Arc Minerals Limited (AIM:ARCM), the London-listed copper explorer, has provided an update on its exploration work in Zambia and Botswana, as well as the progress of its proposed acquisition of the Chingola Project.
The company is in a joint venture with a subsidiary of mining major Anglo American PLC (LSE:AAL) in Zambia, where technical teams are currently assessing results from the 2024 drilling season and refining plans for 2025.
Several new areas are under consideration, including Fwiji and Nyambwezu, which have not yet been drilled under the partnership.
One key site, Cheyeza, returned promising results from drilling conducted in November. Samples taken within 1.5km of an earlier known mineral deposit showed both types of copper mineralisation, oxide, which is near the surface and easier to process, and sulphide, which lies deeper underground.
Reported copper grades ranged between 2% and 4% in some locations. A more detailed drill result from one hole showed a 40.6-metre section containing 0.61%, including a higher-grade portion of 12.75 metres at 1.2% copper starting from 22.25 metres below the surface.
However, results from the last three holes of the 2024 campaign at Cheyeza showed no significant mineral content, according to the company.
Nick von Schirnding, Arc’s executive chairman, said: “I look forward to reporting back to shareholders over the coming months in respect of our various drilling plans as the rainy season comes to an end.”
Elsewhere, Arc confirmed it is progressing towards completing the acquisition of the Chingola Project in Zambia. The company is carrying out due diligence and working to secure the necessary approvals to transfer ownership. The deal was first announced in early April.
In Botswana, the company said it has finalised its drilling strategy for licence area PL135/2017.
Depending on the timeline of the Chingola acquisition, it will either begin drilling at the Botswana site or shift its focus to Chingola.
Assay results, laboratory tests on rock samples, from the final drill hole at another Botswanan site, PL162/2017, showed no economically significant copper content.
Arc Minerals is focused on identifying what it describes as “Tier 1” copper deposits, large, high-quality mineral resources that can support long-term mining operations.