehensive high-resolution airborne geophysical survey over its Zamsort project. The Zamsort project licenses cover in excess of 850 km² and host a large number of targets in addition to the Kalaba Copper-Cobalt Prospect ("Kalaba") where the Company is currently delineating a Resource for the Commercial Scale Demonstration ("CSD") plant as well as a Maiden JORC-Code Mineral Resource for the deposit based on the drilling to date. 

 

The airborne geophysical survey which collected magnetic data and measured radiometric emissions, was conducted by Xcalibur Airborne Geophysics (Pty) Ltd ("Xcalibur"). The survey covered the entire license areas and comprised 5,218 line-kilometres. The survey was conducted using a 200m line spacing and flying along NW-SE flight lines.

 

Figure 1 - Zamsort licence area and target locations on aeromagnetic analytical signal image. To view the image, please click on the following link: http://s2.q4cdn.com/256050873/files/images/2019/zamsort-intergrated-anomalies4.jpg

 

The Company and its respected external geological consultants have ranked the regional targets based on geological, geophysical and geochemical attributes. A table outlining each regional target is listed below.

 

Table 1 - Regional targets 

Note: These are the targets generated by the airborne geophysical and soil sampling programme and exclude the Kalaba Copper-Cobalt project. Geochemistry data is still pending and may affect the ranking of the targets.     

 

Rank

Target

Geological Attributed

Geophysical Attributes

Geochemical Attributes

1

 

Cheyeza West

Upper Roan ('UR') Stratigraphy and favourable structures

Very strong conductor, coincident with EM anomaly 

Core 100ppm Cu anomaly over 3kmx3km enclosed by wider anomally

2

Lumbeta (E&W)

 UR stratigraphy and favourable structures

Low EM and Mag conductors

Strong Cu anomaly strtshing 11km.

 

3

 

Fwiji

Mwasha stratigraphy; historica drilling showing average Cu grades of 0.60%

High EM Conductor

Strong Cu anomaly with coincident Ni and Co

 

4

 

Muswema-Katondo

UR Stratigraphy; NW structures with basic intrusives

Low EM Conductor' low to high mag

Strong Cu anomaly, high values up to 350ppm

 

5

 

 

Jatuma

UR Stratigraphy

High EM conductor and Mag;  6.2km x 3km size 

6.2km long Cu anomaly with highest pick at 250ppm.

 

6

 

Nyambwezu

UR Stratigraphy; Folding and Faulting

Low to high EM conductor; very high Mag

Moderate to high geochem, 100ppm to 200ppm Cu

 

7

 

Chihidi

UR Stratigraphy; Folding and Faulting

Low to high EM; High Mag

Moderate high geochem, 100ppm to 200ppm

 

Soil Sampling Programme

The Company has extended the soil sampling programme completed by Zamsort to cover the entire

Zamsort project Licence areas. This comprehensive soil sampling programme comprising 28,000 soil samples was completed using a 1km line spacing with soil samples taken every 50 metres. The Company has analysed half the soil samples collected to date with analyses of the remaining samples expected to be completed in the coming months.

 

Qualified Persons

The information in this press release is based on information provided by Zamsort Limited on behalf of Arc Minerals.  Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Arc Minerals and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012).  Mr Carellas consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

 

**ENDS**

Contacts

Arc Minerals Ltd

Nick von Schirnding (Chairman)

 

+44 (0) 20 7917 2942

 

SP Angel (Nominated Adviser & Broker)

Ewan Leggat / Lindsay Mair / Soltan Tagiev

 

+44 (0) 20 3470 0470

 

 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

Forward-looking Statements

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

 

Notes to the Editors

Arc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia. 

 

ARC Minerals current holdings include:

·     100% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 3-million-ounce inferred Resource Akyanga gold deposit in the DRC.

·     A 66% equity interest in Zamsort Limited ("Zamsort"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort.

·     100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq   Au PFS stage Ṧturec Gold Project.

 

 

For more information visit www.arcminerals.com

 

 

Technical glossary

 

Au

Gold

AuEq

Gold equivalent

Cu

Copper

Cu-Co

Copper-cobalt

Geophysical survey

Systematic collection of geophysical data to determine characteristics of underlying rocks and structures

Grade(s)

The quantity of ore or metal in a specified quantity of rock

JORC Resource

 

Resource estimated according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia

 

Mineralisation

 

the process or processes by which a mineral is introduced into a rock, resulting in a valuable or potentially valuable deposit.  It is a general term, incorporating various types; e.g., fissure filling, impregnation, and replacement

Mineral Resource

Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill-holes which may be limited or of uncertain quality and reliability

QA/QC

Quality Control and Quality Assurance, a set of defined  procedures in all aspects of the mineral deposit evaluation to ensure the best possible confidence in resultant mineral Resource and Reserve estimates are achieved; the quality of an estimate is dependent on the quality of the data used

Soil sampling

A rapid chemical analysis to access available nutrient status of the soil and includes interpretation, evaluation and fertilizer recommendation based on the result of chemical analysis and other considerations.

 


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