Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
01 August 2018
Kalaba Drilling Programme Update
Arc Minerals ("Arc" or the "Company") is pleased to provide an update on the 11,000-metre drilling programme currently underway at the Kalaba prospect, part of its Zamsort Copper-Cobalt Project ("Zamsort"). The drilling programme is designed with the view to rapidly delineate a shallow oxide resource for the Commercial Scale Demonstration Plant ("CSD plant") that is currently in the process of being completed, as well as to establish a Maiden Mineral Resource Estimate at the Kalaba prospect.
· Visible copper and cobalt mineralisation identified
· 5 holes completed, totalling 875 metres
· Holes 6 and 7 currently being drilled
· 2 diamond drill rigs in operation
· Ground penetrating radar trial survey completed
· Core logging and sample preparation underway
· Reverse Circulation drilling rig being mobilised and will commence drilling in August
Nick von Schirnding, Executive Chairman of Arc Minerals commented:
"The drilling programme at the Kalaba prospect is progressing well. Even though we are still at an early stage in the programme and the first few holes drilled are intended to test the geological framework at Kalaba, visible Cu-Co mineralisation has been reported. The mineralised core from these holes are currently being prepared to be cut, sampled and sent to a laboratory for analysis. We will announce the first results from these mineralised cores as they become available.
We have also just trialled a ground penetrating radar survey to assist in identifying mineralised structures for a more targeted drilling programme in the future. The results from this exercise will be correlated against the holes drilled and compared to test its effectiveness.
Final road permits to transport the RC drill to site are in the process of being obtained and we anticipate mobilisation and commencement of drilling from this third drill rig in the next fortnight. We look forward to providing regular updates on this drilling programme."
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.
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.
Arc Minerals Ltd
Nick von Schirnding (Chairman)
+44 (0) 20 3874 8664
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Lindsay Mair / Soltan Tagiev
+44 (0) 20 3470 0470
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, with interest on the convertible note being rolled forward to the end of 2018;
· 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage Ṧturec Gold Project;
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.
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