London-based Arc Mineral (trading on the AIM market in London as ARCM) has reported ‘significant mineralization’ from the second drill hole of their maiden drill program at their Cheyza East project in Zambia.
Arc reports that they found visible copper mineralization in both holes drilled so far, and only 2m below the surface whilst drilling the second hole they found the first of several ‘zones of significant mineralization’.
Nick von Schirnding, Exec Chairman of Arc, said that he was pleased to see that the anomaly they’d previously identified during geophysics and geochemistry work last year has already produced results.
With the cores sent off for assay Arc are saying the results will be released imminently. In terms of other news, Mr von Schirnding stated that they’ve identified another ‘significant anomaly’ in the west of their licence areas and a further update will follow.
About the Cheyza target area
The Cheyeza Target Area was one of several areas identified by the geophysics and geochemistry programs during 2018. As reported on the 5th June 2019, of particular interest is a 3km by 0.8km area at Cheyeza East where up to 2,792 ppm copper in the soils has been identified and where these two initial holes were drilled.
Drilling is continuing at Cheyeza East to test its full extent, both along strike and down dip.
The Cheyeza project is 66% owned by Arc Minerals through its holding in Zamsort.
This is very promising news to get this early in the drill program and we look forward to the next set of announcements from Arc.
About Arc Minerals
Find out more at http://www.arcminerals.com/
Arc Minerals, (formerly Ortac Resources) is engaged in the identification, evaluation, acquisition and development of natural resource projects, located primarily in Africa
We provide our shareholders and investors with an opportunity to benefit from our strategy that involves the development of our investments where we work to take proven discovered mineral projects particularly in the gold, copper and cobalt segments, up the value curve to positions where these projects can either be brought into cash producing mining operations, or become attractive for other investors which can help a liquidity event for Arc Minerals shareholders.
Arc’s gold projects:
Šturec Gold Project
Location: Central Slovakia
Operator: Arc Minerals
Gold in the Ground: 1.32 Moz Au Eq. JORC Code (2004)
Ortac Stake: 100%
Stage: Undergound Mining Permit re-issued, mining operations have recommenced
Project Investment to date: ~$30 million
Location: Democratic Republic of the Congo
Operator: CASA Mining Ltd
Gold in the Ground: 3 million ounces averaging 2.16 grams per tonne (JORC 2018)
Akyanga Deposit.
Arc Minerals Stake: 9943%
Stage: Advanced Exploration
Next Step: Commencement of scoping study
Project Investment to date: $30 million
Arc’s copper-cobalt project:
Kalaba Copper Cobalt Project
Location: Zambia
Operator: Zamsort ltd
Resource: Non-Code Compliant Resource of copper and cobalt
Ore in the Ground: 16.59 million tonnes
Cobalt in the Ground: 840 tons per year
Arc Minerals Stake: 66%
Stage: Commercial scale demonstration plant under construction
Next Step: Processing 35kt of ore per month with a grade of 1.00% ASCu and 0.20% ASCo. C1 cash costs estimated at $2,500/t of recovered copper.