Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Arc Minerals begins drilling programme at Zamsort project as it ups stake

The AIM-listed mine developer said the 11,000m drilling programme would consist of 6,600m diamond drill and 4,400m RC drilling which is aiming to delineate a shallow oxide resource
Mining Drill
Arc added that it had acquired a further 5% stake in Zamsort, taking its ownership to 66%

Arc Minerals Limited (LON:ARCM) said it has commenced drilling at the Zamsort Copper Cobalt project in Zambia, while also upping its stake in the project by 5%.

The AIM-listed mine developer said the 11,000m drilling programme would consist of 6,600m diamond drill and 4,400m RC drilling which is aiming to delineate a shallow oxide resource for a commercial scale demonstration plant currently being optimised, as well as to establish a maiden resource estimate at the Kalaba Copper Cobalt area, where the Zamsort project is located.

WATCH: Arc Minerals ups stake in Zamsort, kicks off new drilling programme

Arc added that it had also acquired a further 5% stake in Zamsort in a share exchange that would increase its holding in the company to 66%, with Kopara Investments the only other shareholder with 34%.

Following on from this, the firm said it had agreed with Kopara to fund all future expenditure at Zamsort on a pro-rata basis based on their shareholdings.

Nick von Schirnding, executive chairman of Arc Minerals, said: "This is a yet another step forward in consolidating our ownership in Zamsort and to increase Arc's exposure to this large and exciting copper-cobalt asset. I am also pleased to note that we have agreed a funding structure with our joint venture partners.”

In early afternoon trading Wednesday, Arc Minerals shares were up 1.7% 4.3p.

-- Adds share price --

View full ARCM profile View Profile

Arc Minerals Limited Timeline

Related Articles

Picture of nickel symbol on periodic table
January 17 2018
Prineas flagged the potential development of a high margin low-cost mining operation.
August 20 2018
The project includes the “smoking gun” deposit Zackly which contains 41,200 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver.
zinc in periodic table
Galileo's Star zinc project in Zambia is showing plenty of promise

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use